Finance Canada: No More Spring Budgets

Finance Canada announced on October 7 that Canada’s federal budgets will be brought down in the fall starting with the November 4, 2025 event; a significant departure from the spring schedule (February, March or April) that has been the cycle for several decades. This is going to affect many other events as we know them, and in the annual government spending approval cycle. There will also be a new budget process for capital vs. operational expenses. Here’s what you need to know:

In this final installment of our three-part series on the financial challenges facing younger generations in Canada, we delve into the role financial advisors can play in guiding their clients through these tough economic times. In the first part of the series, we analyzed the alarming rise in consumer and business insolvencies, particularly among younger Canadians, drawing attention to the gravity of the situation​​. The second part of the series provided insights into the potential benefits of referring financially struggling individuals to Licensed Insolvency Trustees, rather than resorting to immediate bailouts. Now, in this third part, we explore how financial advisors can become better equipped to advise their clients on managing debt and planning for future financial security.

Cars are hot commodities these days. While auto sales declined by close to 8% in 2022 over 2021 this year is much brighter for auto dealers, with a 4.4% increase in sales in the first quarter.  The forecast for North American auto product is also good – expected to rise by 9.3% to 15.5 million units in 2023.  Buying and selling cars has tax consequences for taxpayer who take auto write-offs, and the rules are complicated in particular for Capital Cost Allowances (CCA) claims, recapture and terminal loss.  In this report, we’ll zero in on existing car disposals.

Demographics are changing rapidly in Canada. Statistics Canada recently released an interesting study of demographics in Canada and a visual that depicts how the generations stack up, numbers wise, and most important, what their age-related tax and financial issues are.  The professional who gets this right is truly well positioned as an “advisor for the future”.

Benjamin Franklin, who helped draft the American Declaration of Independence on July 4, 1776, also had a knack for memorable sayings.  “There is nothing certain but death and taxes” is likely the best known.  But another notable favorite is “An investment in knowledge pays the best interest.”  It serves as a gentle reminder that you can jump start your “back to school” activities right here at Knowledge Bureau.  Check out our new courses and educational calendar all leading down the pathway to Specialized Credentials and Continuing Education Credits.  You can register now, start today and study from anywhere with convenience online training options, plus earn close to $800 of bonus savings when you register in a designation program:

“Renewal is the principle—and the process—that empowers us to move on an upward spiral of growth and change, of continuous improvement.”  This powerful quote from Dr. Stephen R. Covey speaks volumes: everyone needs to take a break. We are too at Knowledge bureau Report – we’ll be back with breaking tax, investment and practice management news for professionals and their clients on August 2.  In the meantime, if you’re itching for some great educational reading, check out these great learning options from our CE Savvy Micro Course Collections.

Gen Zs are a very special cohort, and tax and financial who are future-focused will want to pay special attention to their tax and financial needs.  Age 18-34, these individuals are facing massive changes in their lifetime, at a time when life should be filled with the joy of embarking on the road to independence.  No surprise: this generation is filled with financial anxiety. Worse still, many of them already have CRA problems.