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:

The rising wave of insolvencies in Canada, which we discussed in part one of this three-part series, has left many families grappling with financial difficulties​. This increase has been predominantly driven by consumer insolvencies, which have increased by 13.8% from May 2022 to May 20231​. Amid this financial turmoil, it has become increasingly common for parents to dip into their retirement savings to bail out their financially distressed adult children. This article, part 2 of 3, seeks to explore the option of bankruptcy and its implications, and why parents might want to consider guiding their children to speak with a Licensed Insolvency Trustee instead of outright financial rescue.

A study conducted about six months ago found that on a per-population basis, millennials were 1.4 times more likely to file for insolvency than Gen X aged 42 to 56, and 1.7 times more likely than baby boomers aged 57 to 76. Insolvent millennials were on average 33 years old and owed an average of $47,283 in unsecured debt.  Now, with the summer upon us, and tax season behind us, the time is right to meet with these stressed generations and find out whether the tax system can help and whether their student loans can in fact be forgiven.  Check out this summer checklist of important actions for potential insolvents:

Canadians’ confidence in their ability to retire on time seems to have plummeted, according to recent data.  Is there a retirement crisis?  The Society of Real Wealth Managers™ will explore the issue and ways RWMs can help in a special Meeting of the Minds on August 16 at 12 PM CST.  Join us for this important (and free) event…RSVP now!

Whether you need CE credits or prefer an academic pathway to specialization, CE Savvy™-PD Micro-Course collections are designed to help savvy professionals invest in education that’s immediately impactful and implementable. Here’s why that’s important at a time when everything has changed:

Did you know that family doctors, family medical residents in an accredited medical school and nurses or nurse practitioners, including registered psychiatric nurses, registered practical nurses, licensed practical nurses, or nurse practitioners can receive federal student loan forgiveness? In addition, the province of Saskatchewan offers loan forgiveness to nurses and nurse practitioners. This important financial provision comes with strings attached, however: the professionals must work in an under-served rural or remote community to qualify. Plus, there is a short window of time to make application. That brings a host of planning opportunities with tax and financial professionals. Here are the details:

As financial advisors, we are privy to the evolving financial landscapes of our clients' lives. In recent months, a concerning trend has emerged in Canada: a sharp rise in insolvency rates.  This alarming development is creating a ripple effect that is impacting an unexpected demographic—our older, retired clients. Increasingly, we are seeing these individuals draw upon their retirement savings to financially support their adult children who are facing bankruptcy.