Fall Federal Budget: Will Spending Be Cut?

Canada has historically presented an annual budget since Confederation in 1867, even through periods like World Wars and the Great Depression, but we have recently experienced the longest period without a full federal budget in our history. By the time the next one is brought down, expected in October 2025, it will have been 18 months since the controversial April 2024 budget which introduced the doomed capital gains inclusion rate hikes. What can we expect?

Now’s the time to start building your arsenal for next tax season! The new KB Tax Tip Toolkit gives you fast answers to your tax questions and you’ll earn up to 30 CE credits using it, too! Receive three great solutions at one great price: professional tax research library, powerful tax planning calculators, and CE accreditation, register by May 15.

Become a world-class leader in financial education with turn-key learning solutions from Knowledge Bureau! Creating a learning culture is the #1 driver of great work culture and it’s great for business too, introduce our new micro-course collections to the professional development program at your firm: your team can grab an hour and be CE Savvy™ while meeting CE requirements.

Do you think that the government should subsidize tax return filing fees so people can get more accurate results and benefits for free?

Tax-Free First Home Savings Account (FHSA) is the newest in a series of tax-advantaged savings accounts critical to the building of wealth, and it’s already a month old!  The FHSA is a useful tool, not just for future homeowners but potentially for senior renters, business owners and others with limited RRSP room.  Here is a checklist of rules investors will want to discuss with their advisors.

The prescribed interest rate on overdue taxes is 9% for the second quarter. Will taxpayers now pay off tax debt sooner? Not according to 80% of tax and financial advisors who responded to our April poll. The pros say there are other factors to consider, including paying off other higher interest rate debt and they highlight that increases are only punitive when most taxpayers would pay off their CRA debt if they had the means to. Here are their comments:

It’s officially the beginning of tax season 2024, and there are some important dates to note to sharpen your skills and prepare to help your clients improve their financial lives. Mark your calendar!