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:

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There are many forms of entrepreneurship, from “gigging” part time to supplement income, to more ambitious ventures which hire many people from the get-go. That seems to be the secret sauce to economic development and growth in Canada. Yet, SMEs face formidable obstacles that could be removed with government support for private labor force development. But does government understand the SME sectors well enough?

The First Home Savings Account (FHSA) is the new investment vehicle on the block and people have lots of questions about it.  For example, is there an age limit to contributing to a FHSA?  Can you transfer your RRSP balances into it?  Should you?  Learn more here:

The Canada Emergency Benefit Account (CEBA) provided two loans to businesses; one for $40,000; the second for $20,000.  In each case up to $10,000 is forgivable, as long as the balance is repaid on December 31, 2022. This date was extended until December 31, 2023 as of January 12, 2022.  The term of the loan remains at 5 years, which means repayment must occur by 2025. Here’s what tax and financial services professionals need to know when discussing with SME clients.

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Knowledge Bureau designates need 15 CE Credits by June 30 to relicence their credentials;  IIROC Cycle 9 ends on December 31, 2023 and Insurance Council licensing CE credits are due at various times throughout the spring.  That’s why Knowledge Bureau is offering 5 new CE options to help you meet your CE requirements before the deadline sneaks up!