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:

Did you know 2023 is an important Milestone Year for CE/CPD Credits in the tax and financial services industry? 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 summer:

Statistics Canada says that about 1 in every 10 business are impacted by a cyber security or privacy incident.  Worse, in a rapidly changing landscape Artificial Intelligence (AI) can now mimic voices and have human-like conversations, draft emails, write articles and books and  more – all in a few seconds;  think ChatGPT, for example.  At a minimum, these transformational changes require a solid understanding of how to meet the accountabilities of privacy and confidentiality.  Now you can earn 10 compliance credits from IIROC by completing a new cutting edge course from Knowledge Bureau: Privacy Principles in Business.

There are a number of issues to discuss as tax season is now in full swing.  To begin, it’s more expensive to owe money to the CRA this quarter and tax and financial advisors will want to advise their clients of important – and potentially expensive - tax filing milestones coming up in the second quarter.   There is good news, however, for seniors.  Here’s what you need to know:

Managing the economy is a complex challenge for government and Canada's near-term economic outlook remains uncertain, according to the March 28, 2023 Federal Budget.  For taxpayers, however, there is certainty: the impact of increasing carbon taxes and with that, higher GST costs. This perhaps is  the bigger story, based on new information from the Parliamentary Budget Officer, released on March 30.

As March came to a close, the CRA had received 9.3 million returns, and according to data to March 13, average tax refund amounts had declined slightly from February: coming in at $2,172. Over the year, the size of the tax refund has been steadily increasing.  We asked you to tell us whether CRA should cut back on withholding taxes so that Canadians could keep more in their pockets every two weeks.  The no’s won at 62.96%.  Here were your comments:

If getting back 500 hours a year, making more, spending over 60% less money, and bringing in lots of new clients while realizing work-life balance with your important relationships is appealing to you, then the next Webinar from Knowledge Bureau Network on April 11 is exactly what you’ve been looking for.  You’ll get a sneak peek at how to retool and build an amazing digital practice from Derek Notman, CEO of Connector, and fellow advisor who got tired of doing business the old way.