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?

Last week Distinguished Delegates at DAC 2022 were asked to get out of their comfort zones and make new, big goals to embrace what will be a difficult 2023. One thing that stood out to us: Many delegates see this time of high inflation and high anxiety as an opportunity.  It’s a perfect time to add value in all areas: accounting, tax, bookkeeping and financial services. Here’s a recap of the wisdoms:

We are going to feature an ongoing series highlighting certain courses that professionals will find valuable.  For the next couple of weeks we are going to spotlight professional certificate courses that are directly related to Year-End Tax Planning.  This week’s course is Tax Planning for Corporate Owner-Managers. 

Have you ever wished that you could spend your lunch hour learning about a specific planning concept right when you need to know it? 

CRA is introducing a new form for tax filing season 2022, which will make the application of a repayment of COVID-19 benefits easier. The repayment can be claimed as a deduction, which will generate a refund. 

The next scheduled date on which the Bank of Canada will announce its overnight rate target is October 26, 2022.  In this, Part 2 of a series of three, we discuss monetary and fiscal policies that affect inflation. The Small Businesses Air Quality Improvement Tax Credit will soon expire and with it a lucrative return for those who improve their business premises.  Expenses must have occurred between September 1, 2021 and December 31, 2022.  Here’s what you need to know and share:

This is Part 2 of a series of 3 articles.  In Part 1 we discussed common measurements of inflation and introduced some of the major causes of inflation.  This background is important, so I encourage you to read the first article if you haven’t already.  In today’s post, we will discuss monetary and fiscal policies that are affecting inflation.  In Part 3, we will discuss strategies that we can use to help alleviate some of the pains from rising prices.