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?

After years of historically low interest rates, lending rates have risen dramatically since March 2022 with prime rates rising 2.25% in just over 4 months.  Many clients are now becoming more concerned about the impact rising rates will have on their cash flow and looking for ways to reduce their borrowing costs. One way is to be sure tax deductions for interest costs are maximized. Here’s how:

University bound? It’s an exciting time of life for both young adults and their parents, both of whom may be able to write off some of those expensive tuition fees.  What else is new is your tax filing status. A Tax Services Specialist can help answer your questions and a handy guide to the rules follows:

Over 90% of professionals are having a tough time finding skilled staff, according to this month’s Knowledge Bureau Report Poll.  We thank Anne Laurin, Founder and CEO of Tax Busters in Barrie, Ontario for her astute commentary on this critical issue for Canadian tax professionals.  She offers several reasons for this troubling trend, and we hope you will weigh in too.

Many Ontarians may already be enjoying their summer vacations in their home province, fully mindful of the fact that doing so, they are earning a refundable tax credit.  But, did you know that if you make the great decision to come to the DAC Acuity Conference, being held October 16 to 18 in beautiful Niagara Falls, you could also qualify for the Ontario Staycation Tax Credit if you linger before or after for some personal R & R?  Details follow:

Knowledge Bureau Report will be on a summer vacation next week, but Knowledge Bureau is open for your questions, registrations in courses and student support, as usual.  Here’s an opportunity to review your August summer school options and under your belt before the fall, with some new offerings from Knowledge Bureau:

Intended for successful business owners, entrepreneurs and professionals of all types, author Dean Kendall’s “Stop Paying Hidden Investment Fees” will provide a better understanding of the fees you pay, their impact on your goals and your options for pursuing a better course.  This book analyzes some common hidden investment fees and it goes on to explain their impact on a customer’s financial return.