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?

Bill C-8 received Royal Assent on June 9, signalling the imminent release of held back 2021 tax returns for those taxpayers making new claims in three specific profiles: educators, northern residents and farmers. In addition, small business owners will be able to claim a new tax credit for building ventilation improvements and non-resident real estate holders will pay more taxes to Canada in 2023.  Here’s what you need to know:

Residents of Alberta, Saskatchewan, Manitoba, and Ontario received the full-year Climate Action Incentive for 2021 when they filed their 2020 tax returns. Eligibility was based on their province of residence and family situation as of December 31, 2020. Did you know that for 2022, everything has changed?

The Small Businesses Air Quality Improvement Tax Credit is now law, and it could be a lucrative return for those who improve their business premises. The business owner can also reach back and make the claim for expenses incurred in 2021. Details follow:

This year’s thought leaders will be taking the stage at DAC Acuity 2022, October 16-18 in Niagara Falls to discuss the theme “Velocity: How to Gain Momentum in the New Economy”, as we move into a crucial time that requires defining new realities and taking new financial strategies with clients in the ever evolving new economy. Learn more about the speakers and their topics you can’t miss! RSVP now, and take advantage of early-bird tuition rates – only until August 31.

In the digital era of networking and cyberspace, establishing ethical standards for privacy is especially urgent.  The collection of your client’s very personal and financial information, usually through electronics has brought privacy to the forefront of everyone’s mind.  The people submitting the information and those collecting the information should be extremely concerned about privacy protection and compliance. 

Professional advisors and charity professionals all focus and spend time in our individual specialty areas. On June 23 at 12 PM CST/ 1:00 PM EST, let’s spend some time discussing how these professionals can work collaboratively to enhance the client/donor experience with panelists MFA-P™ alumni Candice Jay and Aneil Gokhale. RSVP now for this complimentary MFA-P™ Discovery Seminar.