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:

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

On November 14, 2024, the Canada Revenue Agency (CRA) announced that as of the spring of 2025, it would transition to online mail as the default method for delivering most business correspondence via My Business Account. Traditional mail delivery would be discontinued. This announcement was the only communication provided to business owners; no individual or personalized notifications were issued. This poses challenges to business owners and the financial professionals they work with.

Provincial debt is rising fast — and that should concern every Canadian taxpayer and the professionals who serve them. With every dollar of debt comes an interest payment, but no added value in services. If governments were people, many would be seeking help from a credit counsellor. So why does this matter to your clients — and to you as a tax or financial professional? Because government debt affects interest rates, taxation, and economic growth, all of which impact tax and financial planning for individuals and businesses.

Canadians pride themselves on being an honest people. We pay our taxes. That is, almost all of us pay our taxes. But there is a small percentage of individuals and businesses who are guilty of tax evasion. While most of us pay up, there will always be a percentage looking to cheat the government. Tax and financial advisory professionals are highly trained to advise against this and explain the consequences. 

In today’s fast-changing economy, professionals in the tax, bookkeeping, and financial services sectors are facing increasing pressure to diversify their knowledge, demonstrate credibility, and add tangible value for clients navigating uncertainty. That’s where specialized credentials—particularly the Distinguished Master Advisor (DMA™) Designation offered through Knowledge Bureau—can make a meaningful difference.

The June 16 tax filing deadline for self-employed proprietors is just around the corner.  Be sure to do a thorough review of business expenses allowable – it’s essential to be accurate for tax purposes and keep all receipts and documentation for audit purposes. Misinterpretation or misclassification of expenses can result in either an understatement or overstatement—both of which can impact income reporting, Canada Pension Plan (CPP) contributions, and income tax obligations.