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?People in the News
"Shortly after completing my DFA designation program, I was approached by a Turbo Tax recruiter to apply as a remote tax advisor. After completing their application process of a written exam and phone interviews I was offered the position over the other 700 plus applicants." Liam Pollard, MFA™, DFA - Tax Services Specialist™, Saskatchewan
Life Purpose
“We can’t solve problems by using the same kind of thinking we used when we created them.” Albert Einstein
Canada’s Blessings: Wealth Has Grown Over Time
There are so many reasons to count our blessings as Canadians; in the financial arena, one of them is the growth in Canadian wealth over time. While we are behind the US by 22% in terms of wealth per adult ($270,200 vs. $344,700), in Canada wealth has grown at an average rate of just under 6% in the period 2000-2016, and an average of 6.5% since 2010. Why are we so lucky?
Moving Expenses Part 2: What’s Deductible and What’s Not?
Last week Knowledge Bureau Report discussed who’s eligible to make a moving expense claim. This week: what’s deductible and what’s not?
Year-End Tax Tips: Claiming Auto Expenses
Are you using your automobile for work or for your own business? Perhaps you are unsure whether you should make a claim for auto expenses this year; or maybe you suspect you aren’t claiming everything you are entitled to. This is a good reason to see your tax advisor, and make sure you are prepared to make a full claim.
Tax Tip: Manage Net Income for 2016
Who pays higher marginal tax rates: the executive earning $250,000, or the family that makes do on $60,000? If you said the family, you would be correct. That’s because marginal tax rates are higher in income brackets that are impacted by the clawback of social benefits and tax credits. But when does that happen?
