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?Happy Holidays from Knowledge Bureau
In gratitude for your continued support, please accept our very best wishes for the holiday season. May it be restful, joyful and peaceful; and may your new year be blessed with good health and prosperity.
T2 Micro Business Course: The Next Step in Your Financial Education
Do you know how to prepare a T2 corporate return for your small business clients? Knowledge Bureau’s T2 Corporate Tax Preparation for Micro Businesses course is an excellent solution for financial advisors who want deep practical knowledge on small business tax issues.
Life Purpose
"You are never too old to set another goal or to dream a new dream." C. S. Lewis
TFSA Contribution Limit for 2017
The annual TFSA contribution room is indexed to the consumer price index (CPI), but the contribution limit is increased only in increments of $500.
Capital Gains Exemption on Small Business Shares Increases
Indexation has increased the capital gains exemption available on the sale of qualified small business shares in 2017 by an additional $11,540, to $835,716. The capital gains exemption on the sale of qualified farm or fishing property remains at $1,000,000.
Moving Soon? Keep Receipts for a Lucrative Deduction
If December is moving month for you, three pieces of advice: tax a deep breath, treat yourself to some extra eggnog, and keep those moving expense receipts handy. They will be worth a lot of money when you file your tax return.
