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?

On February 28, 2014, CRA – recognizing the difficulties of meeting the filing requirements necessary for the completion of form T1135 – Foreign Income Verification Statement required by Canadian Taxpayers – eased the reporting requirements and extended the filing due date to July 31, 2014.

Canada has weathered the global financial crisis well because of its inflation policies, a resilient financial system, and timely fiscal stimulus.

Can directors and officers be held personally responsible for the actions or omissions of their companies? The answer was yes in the case of Shoppers Drug Mart Inc. v 6470360 Canada Inc.

Can the principles of Real Wealth Management™ apply to family units affected by the dark cycles of poverty, or a profound lack of trust in the family?  This is a question I was recently asked and happy to respond: yes.

Lucie Hansom earned her DFA-Tax Services Specialist designation in 2012 and in 2013 attended her first Distinguished Advisor Conference. We are pleased to have Lucie as one of our distinguished grads.

For all agreements or court orders after May 1997, child support payments are not taxable to the recipient or deductible by the payor. For income tax purposes, any support stipulated in an agreement or court order is deemed to be child support if it is not identified as spousal support.