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?

Traditionally, if a business venture was a fraud from beginning to end, the courts have held it is not possible for a business to exist and therefore can be no source of income from which expenses could be deducted for tax purposes.

When it comes to tax time, it always pays to do a good review of the tax changes from one year to the next and find those “dark horses”; the little-known tax facts that can make a big difference on tax filing outcomes. 

Doris Woodman-McMillan earned her DFA-Tax Services Specialist™ designation in 2008, and has been active Knowledge Bureau as a presenter and content beta tester. We are pleased to have Doris as one of our distinguished grads.

The federal government announced on January 24 that a new exemption would be available on hospital parking costs for patients and their visitors. Comments on the proposals are to be submitted to Finance Canada by February 24.

If you lived in a prescribed northern or intermediate zone for a period of at least six consecutive months beginning or ending in a taxation year, you may claim the Northern Residents Deduction on Line 255 by filing Form T2222 Northern Residents Deductions.

Very important changes are coming through for those who have assets offshore.