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?

As we all know, “you can’t take it with you” so sooner or later, everyone has to transfer their assets to someone else.

­Changes to Personal Service Businesses were amongst those enacted in Bill C-48. They will be discussed in more detail in Knowledge Bureau’s November Corporate Tax & Year-End Planning Bootcamp. However, key changes are described below. 

Fall is a great time for year-end tax planning and this year, strategic philanthropy in the family has taken on new meaning in light of the new temporary First-Time Donor’s Super Credit for first time donors.

The current prescribed rate is likely to increase on October 1, 2013. This guest column, provided to you by Frostiak & Leslie Chartered Accountants, Inc., a member of the Tax Specialist Group (TSG), offers some tips on how to benefit from the prescribed rate before it changes.

Spending money can be hard work; after all, there are a lot of demands for it and its supply is usually short. Therefore, careful consumers have to manage risks to their disposable income and choose the absolute right supplier for their needs and wants.

It’s back to school time and as every parent knows, arts and athletics are expensive activities for children to partake in at this time of the year.