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?

Did you know that Canada Revenue Agency (CRA) will be undergoing a digital migration on the September long weekend, starting Friday August 29 at 8:00 p.m. and ending Tuesday at 6:00 am September 2, with the proviso that this possibly could last til September 3? What could go wrong? Plenty.

In 2022 CRA launched a pilot project on the activities of Personal Services Businesses (PSBs) and the companies that hire them. Unfortunately, it appears there is tax audit pain ahead for some of these entities, and potentially those who hire them. Tax preparers, it seems, haven’t gotten the T2 filing requirements right, either.

Effective July 15, 2025, the procedures for Representing a Client have changed and this can in particular effect tax filings for newcomers to Canada.  Rather than requesting the authorization through tax filing software, which was done pre-July 15, the newcomer authorize the representative through the digital My Account, which requires specific criteria to be met.  And that’s where the barriers to access begin.  Read on to learn more:

As Chair of the Society of Real Wealth Managers, Kristin Ramlal, B. Comm (Hons.), PFP, CIM, FCSI, RWM™, MFA-P™, FDFS™ brings both a global perspective and a deep commitment to redefining financial success beyond numbers on a statement. In this reflection, she draws on insights from a recent visit to Iceland, where economic policies, social systems, and cultural values intersect to create a society with exceptional financial security and quality of life - to explore what Canadian financial professionals and policymakers can learn about fostering true real wealth for all.

The trust tax landscape in Canada is undergoing its most significant transformation in years. Starting in 2025, all trusts will be required to file T3 returns - including those that historically did not file because there was no income to report, such as bare trusts. For tax and financial advisors, these changes represent both a compliance challenge and a business opportunity. Knowledge Bureau’s Filing T3 Trust Returns course provides the expertise you need to meet new obligations and help clients make smarter intergenerational tax and estate planning decisions.

Did you know that for graduates who earn a Designation from Knowledge Bureau, earning the credential is only the first step. To keep these designations active, graduates must complete an annual relicensing process. This ensures they remain up to date with legislative changes, regulatory requirements, and the highest standards of professional practice.