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?

Since July 15, the "Authorize a Representative" service in EFILE, accessed through tax software, will no longer be available. Tax professionals must now use the Represent a Client (RAC) portal to request online access to a client’s account.

Those born in the years after the Second World War were given a generational name: the Baby Boomers. Now most are fully immersed into retirement, and their retirement readiness factors are playing out in inflationary times with significant market volatility. Subsequent generations have also been handed monikers, whether they asked for one or not: those born between 1965 and 1980 have been tabbed Generation X and for them, retirement planning is (or should be) in full focus. Here’s why: they are between their 40’s and 60’s and indications are many are ill prepared for retirement.

Do you have a great job? For many people, it’s not just about salary and workplace culture anymore. Increasingly, at a time of great volatility, a great job is one with a good employer-sponsored group health and an employer-sponsored retirement plan. If not, the criteria changes: are you making enough money to fund these plans on your own? Consider the following:

Tax complexity aside, there has rarely been a more promising career opportunity in the tax preparation industry than today, especially for younger people who are jazzed by the potential of AI and digital transactions with the tax department. Based on the latest Departmental Plan released by CRA on June 17, 2025, key initiatives include the prioritization of AI and a continued digital transformation. So if you love technology, chances are good that you might also love a career in taxation. Knowledge Bureau can help. Here’s what you need to know:

We have an incredible opportunity planned for those of you who love tax, tax planning and the role of the tax and financial advisor in diversifying away upcoming tax erosion: a tax planning powerhouse featuring Canada’s most respected tax authorities, profiled here in alphabetical order with their topics to this year’s theme at the Acuity Conference for Distinguished Advisors (DAC): Happy Landings! Discover a New Era of Risk & Reward. Mark your calendar: November 23-26 in Puerto Vallarta, Mexico.

If you're a financial, tax, or accounting professional looking to deepen client relationships, expand your role, and provide more meaningful, strategic value, the Real Wealth Manager™ designation offers a compelling path forward. Who is the RWM and What is their key value proposition for clients? Read on!