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Budget Round-Up: Ontario, Saskatchewan and New Brunswick

By : Beth Graddon Posted in: Strategic Thinking, Current Issue, capital cost allowance, Ontario budget, business tax, provincial budget, Budget 2019, 2019 Federal Budget, CCA, New Brunswick Budget, Saskatchewan budget, Ontario Childcare Access and Relief from Expenses, CARE tax credit, CARE, child tax credit, Ontario Job Creation Investment Incentive, Accelerated Investment Incentive, AII
Three more provinces have released their provincial budgets throughout March and April. Neither New Brunswick’s released on March 19, nor Saskatchewan’s on March 20, included significant tax changes. However, Ontario’s new Conservative government released its highly-anticipated first budget on April 11; and it includes some tax changes that residents of the province will be happy with. Alberta should soon follow suit with their budget, since the Conservative party won the majority in yesterday's election. Here’s the provincial budget round-up:

Interest Rates: Is a Change on the Horizon?

By : Christine Steendam Posted in: Strategic Thinking, Current Issue, interest rates, Bank of canada, prescribed interest rates, Stephen Poloz, monetary policy
The Bank of Canada’s recent, more cautious approach toward monetary policy, has given Canadians with debt some breathing room. But with their goal to have current rates rise to a neutral level between 2.5 and 3.5%, will Canadians face new financial peril with the next prescribed interest rate announcement on April 24th?  There are three issues to discuss with clients as tax season draws to a close: 

CRA Tax Jurisprudence and Convictions: Remain Above Board

By : Tammy Sigurdur Posted in: Strategic Thinking, Current Issue, CRA, Canada Revenue Agency, tax evasion, jurisprudence, tax crime, tax scandal
The CRA has received increased funding in the March 19, 2019 budget to crack down on offenders. This includes delinquent professional tax preparers or those who intentionally or inadvertently offer services to clients who circumvent tax laws. The CRA does not take this lightly: not filing tax returns correctly can lead to a jail term, fines, or both. Consider the following cautionary tales of grief with the CRA as an incentive to file above board. 

June 17 Filing Deadline for Proprietors: It Doesn’t Pay to Wait

By : Christine Steendam Posted in: Strategic Thinking, Current Issue, self-employed, Small Business, proprietorship taxes, tax filing deadlines, tax preparation for proprietorships, entrepreneur, proprietor, June 15, Apri 30
With a little under two weeks until the April 30 filing deadline for individuals, tax filing season is in full swing. However, there is another upcoming date to think about: the June 17 filing deadline for proprietors. If there is a balance due, it’s best for all taxpayers to file and pay by April 30 in order to avoid interest costs.

The Risks as Home Equity Borrowing Grows

By : Beth Graddon Posted in: Strategic Thinking, Current Issue, Debt Management, Debt, mortgage, home equity, home equity line of credit, loans, home ownership
There is a new trend emerging in the debt accumulation habits of Canadians. Since 2017, an increasing number have turned to their home equity line of credit to increase their cash flow. It’s a move that offers short-term financial resolutions, but it also creates the potential for some harsh long-term consequences that impact personal finance, and the housing market.

14 Income Sources that Attract No Tax

By: Evelyn Jacks Posted in: Strategic Thinking, Current Issue, Evelyn Jacks, corporate tax, thought leadership, business development, business tax, incorporation, corporation
Canadians pay a lot of tax! In fact, tax is the single greatest lifetime expense: an average two-income earning family could pay in excess of $1 million over their lifetime. While meeting with clients to file their 2018 taxes, it’s a great strategy to discuss the tax exempt income sources. Planning to earn more of them will help with cash flow and paying less tax next season.