Red Ink on the Prairies

A day after Quebec’s Finance Minister Eric Girard brought down a Budget featuring a $6.3 Billion deficit, Saskatchewan’s Finance Minister Jim Reiter tabled his government’s budget on March 19. Next up was Finance Minister Adrian Salas, who tabled the Manitoba Budget on March 24. The common thread: there’s lots of red ink on the Prairies. But that’s where the budget documents differ between Manitoba and Saskatchewan. Here’s the latest tax news and why it matters to the advice you give your clients.

Professional advisors and charity professionals all focus and spend time in our individual specialty areas. On June 23 at 12 PM CST/ 1:00 PM EST, let’s spend some time discussing how these professionals can work collaboratively to enhance the client/donor experience with panelists MFA-P™ alumni Candice Jay and Aneil Gokhale. RSVP now for this complimentary MFA-P™ Discovery Seminar.

Prescribed interest rates are about to rise for July 1 to September 30. One interesting and potentially beneficial financial strategy to grow the family’s wealth is to draw up an interspousal loan.  The time to draw up the paperwork and lock in the current 1% prescribed rate is before the end of the month - June 30.  Taxpayers who owe money to CRA will want to pay up before then too.  Here are the details: 

Unincorporated taxpayers must file their personal tax returns by June 15 or face late filing penalties.  However, there are many more reasons to file than just to report and pay your taxes.  Here’s a rundown of the obligations:

Estate planning discussions are always difficult, but these days, perhaps even more so.   That’s why tax and financial services providers must pay attention to new trends; notably, that young people – who are to be engaged as the primary stakeholders in wealth transfers –  have experienced a significant drop in hopefulness.  A recent Statistics Canada study concludes that future research could be done to better understand the potential implications. But DAC Keynote Speaker and new author Dr. Brett Wray has done some important research of her own and has a critical, urgent message:  intergenerational power and wealth will not fix the underlying malaise.  Find out more, below; reserve your spot at DAC now.

Submit the name of your worthy nomination for the DAC New Advisor Award now.  The application deadline September 1, 2022.  The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services.   Here’s what the winner of this prestigious award will receive and how to apply:

A typical small business owner fearlessly wears many hats.  However, when it comes to tax season, most just want to grab a pillow and hide their head under it.