Pre-Budget Consultations Now Underway!

Pre-budget consultations are now underway for this fall’s Federal Budget and Canadians are invited to share their views with Finance Minister Francois-Philippe Champagne through an online survey. Over the next several weeks, the Finance Minister and his team will meet with various stakeholder groups and review public submissions before finalizing the budget.

FIRESIDE CHAT: DOING GOOD You’ve likely heard about social financing: the collaborative investment of public, private and philanthropic funds to re-image our economic structure to build a “Social Infrastructure Network”. At it’s core – doing good is the big idea.

An important discussion is taking place in Canada and tax professionals will not want to miss their chance to weigh in by the September 30 consultation deadline.  Specifically, the federal government wishes to “modernize” the GAAR – General Anti Avoidance Rules - after a series of 24 losses in court.  Here are the issues:

The Federal government announced three new refundable benefit programs on September 13, which will put extra money in the pockets of individuals and families. 

During the pandemic, the federal government put temporary changes to the Employment Insurance (EI) program in place.  These special programs will end on September 25, 2022.  Employers will want to refresh their memories both on the pandemic response rules, and now, the return to normal for the purposes of informing management and/or payroll departments who may receive questions from departing employees: 

There may be one silver lining to all this inflation…the Tax-Free Savings Account (TFSA), arguably the best savings vehicle available to Canadians, is about to get even better.

There are four important strategies to maximize income with tax efficiency during both inflationary and potential recessionary headwinds.  Consider introducing them to your clients as part of your fall tax filing strategies: