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.

Tax and financial advisor,  now is the time to help your clients set their new year goals: and here’s a 2021 tax filing and investment planning milestones checklist to help with the process.

Now is the right time to plan your professional development opportunities and earn CE credits in 2021. Explore your options with our new interactive Calendar of Educational Events 2021 and reserve your time to get your world class financial education in place.

There are many definitions of income on the tax return and understanding them makes a big difference in your relationship with the CRA, as many CERB recipients have recently found out.  Over 440,000 “education letters” have been sent to recipients warning of repayment requirements before the end of the year. It continues to beg the question:  what exactly is the definition of “income”?

Last week, we discussed the pros and cons of continuing to contribute to the CPP when compared to a TFSA instead.  This week, we discuss planning opportunities for taxpayers under and over age 65.

Since 2009, the government has worked to create a new Employee Life and Health Trust to replace Health and Welfare Trusts.  Last month, new rules were proposed to allow for the transition of Health and Welfare Trusts and permit for the rollover of assets, so that one set of rules can be applied to both. In addition, new “designated employee benefits” and relaxed restrictions for “Key Employees” were introduced.   An overview follows:

The results of our November poll were sobering; after a neck-in-neck race with opinions divided, 50.29% of professionals in the tax and financial services answered “no” when we asked if they thought their business clients would be able to make ends meet before year-end.