Finance Canada: No More Spring Budgets

Finance Canada announced on October 7 that Canada’s federal budgets will be brought down in the fall starting with the November 4, 2025 event; a significant departure from the spring schedule (February, March or April) that has been the cycle for several decades. This is going to affect many other events as we know them, and in the annual government spending approval cycle. There will also be a new budget process for capital vs. operational expenses. Here’s what you need to know:

Father’s Day is coming up soon, and it’s a time to make and share memories. Wouldn’t it be a  wonderful gesture to start a new tradition:  to leave not only a financial legacy to the ones you love, but also the gift of family history at a time like this?  Financial advisors can encourage families to do so, as part of their retirement and legacy planning.

One major goal of the 2018 federal budget was to strengthen the middle class which keeps shrinking in Canada. There is meaningful opportunity for tax and financial advisors to do the work necessary to help their middle clients and improve Canada’s economic future in the process.

As the owner-manager of a thriving tax preparation, bookkeeping, accounting or financial services practice, your future success is dependent upon the knowledge and skills of your team, especially with technological advances. It's time to go beyond the basics and learn more about providing tax consultancy services. The newly updated Intermediate Personal Tax Preparation can help!

As Canadian baby boomers retire, it’s been estimated that $10 Trillion in small-business assets will change hands in Canada over the course of a decade*. We’re entering the peak point of this transition, according to economic forecasting, between now and 2025. Canadian business owners, in particular, have a lot to lose, if their succession planning is left on the back burner:  their retirement security.

The June 15 tax filing deadline for proprietorships is just around the corner.  But, there’s another problem soon to befall delinquent taxpayers:  the tax collector is coming if you haven’t paid up, and you can expect a “no excuses” approach.

Significant gains in transfer payments combined with good market income growth translated into an increase in median income for Canadian households, to $57,000 in the period 2000 to 2016. There is a message in the numbers for pre-retirees, and in particular women: be proactive about tax-efficient investing now or risk poverty in retirement.