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.

In answer to the question posed in Knowledge Bureau’s May opinion poll, professional financial advisors from across Canada agreed by an overwhelming majority—78% to 22%—that top marginal tax rates close to, or over, 50% are not fair.

Despite recent reports that Millennials are worried about facing tougher financial times in their retirement, a little information can go a long way for this well-educated generation.

Two federal family tax credits have disappeared in 2017: the Children’s Fitness Tax Credit and the Children’s Arts Amount. Is there anything families can do to shore up tax savings in light of this unfortunate news?

Midnight June 15 is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season for those weary folks in the tax preparation industry! Don’t let this important deadline get lost in your pre-summer planning.

“Believe those who are seeking the truth. Doubt those who find it.” —André Gide

Tax, financial planning and wealth management competencies are required to help clients fund their goals for income and capital accumulation derived from investments in these turbulent times. Adding tax efficiency can help returns take off from the doldrums in the markets. But are you prepared to do so with confidence?