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 order to carry a positive action we must develop here a positive vision." Dalai Lama

Did you know that only 23% of Canadians contribute to their RRSPs, and their median contribution is only $3000, according to the most recent stats for the 2014 year? That’s a shame for a number of reasons.

Do you understand the Canadian reporting requirements that apply when assets are held offshore? Year-end tax planning includes the assembly of information to stay onside with tax authorities. The filing of form T1135 Foreign Income Verification is required by April 30 in the cases discussed below. Failure to file will attract expensive penalties.

Budget 2016 eliminated the proposed change to exempt from capital gains tax, the gains made on the disposition of real estate or private corporation shares when the proceeds are donated to charity.

Top guns know. . .be on the ground with DAC delegates on the eve of the American election and hear expert commentary about the fallout of this controversial and exceptional time.  It’s not too late to join close to 200 delegates in San Diego Nov 6 – 9; there are a few spots left.

Register by October 21 for early bird rates for Distinguished Advisor Workshops – fall edition.  October marks the official start of “year-end tax planning season,” and this year there are lots of planning concerns for business owner-managers, real estate owners and succession planning. Top industry experts will enlighten you, so you can add value to your client relationships.