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.

Be sure to stay tuned to Knowledge Bureau Report for all the details of the next federal budget – March 22, 2016.

Each year, Agriculture and Agri-Food Canada publishes a list of prescribed regions that have experienced either drought conditions or excess moisture. Farmers in these regions qualify to defer reporting the proceeds from the sale of a portion of their breeding herd if they meet certain conditions.

Finance Canada recently released proposals to amend certain sections of the Income Tax Act (the Act) pertaining to the tax treatment of certain trusts, which only came into force on January 1, 2016. To the relief of many tax and legal practitioners, the proposals remedy some undesirable aspects of the amendments,  especially as it relates to charitable giving.

One document you must remember to keep track of after filing your tax return is your Notice of Assessment or Reassessment from the Canada Revenue Agency (CRA).

Many people don’t understand one of the most fundamental reasons to file a tax return: claim lucrative refundable tax credits.  It’s especially important for families that qualify for the Canada  Child Tax Benefit, which is expected to be enhanced this July.

Using comprehensive tax reduction strategies as a leading weapon in sustaining family wealth always makes sense, but never more than this year. In an investment climate in which there is very little certainty, it pays to look for winners we can count on: tax-efficient investments, for example.