Pre-Budget Consultations Now Underway!

Pre-budget consultations are now underway for this fall’s Federal Budget and Canadians are invited to share their views with Finance Minister Francois-Philippe Champagne through an online survey. Over the next several weeks, the Finance Minister and his team will meet with various stakeholder groups and review public submissions before finalizing the budget.

Canadians are current in the midst of the largest intergenerational wealth transfer in history, with approximately $1 trillion in personal wealth expected to be transferred from one generation to the next between 2016 and 2026. As a result, the conversations tax and financial advisors need to have with families are becoming more complex. The DMA™ – Retirement & Estate Planning Specialist Program is a new credential you can earn from Knowledge Bureau to expand these much needed service offerings to clients, with confidence. Register by June 15, for Summer School Savings.

The federal government has made its intentions clear that there will be an expansion of those who are eligible to certify an individual for the Disability Tax Credit. Our May poll results are in. 83% of our readers voted against allowing public trustees, guardians and departments supporting Indigenous Services to certify impairments for the Disability Tax Credit.

In the market for a new home? The Home Buyers Plan (HBP), which lets first-time buyers withdraw RRSP funds on a tax deferred basis to buy a home, became a key part of the government’s effort to make homeownership more accessible. Bill C‑30 has recently put several of these proposed changes into law, something taxpayers and their advisors should be discussing this month as tax seasons 2026 winds to a close. Here are the key talking points:

Canadian business owners and advisory professionals are facing mounting pressure in a rapidly changing economy, especially in the tax and financial services. Many entrepreneurs are trying to make the decision: sell or scale to grow? It’s well worth the investment of a half day at the Business Builder Summit to think more deeply about your future in your industry.

The Acuity Conference for Distinguished Advisors (DAC) is Canada’s preeminent conference for advisors from the tax, financial services and it will be held in Victoria, B.C. November 22–24. Be sure to join one of Canada’s most unique multidisciplinary educational and networking experiences and save money by registering before June 30.  

While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of: