Bankruptcy Statistics Up in Canada

The most recent statistics released in August tracking bankruptcies, paint a grim picture of business reality in Canada.  While there is some good news - bankruptcies decreased in June over the month before – it is clear that 2024 has been a difficult one especially for small businesses.  Did the CEBA loan repayment requirement last month push many over the edge?  That and other factors are to blame, and tax and financial advisors are well poised to help.

There are a number of issues to discuss as tax season is now in full swing.  To begin, it’s more expensive to owe money to the CRA this quarter and tax and financial advisors will want to advise their clients of important – and potentially expensive - tax filing milestones coming up in the second quarter.   There is good news, however, for seniors.  Here’s what you need to know:

Managing the economy is a complex challenge for government and Canada's near-term economic outlook remains uncertain, according to the March 28, 2023 Federal Budget.  For taxpayers, however, there is certainty: the impact of increasing carbon taxes and with that, higher GST costs. This perhaps is  the bigger story, based on new information from the Parliamentary Budget Officer, released on March 30.

As March came to a close, the CRA had received 9.3 million returns, and according to data to March 13, average tax refund amounts had declined slightly from February: coming in at $2,172. Over the year, the size of the tax refund has been steadily increasing.  We asked you to tell us whether CRA should cut back on withholding taxes so that Canadians could keep more in their pockets every two weeks.  The no’s won at 62.96%.  Here were your comments:

If getting back 500 hours a year, making more, spending over 60% less money, and bringing in lots of new clients while realizing work-life balance with your important relationships is appealing to you, then the next Webinar from Knowledge Bureau Network on April 11 is exactly what you’ve been looking for.  You’ll get a sneak peek at how to retool and build an amazing digital practice from Derek Notman, CEO of Connector, and fellow advisor who got tired of doing business the old way.

Did you know: the accounting, tax, bookkeeping and payroll services represent 23.6 billion, showing an 8.9% increase annually.  This according to Statistics Canada shows that this is a healthy, and essential, industry for Canadians.  That’s why now may be the right time to enhance your professional education with the Certificate Course Bookkeeping in a Digital World.

Are you ready to consider incorporating your proprietorship, navigating family dynamics within your company or considering philanthropic donations through investments that match your values then you’ll want to check out our latest collection entitled Building Your Business, which provides you a new opportunity to earn 5 CE Credits.