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.

It goes without saying the filing tax returns and elections on time will help taxpayers prevent the punitive late filing penalties.  But, if the filing deadline has passed, look to the Voluntary Disclosure Program to see if you qualify to reduce penalties when late filing.  And then, if a return has been filed late, look to the Taxpayer Relief program to see if you qualify for tax forgiveness. The following are a summary of the programs.

Did you know that effective starting in 2020 and before 2025, it’s possible to write off your digital news subscription as a non-refundable tax credit?  Did you miss writing it off in the past couple of years?  You can adjust your tax returns back to 2020 and get a tax refund.  Here are the details:

We asked tax and financial professionals whether they believe Canadians have trust in their tax department, and surprisingly over 75% said no. Do you agree? Check out some of the many interesting comments we received.  

There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for investors and owner managers. Are you prepared to help? Take a duo of CE Summits with Knowledge Bureau this November and January and get the tools you need to help a variety of client profiles. Plus, you save on tuition with a Duo CE Summit Event Pass!

Don’t miss the opportunity to mingle with members of our DAC 2023 bronze partner organizations in Banff this November 12-14. We’re pleased to welcome back Fraser and Partners, Manulife Bank, The Institute, and Investment Executive and Advisors’ Edge as our exclusive media sponsor for our 20th anniversary extravaganza! Final registration deadline for tuition savings: October 30.

It seems like a long time ago. On November 21, 2018, the federal government introduced an Accelerated Investment Incentive (AII) to enhance first-year Capital Cost Allowance (CCA) claims and allow for businesses to fully expense new asset acquisitions, certain machinery and equipment, including clean energy equipment.  Some of these tax incentives will start phasing out after 2023, making this year end an important one for new investments.  Here’s an overview. Be sure to book time to have these important discussions with your business owner clients soon.