A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
The Parliamentary Budget Officer released its projections and summary of Canada’s fiscal outlook on March 7, noting “while total budgetary authorities are increasing in this year's Main Estimates, the pace of growth in the 2024-25 Main Estimates has slowed compared to the pandemic years” and that “. . . for the first time since the pandemic, voted budgetary authorities have decreased compared to previous years’ Main Estimate.” The fly in the ointment is that those authorities still remain “roughly 50 per cent higher than in the pre-pandemic 2019-20 Main Estimates” and do not include new spending to be announced in the April 16 budget. The PBO fiscal outlook follows:
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In February we asked KBR readers to weigh in on the following poll question: “The RRSP deadline for the 2023 tax year is February 29. From a wealth planning perspective, do you think middle aged Canadians should invest in a TFSA instead?”. The opinions were mixed with 64% answering “yes” in favour of the TFSA over the RRSP. As always, the important details are in the insightful comments left by our readers from the tax, accounting and financial services, and many pointed out it depends on “Know Your Client”. Check them out:
Short term rental ownership has doubled from 7% to 15% in the period 2017 to 2021. The federal government plans to deny tax deductions otherwise claimable to reduce income earned in the case of non-compliant short term rental owners starting in the 2024 tax year. This measure introduces significant complexity to an already perplexing tax regime for real estate owners and their accountants at a time when the outlook for growth in this market may be subsiding. Here’s what we know and why there may be a good argument for scrapping this tax entirely:
Times are tough but there are some things that are just too important to pass up on. One of them is the RRSP contribution for the 2023 tax filing year. The final deadline for reducing your 2023 taxes is February 29 this year. That’s a Thursday and here are 9 great reasons why you shouldn’t miss this opportunity.