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As Canadians scramble to meet their April 30 tax filing obligations, the federal government plans to release its next budget on April 16. Expect more red ink as debt services costs skyrocket. According to a new study by the Fraser Institute, the government debt burden for families across Canada has been growing significantly, it’s making us poorer. The numbers tell the story, below, and underscore the need for a fiscal focus on our future prosperity.
The health indicators for small business in Canada show weaknesses that should be of concern to all Finance Ministers who face their own challenges in offsetting growing deficits and debt service costs with economic growth. From new bankruptcy statistics (see below) to CFIB’s Business Barometer for March, the business outlook, at least in the short term is somber. In addition, 77% of advisors who answered Knowledge Bureau Report’s March poll, believe the recent CEBA deadline will push more into bankruptcy.
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Did you know that the moving expenses deduction has been around since the 1972 taxation year? It was one of the original provisions of the Budget 1971 – which introduced the last major tax reform in Canada. It was originally intended to recognize the expenses incurred in moving to a new job or educational institute to study and since has been extended to include moves to new locations for self employment purposes as well. About 85,000 people claimed this deduction based on most recent statistics and it is quite lucrative. Here’s what’s claimable: