Pre-Budget Consultations On-goingLast month, the Department of Finance launched its pre-budget public consultations. The Minister of Finance invites all Canadians to share their ideas on how to build an economy that works for everyone. If you would like to contribute your input and share your ideas, you can do so by going to the My Budget website - Pre-Budget Consultations 2019. Taxpayer Relief Deadline December 31, 2018If you have note filed your tax return for the year 2008, you only have until the end of December 2018 to submit a request under the Taxpayer Relief Provisions. The taxpayer relief provisions can...
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On our last blog, we mentioned how most Canadians are financially illiterate. So what happens when we do implement a successful financial literacy program in schools? A study by Boston Consulting Group found that members of the Junior Achievement Canada’s financial literacy program were three times more likely to spend less than they earned, save more and borrow less. Ultimately, the goal of implementing a financial literacy program in schools is to create a nation of knowledgeable and responsible citizens. Financially literate Canadians will able to create better plans for their future and retirement and just make better financial decisions in...
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Fact: In September 2018, Statistics Canada said that Canadians owe $1.69 for every dollar of disposable income. This fact shows an accurate picture of just how “financially literate” Canadians are. Yes, we are failing. In the federal government’s 2014 Canadian Financial Capability Survey, the average Canadian earned a C grade. This survey asked 14 questions on inflation, debt repayment, banking fees, credit reports and other finance-related topics. Among all participants, only 2.7% answered all 14 questions correctly and nearly a third got at least half the answers wrong. We consistently fail to incorporate financial education in schools. Even at home, most...
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In the 2018 Fall Economic Statement, the federal government announced several proposals to enhance the country’s economic growth as well. It also provided an update on the Canadian economy. The 2018 Fall Economic Statement also included three immediate changes to Canada’s tax system for the purpose of enhancing business confidence in Canada. • The Government proposes to allow businesses to immediately write off the cost of machinery and equipment used for the manufacturing or processing of goods. This measure aims to fuel new investments and support adoption of advanced technology and processes. • The Government also proposes to allow businesses to...
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