It appears the Federal Budget was designed to appeal to struggling homebuyers, seniors, those needing job retraining and other targeted groups.
An Investor’s Perspective
From an investor’s perspective, the prospects of slower economic growth points to a focus on fiscal management and Debt to GDP ratios is a common benchmark. The current government use this “debt service ratio” as its fiscal anchor not a budget target. This can be interpreted to mean, similar to governments before, it does not aim to reduce debt but instead to maintain a stable rate of just over 30% of debt to GDP. It was not a budget to reduce debt.
It is tax time to organize for 2016. In a case you are waiting at your ‘virtual’ mailbox for your tax slips to arrive, Managing Director, Jamie Golombek at CIBC Wealth Strategies Group, Tax and Estate Planning has assembled a guide to assist. Your investment portfolio may have a number of reporting requirements you need to have. -Click here- for the Tax and Investment reporting guide.
Tax “Top-Ups’ for 2016
Some of you may be considering the RRSP contribution which is tax deductible or the Tax Free Savings account (TFSA) is reduced back to a $5,500 contribution limit for 2016. Learn more about strategies for your tax contributions for the first 60 days of 2017. –Click here-. Need to refresh your tax rates? We love the annual favorite of theKPMG Tax Facts tables to help keep the rates straight.
What’s New for 2016?
Canada Revenue Agency has a robust set of links -Click here- to assist you in understanding the new changes implemented in the Federal Budget presented March 2016. One notable change is how you must record information for your Principal Residence Exemption (PRE) sale along with any principal residence designation.
Time to start organizing!
A professional advisor should be consulted before implementing any of the options presented. No content should not be construed as legal or tax advice. Always consult a legal or tax professional regarding your specific legal or tax situation.