Although it’s doubtful that anyone does so with any great degree of enthusiasm, each spring millions of Canadians sit down to complete their annual tax return for the previous calendar year (or, more often, they pay someone else to do it for them).
Newsletter Archives - Akler Browning LLP
Canadian drivers are used to seeing gas prices rise each spring as the weather gets warmer and more people take to the road for day trips, weekends at the cottage, and annual holidays. This year, that trend is accelerated for several reasons.
By the time August arrives, nearly all Canadians have filed their income tax returns for the previous year, received a Notice of Assessment from the tax authorities with respect to that return, and either spent their refund or, more grudgingly, paid any balance of tax owing.
One or two generations ago, retirement was an event. Typically, an individual would leave the work force completely at age 65, and begin collecting Canada Pension Plan and Old Age Security benefits along with, in many cases, a pension from an employer-sponsored registered pension plan.
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.
There’s a lot that is still unknown about the upcoming 2021-22 academic year for post-secondary students. It may be that such students will be back on campus, living in residence and once again attending classes in lecture halls.
As Canada begins to (slowly) transition back to a pre-pandemic way of life, one of the many opportunities which did not exist last summer is once again a possibility — that of sending the kids to summer camp. In most cases, Canadian children of school age have not had the opportunity to interact with their peers on a regular basis for nearly a year and a half.
Between February 8 and June 21 of this year, the Canada Revenue Agency (CRA) received and processed just under 29 million individual income tax returns filed for the 2020 tax year.
According to Statistics Canada there were, as of July 2020, just under 7 million Canadians over the age of 65. While the age at which an individual retires can vary a lot (from “Freedom 55” to those who are still working in their 70s), it’s reasonable to assume that a significant percentage of those 7 million Canadians is fully or partially retired.
Pandemic notwithstanding, the Canadian real estate market is booming, in terms of both house prices and sales activity. According to Canadian Real Estate Association statistics, the number of sales in March 2021 were at the highest level ever recorded — and the MLS Home Price Index rose by 23.1% in April 2021, as measured on a year-over-year basis.