Q4 - Indexation of OAS and Prescribed Interest Rates
Two pieces of good news for the last quarter of 2026: seniors will get a small raise, but prescribed interest rates at CRA will stay steady for the last quarter of 2026. Here’s what you need to integrate into your year end planning activities.Year End Planning: Consider the Productivity Mega Deduction
Year end tax planning is about reducing taxes on current year income. One of the best ways to do so is to consider the purchase of an income-producing asset and claiming a Capital Cost Allowance Deduction. The new Productivity Mega Deduction (PMD) is proposed to take effect on new asset purchases on or after September 15, 2026 and makes for a great year end conversation starter with your small business clients. It’s about immediately expensing these purchases – 100% - against other income and that can lead to a big tax saving.
Signature Conference Brings Canada’s Leading Wealth Advisors to Victoria, B.C.
The Acuity Conference for Distinguished Advisors (DAC) is Canada’s preeminent conference for wealth advisors from the tax accounting and financial services industry and it will be held in Victoria, B.C. November 21 to 24. At a time when a new Canadian economy is facing challenging global headwinds, the 23 speakers at this unique conference will break down the cutting edge issues taxpayer and their advisors are facing. This is also your opportunity to build strong inter-advisory relationships with like-minded pros from coast to coast. Enrol by September 30 for early bird tuition rates.
Five Advanced Tax Updates, One Professional Pathway
Knowledge Bureau’s Senior Tax Specialist Diploma helps you create an important new role in advance of tax season: a confident and experienced senior leader who can better answer tax questions from new employees and clients. Now is the time to enrol and get started. Here are the details
New Mega Deduction a Good Start, But More Tax Reforms Are Needed
The Federal government has unveiled a Productivity Mega Deduction, which will provide immediate expensing under Capital Cost Allowance (CCA) provisions for a broad range of depreciable property, importantly on a permanent basis, for acquisitions on or after September 15, 2026. Check out the noteworthy exclusions are listed below. This tax reform is a good start, but much more needs to be done, especially for small business owners and average taxpayers to make Canada truly competitive across our tax base.
Avoiding the Auto Expense Audit
There are nearly 1.2 small businesses in Canada along with many more individuals who are in the GIG economy, or earning income through contract or freelance work. It’s critical for these clients to report all income and to accurately report any legitimate deductions and expenses – including those related to mixed-use business-use vehicles. Those expenses are always audit-prone. Here are some tips to discuss with clients to make sure those auto log details are up-to-date and to prepare them for potential decisions before the year end: should I buy or lease a new car?
When a Bonus Comes with a Tax Bill
You probably don’t have any clients who have received a US$12.25 bonus. But that’s what Toronto Maple Leafs star John Tavares received when he signed with the club. In August, Tavares appeared in court, to fight an $8 million tax bill. $1.2 million of that amount is interest which CRA says he owes.
