Draft Legislation Released July 23, 2026

While Canadians were enjoying the height of summer 2026, Finance Canada released draft legislation for a number of previously announced tax measures including new rules for the disabled, apprentices in the trades, those with automobile benefits, farmers on the prairies and business owners buying assets or remitting GST/HST. A consultation has been issued on the proposed new rules, which must be emailed to the department by September 4.  There are some important changes, some summarized below, which will also be covered in the September 23 CE Summit.

‘Must-Attend’ annual event to welcome you back to DAC Acuity 2022. Open to all registrants, speakers and sponsors. Carol Willes is the Director of Estate Planning at BMO Private Wealth. Willes knows what it takes to assist client’s in navigating their present financial situation and develop their future legacy, while simultaneously embracing your highest standards of professionalism.

The history of taxation in Canada is as old as Canada itself and it matters in a modern context, because recently a Tax Court of Canada case was tasked with examining when a tax is a penalty, specifically regarding a Tax-Free Savings Account (TFSA).     

While only 10% of small business would file for bankruptcy today, over 60% are carrying pandemic debt of about $160,000 according to the CFIB.  This is worrisome given new data out of the U.S., where close to 50% of small businesses are at risk of shutting down[1].

Retroactive claims for three important pandemic wage supports will end in October and November, for Periods 27 and 28.  The programs were first introduced on October 24, 2021 with an end date of May 7, 2022; however retroactive claims were still allowed. Specifics appear below:  Business owners who have not yet made claims for the CRGP – Canada Recovery Hiring Program, the CRGP – Canada Recovery Hiring Program and the HHBRP – Hardest-Hit Business Recovery Program will be out of luck after November 6.

Old Age Security clawbacks, technically known as the Old Age Security Recovery Tax, are applied when your tax return is filed, and your net income is over the clawback threshold ($81,761 for 2022). Then, the following July, the government assumes your income will remain the same for the following tax year and starts collecting the clawback by reducing your OAS payments each month.

FIRESIDE CHAT: DOING GOOD You’ve likely heard about social financing: the collaborative investment of public, private and philanthropic funds to re-image our economic structure to build a “Social Infrastructure Network”. At it’s core – doing good is the big idea.