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.

An important discussion is taking place in Canada and tax professionals will not want to miss their chance to weigh in by the September 30 consultation deadline.  Specifically, the federal government wishes to “modernize” the GAAR – General Anti Avoidance Rules - after a series of 24 losses in court.  Here are the issues:

The Federal government announced three new refundable benefit programs on September 13, which will put extra money in the pockets of individuals and families. 

During the pandemic, the federal government put temporary changes to the Employment Insurance (EI) program in place.  These special programs will end on September 25, 2022.  Employers will want to refresh their memories both on the pandemic response rules, and now, the return to normal for the purposes of informing management and/or payroll departments who may receive questions from departing employees: 

There may be one silver lining to all this inflation…the Tax-Free Savings Account (TFSA), arguably the best savings vehicle available to Canadians, is about to get even better.

There are four important strategies to maximize income with tax efficiency during both inflationary and potential recessionary headwinds.  Consider introducing them to your clients as part of your fall tax filing strategies:

The financial services industry lost a highly respected member of its community.  Dr. Paul Bates, M.T.S., DPT, FCPA, FCMA, CMC who was an exemplary, accomplished man, a fellow financial author and educator, an outstanding humanitarian and family man, and for so many of us, a true and dear friend.