Finance Canada Releases Draft Legislation January 29

February 27, 2026 is the last date to comment on a raft of draft legislation released at the end of January covering provisions from the November 4, 2025 Federal budget,  the Fall 2024 Economic Statement, amendments from Budget 2021 regarding Hybrid Mismatching Arrangements, technical changes to two investment tax credits, dating back to 2022 and 2023, as well as corporate changes regarding the Global Minimum Tax.  The key measures to note appear below:

The wealth management industry is facing a trust and service gap. A 2023 study reveals that only 6% of Canadian investors are receiving truly comprehensive advice from their wealth management professionals. Even among full-service clients, just 57% report having a financial plan and alarmingly, 43% of those don’t believe their advisor’s recommendations align with their best interests. These numbers tell a clear story: clients expect more, and advisors who fail to adapt risk losing both trust and business. At the Acuity Conference, Michael van Lierop, FDFS™, RWM™, of New Outlook Wealth, will present Practice Management – Time for Change, a session dedicated to closing these gaps.

Did you know that Canada Revenue Agency (CRA) will be undergoing a digital migration on the September long weekend, starting Friday August 29 at 8:00 p.m. and ending Tuesday at 6:00 am September 2, with the proviso that this possibly could last til September 3? What could go wrong? Plenty.

In 2022 CRA launched a pilot project on the activities of Personal Services Businesses (PSBs) and the companies that hire them. Unfortunately, it appears there is tax audit pain ahead for some of these entities, and potentially those who hire them. Tax preparers, it seems, haven’t gotten the T2 filing requirements right, either.

Effective July 15, 2025, the procedures for Representing a Client have changed and this can in particular effect tax filings for newcomers to Canada.  Rather than requesting the authorization through tax filing software, which was done pre-July 15, the newcomer authorize the representative through the digital My Account, which requires specific criteria to be met.  And that’s where the barriers to access begin.  Read on to learn more:

As Chair of the Society of Real Wealth Managers, Kristin Ramlal, B. Comm (Hons.), PFP, CIM, FCSI, RWM™, MFA-P™, FDFS™ brings both a global perspective and a deep commitment to redefining financial success beyond numbers on a statement. In this reflection, she draws on insights from a recent visit to Iceland, where economic policies, social systems, and cultural values intersect to create a society with exceptional financial security and quality of life - to explore what Canadian financial professionals and policymakers can learn about fostering true real wealth for all.

The trust tax landscape in Canada is undergoing its most significant transformation in years. Starting in 2025, all trusts will be required to file T3 returns - including those that historically did not file because there was no income to report, such as bare trusts. For tax and financial advisors, these changes represent both a compliance challenge and a business opportunity. Knowledge Bureau’s Filing T3 Trust Returns course provides the expertise you need to meet new obligations and help clients make smarter intergenerational tax and estate planning decisions.