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:

This year, the tax season will again be different, particularly with new rules stemming from pandemic benefits and tax credits and the complexity they have created for tax filers. And, lots has  changed at the CRA,  too. That’s why there is a great  opportunity for professionals and new entrants to the tax preparation market to improve their credentials during the continued lockdowns.  

It is the time of year for us to reflect on how lucky we are, despite the incredible challenges of 2020.  We are mindful of our good health and the privilege to continue to serve, while others have suffered the terrible losses that have come with the reality of the pandemic. For these reasons, we will be making a donation to our local food bank and our local animal shelter and we hope that you will consider doing the same.

A new Statistics Canada Report, the “2019 Survey of Financial Security” was released on December 22 and provides some important insights to what Canadians need to do to build financial security, especially when recovering from these uncertain times. What secrets were revealed? Here’s a hint: it relates to the holding of specific assets that drive wealth accumulation.

A new study on the savings habits of Canadians in their Tax Free Savings Account (TFSA) conducted by the Bank of Montreal, sheds light on many missed opportunities. But it’s not too late for investors to catch up and thrive with this completely tax-free opportunity.

There are some important deadlines to remember before this tax year comes to a close. Of course, there are the usual suspects, including the cut-off to make year-end donations and receive a donation receipt; the instalment payment deadline for farmers and fishers; and a new one this year for CERB repayment. It’s an issue that has already caused many Canadians stress and confusion. Here’s a summary of salient tax deadlines remaining for 2020:

Tax and financial advisor,  now is the time to help your clients set their new year goals: and here’s a 2021 tax filing and investment planning milestones checklist to help with the process.