Record Number of Tax Returns Filed in 2026

It looks like tax season 2026 could be the biggest one we’ve seen in the history of filing in Canada, proving once more that Canadians are extremely tax compliant and that filing a personal tax return is the most important triggers for long term wealth planning in this country. But there is a shortage of qualified people and now is the time to do something about that before tax season 2027.

In 2019, the average Canadian family spent 42.6% of their household income on taxes according to a new study by the Frasier Institute.  Yet, they spent only 36.2% on the basic necessities of life, including housing, food and clothing. The issue for tax and financial professionals is:  what can be done to tip the scales in favor of funding basic necessities now, while preparing for a future that could include taxes, inflation, and unemployment?  Six strategies appear below.

Although the federal government recently extended some of the COVID-19 relief programs, including a September 26 CERB extension and a further plan to transition to a revamped EI program, other measures put into place are coming to an end. Specifically, those under the Office of the Superintendent of Financial Institutions (OFSI) umbrella that impact both pensions and loans, are transitioning back to normal.

The Canada Emergency Wage Subsidy (CEWS), which has generously provided emergency relief for wages paid during periods of revenue decline, has been extended, potentially to the end of the year. But there’s one big problem with the program, according to 65% of our August Knowledge Bureau poll respondents, and that’s complexity. Close to 700 financial professionals believe that the revamped program is too complicated, although many stated this complexity is likely required to ensure fairness. Here’s what they said:

The agenda is amazing and so is the innovative virtual fun factor at DAC Acuity 2020! You are in store for the outstanding educational experience DAC delegates have come to rely on, including the pre-approved CE Credits. But this will be the most memorable virtual conference you will have attended this year. Early registration ends September 15.  Here’s the cast and the program guide to this incredibly innovative event:

The financial fallout of the Pandemic will manifest itself in several ways this fall: tax auditing for individuals receiving the CERB and EI payments, estimated Canada Child Benefits, OAS and other government benefits, tax audits for businesses receiving wage subsidies and GST/HST tax filing relief as well as personal and business bankruptcy. As important, financial distress relating to family health care is at the forefront of planning. Learn more at the next Virtual CE Summit on September 30!

September 3, 2020. Knowledge Bureau, a pre-eminent national financial education institute and Advocis, The Financial Advisors Association of Canada, are pleased to announce their collaboration in offering specialized financial education to Advocis Members. The first program to be offered, effective September 3, 2020 is the MFA-P™ Designation.