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:Life Purpose
Post-Thanksgiving reminder: "To keep the body in good health is a duty, otherwise we shall not be able to keep our mind strong and clear." Buddha
Year-End Tax Tip: Donations
Charities count on our support at year end. Not only is donating to a worthy cause the right thing to do, but digging deep to help others also makes good sense from a year-end tax planning point of view, especially for young, high-income earners.
Tax Reporting Change Will Affect All Homeowners
The Distinguished Advisor Workshops soon to be running across Canada will discuss a major change in reporting or principal residence dispositions that will affect Canadians and the tax preparation broadly: all principal residence dispositions must be reported on the tax return starting in 2016.
KB Poll: Donations Credit Could Use a Tax Boost
According to last month’s Knowledge Bureau Poll, the existing charitable donations tax credit could be more generous to taxpayers. So said 75% of the respondents, who also gave suggestions for improvement of the credit. But the tax tail didn’t always wag the donation dog! Many respondents gave to charity for other reasons.
2017 NAICS Adjusts Industrial Classifications
Tax advisors must select industry classifications as they prepare tax returns for their business-owner clients. They will be interested to know that the North American Industry Classification System (NAICS), around since 1997, is updated every five years, and the most recent update was just released September 29, 2016.
New Retirement Planning Course Is On the Cutting Edge
It takes specialized skills to marry tax and financial planning competencies to help clients adequately fund tax-efficient income requirements. Now tax and financial advisors can certify to specialize and provide this new value-added service with the newly revised Tax-Efficient Retirement Income Planning Course.
