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.

From a tax and financial planner’s point of view, it is critical to know the mechanics of tax preparation as a prerequisite to tax-efficient financial planning. If you don’t know tax, you’re missing double digit returns in your plans for real wealth management with your clients.

Knowledge Bureau is pleased to announce that Intuit will join the January Personal Tax Update Workshop tour as a national sponsor. The topic of Scott Zandbergen’s keynote is End-to-End Online Practice Management: Your Firm of the Future. Scott will explain the remarkable changes happening in the tax accounting industry and what’s coming to integrate bookkeeping and taxation details.

Wealth Quotes from Family Tax Essentials.

Knowledge Bureau is pleased to announce that The Association of Professional Accounting & Tax Consultants Inc. (APATC) will join the January Personal Tax Update Workshop tour as a national sponsor.

Last year, Canadians both prepaid and overpaid their tax and the amount was significant: $148 a month or $1780 for the year, according to taxation statistics to January 4, 2016. That’s money given to the government on an interest-free basis all year long, and bad financial planning. Over a 40-year worklife, your tax overpayment would be worth $71,200 in capital that would not have been invested in the marketplace.

CRA has been prolific recently, releasing its 2015 T1 General Income Tax and Benefits return, its schedules and auxiliary tax forms, together with accompanying guides and pamphlets. To get through them all is a challenge; so is understanding the volume of changes for the 2016 tax year.