Elbows Up: The Time for Personal-Corporate Tax Reform is Now

One can’t avoid the messaging of the economic pain to come. Our deteriorating economic relationship with our biggest trading partner will require us to “pivot and prosper” in order to emerge “stronger and more resilient” says our Prime Minister. While exactly how we will do this is still unclear, there is one clear opportunity: for both federal and provincial governments to initiate a significant personal and corporate tax reform in the upcoming fall budget.

Midsummer happiness abounds across Canada as families take the time to recharge, enjoy the long summer days, music festivals and update tax, financial and educational milestones to get ready for a busy fall. It’s high time, in fact, to mark your calendar! To help, here’s Knowledge Bureau’s mid summer Tax and Investment Milestone Checklist. Feel free to share it with your friends, colleagues and clients:

It is a saga that continues to cost taxpayers a lot of time and money. It's a fight to get CRA to accept documentation from recipients of foreign pensions who have had foreign tax withholdings and legitimately exercise their rights to use their foreign tax credits to avoid double taxation. The problem is, CRA is double taxing for no good reason and in the process, making it extremely difficult for taxpayers to fight back. Here’s an example:

More changes are coming to how your clients will access Business Registration Online (BRO). Starting July 14, 2026, the Canada Revenue Agency (CRA) your business clients will only be able to access BRO through their CRA account. As usual, it’s the taxpayer who is responsible for on time remittances and the burden of proof in an increasingly digital relationship with CRA. Here’s what you need to know:

Lower income Canadians will soon receive larger quarterly benefit payments under the Canada Groceries and Essentials Benefit (CGEB). Replacing the GST/HST benefit, the CGEB includes a one-time top-up beginning June 5, 2026 equal to 50% of a person’s annual benefit, and increased quarterly payments beginning in July.

The Official transcript letter for the period ending June 30, 2026 is now available to Knowledge Bureau students, grads, alumni and esteemed designates. Why is this important? Please review below:  

Small business owners in general are engaging in one of the most dynamic business opportunities in decades as demand for high precision services in the tax, accounting and financial services soar. Are you finding that challenging? You are not alone. Here’s what others are finding and why Knowledge Bureau can help.