Bill C-31: Royal Asset and New CRA Powers Could Come Soon

Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:

Did you know that you can reduce the cost of your tuition fees by over 60% (depending on your province of residence, thanks to the refundable Canada Training Credit (CTC) and the non-refundable Tuition Fee Amount? This can substantially reduce your tuition fees payable, in particular here at Knowledge Bureau. Here’s how it works? 

Knowledge Bureau’s Spring 2026 Course Catalogue, Tuition Guides, New Distinguished Graduate Awards are here!  As we proudly unveil our new revamped website, the nine Knowledge Benefits we’ll share here today are designed just for you, your team, your time and your budget!  It’s our mission to help you make a great educational decision for the period April 1 to March 31, 2027!

A day after Quebec’s Finance Minister Eric Girard brought down a Budget featuring a $6.3 Billion deficit, Saskatchewan’s Finance Minister Jim Reiter tabled his government’s budget on March 19. Next up was Finance Minister Adrian Salas, who tabled the Manitoba Budget on March 24. The common thread: there’s lots of red ink on the Prairies. But that’s where the budget documents differ between Manitoba and Saskatchewan. Here’s the latest tax news and why it matters to the advice you give your clients.

Bill C-4 has been proclaimed into law, so what do your clients need to know? For starters, not much that they didn’t already know, although there are a few eyebrow raisers.  

So far in provincial budget season 2026, every provincial government which has tabled a budget has announced a significant deficit. Quebec Finance Minister Eric Girard brought down his government’s budget on March 18th and contained in that budget is a $6.3 billion deficit. For context, it is smaller than last year’s deficit and next year’s is forecast to be $4 billion. The Quebec government is committed to a balanced budget by 2029-30. The budget document itself says the government is "resolutely pursuing” a path to balance. 

When a commissioned salesperson receives a T2200 form from their employer, it opens the door to deducting employment expenses that are typically off-limits to salaried employees. But what happens when that employer goes bankrupt, and the salesperson pivots to self-employment? This article explores the tax treatment of such a transition, using a realistic scenario to illustrate the rules and opportunities available under Canadian tax law.