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.

“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:

Another tax season is in the books and Canada Revenue Agency (CRA) is patting itself on the back for its work in processing close to 30 million tax returns. Its May 7 news release headline reads: Canadians experience improved service delivery and responsiveness from the CRA this tax season. But who are the real heroes of tax season? Let’s drill down on the facts.

It’s tax audit season and if you’re trading in crypto currencies, rest assured, CRA is on it. So is Finance Canada. Here’s an update on what’s in the latest legislation from the April 28 Spring Economic Update, that is in first reading now, and the tax reporting issues advisors and their clients need to be up-to-speed on.

The Society of Distinguished Designates welcomed members, graduates, and guests to its recent inaugural networking event on May 13, bringing together professionals from across the tax, accounting, wealth management, and financial services community for an evening focused on collaboration, continuing education, and the future of advisory practice.

What’s new for tax and financial advisors to be aware of post-tax season that impacts planning in 2026 and beyond? Don’t miss the critical tax law updates stemming from the Spring Economic Statement, retirement income planning, rules for death of a taxpayer and estate planning strategies and T3 filing tips. Check out the agenda below and register now for the May 27 CE Savvy Summit. 

Now that the height of tax season is over, many tax and financial advisors are turning their attention back to a growing challenge: how to build a stronger, more scalable business in one of the most difficult environments Canadian entrepreneurs have faced in decades. In fact, today, 55% of Canadian SMEs say they would not recommend starting a business, according to a CFIB Report.