Trade Wars: Why Income Tax Filings Matter More Now
It’s hard not to get caught up in the trade wars saga, and of course it has serious economic repercussions. In times like these, our tax system can help. The federal government has indicated three pillars of support will be enacted, details of which are to come shortly:Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:
File Taxes Before Benefit Loss
If you still have clients who have yet to file their 2025 income tax returns, they may be cheating themselves. There are benefits which are being left on the table and that’s money they could use.
Untangle the Tax Webs: Cross Border Issues
Does your client base include businesses looking to grow into the U.S. market? Perhaps you have clients looking to expand or retire into the U.S., snowbirds, people who want to make a permanent move south or who have multijurisdictional families?
Giving to Charity with Tax Benefits
Canadians continue to give to charity, but the landscape is changing. The percentage of tax filers donating to charity fell from 21.9% in 2013 to 16.8% in 2023, even as average annual donations held steady at $654. At the same time, studies show up to 50% of high-net-worth families expect to increase their giving in 2026, highlighting growing opportunities for strategic philanthropy, legacy planning, and tax-efficient charitable giving.
Mark Your Calendar: Critical Deadlines for May and June
Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:
Tax Trap: Zero Emission Vehicle Breaks Reduced
If you have clients who have purchased or are considering purchasing a zero-emission vehicle (ZEV) there are tax changes they’ll need to know about. They may not get all of the benefits they had assumed they would. Both tax and financial advisors assisting with how to fund the purchase will be interested in new federal tax implications of a bill currently before Parliament (Bill C-30).
