Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

After a scathing review by the Auditor General last September, on services provided by CRA last tax season, the tax department was mandated by the Finance Minister to implement a  “100-Day Plan” which ran from September 2 to December 11,2025.  It has already delivered meaningful progress as tax season 2026 comes to a close. We commend CRA employees for meeting the challenge, as it’s no small feat to communicate with millions of taxpayers and their advisors in such a short period of time.  Have you noticed a change?  Here’s the CRA’s take.

Building personal wealth allows people to manage financial risks and pursue new opportunities without relying on others. It also reduces financial stress and anxiety and averages down your marginal tax rate on income. So why do so few people in Canada invest in capital gains producing assets? Check out this week’s podcast, Real Tax News You Can Use with Evelyn Jacks and this week’s guest, Kim Moody, who will decipher some of the issues. Here’s a backdrop: 

Becoming a certified tax preparer is not only a smart personal and career move, it can also produce consistent and lucrative earnings, from home or office. And the demand for qualified people is high, especially as the relationship with CRA becomes increasingly digital. For these reasons, earning the Certified Tax Preparer Certificate from Knowledge Bureau is also a smart move. Best of all, you can start online now and use your skills to help yourself, your friends and others in the community. Here’s how:  

The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.

On March 26th, Bill C-15 received Royal Assent. A synopsis of some of the most significant elements of the Bill appear here; provisions that advisors and clients should be discussing when preparing tax returns before the end of April.  This includes the fact that the GST/HST Credit has now been replaced – but your clients may not know this.  There are new Capital Cost Allowance Provisions for rental property owners, provisions for the disabled and the Personal Support Workers Tax Credit is now law.

There are tax headaches to face down the line. Every province and territory which has delivered a new and projected a large deficit. That trend continued with Ontario, but there are some tax breaks, too. Finance Minister Peter Bethlenfalvy delivered his government's budget on March 26 with  “A Plan to Protect Ontario”.  The size of the deficit for the coming year could affect taxpayers for decades to come.   Here’s why it’s important to review this with your clients in Ontario – and those who plan to move there in 2026.