Record Number of Tax Returns Filed in 2026

It looks like tax season 2026 could be the biggest one we’ve seen in the history of filing in Canada, proving once more that Canadians are extremely tax compliant and that filing a personal tax return is the most important triggers for long term wealth planning in this country. But there is a shortage of qualified people and now is the time to do something about that before tax season 2027.

An overwhelming majority of Knowledge Bureau poll respondents, 93%, believe investors should harvest tax losses in 2022 to recover taxes paid on capital gains declared in the past three years.  It’s an interesting question, however, because in some cases it might be the right thing to do; in others not.  Most professionals reflected this sentiment in their comments.

Do you like working numbers and have an aptitude to solve problems?  Do you love working with people? It may be the right time to change course and embrace a new career path in the tax accounting industry.  It can be financially rewarding, too.  An accountant with 0-3 year's experience living in Alberta is making on average $70,538, according to the latest Robert Half Salary Guide. A senior tax accountant in Toronto is making over $100,000.

Knowledge Bureau is pleased to announce that two of its designation programs qualify for IIROC Credits:  The RWM™ (Real Wealth Manager) Designation qualifies for 20 PD credits and the MFA-P™ (Philanthropy) designation provides 20 PD and 3 Compliance Credits.

Here’s a proactive conversation starter with your clients this month: a tax filing and benefits milestones chart!  It’s a great way to ensure your clients can cash in on generous benefits from the government and a chance to remind your clients how important filing tax returns really can be. 

To incorporate or not incorporate, that is the question… a very common question that small business owners ask their trusted advisor.  There are so many variables that come into play in this decision, so the answer is, it depends!  Read on as we consider the factors to consider with a small business owner.  Only then should the transition from sole proprietor or partnership to a Canadian Controlled Private Corporation (CCPC) be taken. 

In a time of high inflation, and high debt, Canadians are paying attention to the economic messages they are receiving from government.  According to a recent poll by Ipsos, Canadians are in fact having mixed feelings on the most recent November 3, 2022 Fall Economic Report and Mini-budget, which was followed the next day with Explanatory Notes to a 169-page Ways and Means Motion that amends the Income Tax Act for new measures.