This edition of Tax Tips & Traps highlights important tax developments affecting Canadian individuals and businesses. Topics include the proposed immediate write-off of qualifying capital asset purchases, employee versus independent contractor classifications, First Home Savings Account (FHSA) rules, and eligible dependant claims. This issue also examines recent Tax Court decisions emphasizing the importance of proper documentation, accurate income reporting, and supporting e

The third quarter 2026 edition of Tax Tips & Traps highlights recent Canadian tax developments, including the tax implications of changing the use of real estate, updates to CRA’s Voluntary Disclosures Program, and recent court decisions involving deductible employment expenses and the impact of lump-sum payments on government benefits. It also discusses RESP considerations for families moving to the U.S., estate planning opportunities involving disability trusts, and CRA’s i

The Canada Revenue Agency (CRA) has introduced updated reporting requirements for certain bare trusts beginning with the 2026 tax year. Read more to find out if you could be subject to this new reporting requirement.

The Q2 2026 edition of Tax Tips and Traps highlights several important developments that could have significant implications for taxpayers this year. Inside, we explore updates to capital gains planning, changes affecting business owners and incorporated professionals, trust and estate considerations, and evolving CRA enforcement trends. The issue also covers practical strategies around retirement planning, family tax planning, and navigating common reporting traps that can l

For most people, there are relatively few tax breaks. A TFSA (Tax Free Savings Account) is one you can count on, and it is often overlooked. The following post includes strategies you can use to get the most out of your TFSA.

This quarterly tax update highlights several recent developments affecting individuals and businesses, including expanded CRA reporting through digital platforms such as Airbnb and Uber beginning with the 2025 calendar year, new GST/HST rebates for first-time home buyers on homes up to $1.5 million, and increased CRA scrutiny of aggressive insurance-based tax avoidance schemes.

The year end planning tax tips and traps provides a high-level overview of 2025 year-end tax planning considerations for business owners, investors, and high-net-worth individuals. It covers strategies such as managing capital gains and losses, planning around OAS and CPP, optimizing RRSP, TFSA, FHSA and RESP contributions, and taking advantage of available deductions and credits before year-end. It also highlights planning opportunities for business owners, including accessi

The highlights from the tips and traps this quarter outline recent tax updates affecting individuals and businesses. Key changes include a significant overhaul of the Voluntary Disclosures Program, which now distinguishes between “prompted” and “unprompted” applications with varying relief levels. It also highlights a Federal Court decision denying TFSA overcontribution relief due to loss in value, a Tax Court ruling disallowing clothing expense deductions for commissioned em

The highlights from the tips and traps this quarter include several key tax developments in Canada, including a proposed reduction of the...

In this post, we’re diving into some valuable updates and insights to help you stay informed and ahead. Inside, you'll find hot tax tips,...