2026 Q4 - Tips and Traps

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 expense deductions to avoid costly reassessments and penalties.