Blog - Jones & O’Connell LLP

Taking advantage of pension income splitting

By Web AdminAccounting, Auditing, Tax & Consulting NewsFebruary 19, 20260 comments

Many Canadian couples, by the time they reach retirement, have achieved most of life’s major financial goals, and the recurring costs of reaching those goals are no longer a consideration. Retirement savings are in place, most homeowners are mortgage-free, and the cost of raising ...

Understanding the rules on payment of tax instalments

By Web AdminAccounting, Auditing, Tax & Consulting NewsFebruary 12, 20260 comments

Every resident of Canada is required to pay income tax on their worldwide income. And while the vast majority of Canadians do so when and as required (with varying degrees of reluctance), very few understand how the amount of tax they must pay is calculated, or the system by which ...

Aging in place – claiming the Home Accessibility Tax Credit

By Web AdminAccounting, Auditing, Tax & Consulting NewsFebruary 5, 20260 comments

The strong preference of many older Canadians is to remain in their own homes for as long as possible – usually described as “aging in place”. There’s a lot to recommend that choice – moving, at any age, is a stressful experience. As well, remaining ...

Provincial and Territorial 2026 Individual Income Tax Brackets and Rates

By Web AdminAccounting, Auditing, Tax & Consulting NewsJanuary 29, 20260 comments

Alberta Individual income tax rates and brackets for 2026 During the 2026 taxation year the province of Alberta will levy individual income tax using the following income brackets and tax rates. Tax Rate Taxable Income Brackets ...

Employment Insurance Premiums for 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsJanuary 26, 20260 comments

The Employment Insurance premium rate for 2026 is set at 1.63%. Yearly maximum insurable earnings are increased to $68,900, making the maximum employee premium $1,123.07. As in previous years, employer premiums are 1.4 times the employee premium. The maximum employer premium for ...

Québec Pension Plan contributions for 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsJanuary 26, 20260 comments

As of 2024, there are two contribution levels for the Québec Pension Plan (QPP). Income amounts and employee contribution percentages for 2026 for each contribution level are as follows: First-tier contributions for 2026 are set at 6.3% of pensionable earnings between ...

Canada Pension Plan Contributions for 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsJanuary 22, 20260 comments

As of 2024, there are two contribution levels for the Canada Pension Plan. Income amounts and employee contribution percentages for 2026 for each contribution level are as follows. First-tier contributions for 2026 are set at 5.95% of pensionable earnings between $3,500 and ...

Federal individual tax credits for 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsJanuary 15, 20260 comments

Tax credit amounts on which individual, non-refundable federal tax credits for 2026 are based, and the actual tax credit claimable, will be as follows: ...

Federal individual tax rates and brackets for 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsJanuary 8, 20260 comments

The indexing factor for federal tax credits and brackets for 2026 is 2.0%. The following federal tax rates and brackets will be in effect for individuals for the 2026 tax year. Income level Federal ...

Tax deadlines and limits for the 2026 tax year

By Web AdminAccounting, Auditing, Tax & Consulting NewsJanuary 2, 20260 comments

Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and changes for individual taxpayers for 2026 are listed below. Registered retirement ...

Getting help when debt becomes unmanageable

By Web AdminAccounting, Auditing, Tax & Consulting NewsDecember 25, 20250 comments

Both interest rates and the overall rate of inflation have come down from the highs recorded during 2022, but most Canadians and their families are still living with a significant degree of financial stress. While the overall rate of inflation may be down, the cost of food – ...

Planning for retirement in 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsDecember 18, 20250 comments

The approaching end of one calendar year and the start of another often causes individuals to reflect on their current life circumstances and on whether the new year might be the time to consider making a change – even a major change – in those circumstances. One the ...

Tax rules for holiday gifts and celebrations

By Web AdminAccounting, Auditing, Tax & Consulting NewsDecember 11, 20250 comments

As the holiday season approaches, and plans are made for seasonal celebrations and gift-giving, the idea that such activities could have tax consequences isn’t one that occurs to most Canadians. And, in most situations, there is no need to consider that unwelcome possibility, ...

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It’s The Time of Year to Spread Some Cheer!

By Web AdminSocial EventsDecember 2, 20250 comments

Our team at Jones and O’Connell LLP stepped up to make a difference this season by making a donation including toys and other essentials to the local Community Care of St. Catharines and Thorold. There was enough for more than twenty-five children to wake up to presents on Christmas ...

Year-end tax planning strategies to consider before December 31

By Web AdminAccounting, Auditing, Tax & Consulting NewsDecember 1, 20250 comments

December 31, 2025 marks not just the end of the calendar year, but the end of the 2025 tax year for every individual Canadian taxpayer. Most Canadians are thinking about anything but income taxes during the holiday season, but the reality is that December 31 is often a critical date ...

Buying a first home – the current rules on qualifying for a mortgage

By Web AdminAccounting, Auditing, Tax & Consulting NewsNovember 27, 20250 comments

In recent months, the housing market pendulum has swung more toward affordability for first-time home buyers than it has in several years, for two reasons. First, after years of price increases, the average cost of a home in Canada has (according to the Canadian Real Estate Association) ...