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When you sell your home – claiming the principal residence exemption in 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsAugust 27, 20260 comments

As is commonly known, the purchase of a home represents the largest single financial transaction most Canadians will make in their lifetime. However, buying a home represents much more than a financial transaction, however large that transaction may be. The purchase of a home brings ...

Claiming a deduction for legal fees incurred

By Web AdminAccounting, Auditing, Tax & Consulting NewsAugust 20, 20260 comments

Like most good professional advice, legal fees can be costly. And, adding insult to injury, the need to seek out and obtain legal advice (and to pay for it) is usually associated with life’s more unpleasant events – a divorce, a dispute over a family estate, or a job ...

The CPP post-retirement benefit - deciding whether to continue contributing

By Web AdminAccounting, Auditing, Tax & Consulting NewsAugust 13, 20260 comments

In 1966, Canadian workers began contributing for the first time to a new government sponsored retirement income plan – the Canada Pension Plan. Today, 60 years later, retirement for most Canadians bears little or no resemblance to the way retirement looked in 1966. At that ...

Getting help from the tax system for post-secondary education costs

By Web AdminAccounting, Auditing, Tax & Consulting NewsAugust 6, 20260 comments

Graduation from high school and the start of post-secondary education is an exciting time for both students and their families. Students who are beginning post-secondary education this fall are likely focused on choosing courses for the upcoming fall semester, getting a place in ...

Making the RRSP decision when you turn 71

By Web AdminAccounting, Auditing, Tax & Consulting NewsJuly 23, 20260 comments

#RRSP #retirement #savings #plan

One’s 71st birthday is a very consequential event when it comes to retirement planning for Canadian taxpayers, and it’s an event which will be experienced by hundreds of thousands of Canadians during 2026.   While saving for retirement through an employer-sponsored ...

How to respond to a first Instalment Reminder from the Canada Revenue Agency

By Web AdminAccounting, Auditing, Tax & Consulting NewsJuly 16, 20260 comments

#instalments #instalment #CRA #reminder #owing

By the time summer arrives, nearly all Canadians have filed their income tax returns for the previous year, have received a Notice of Assessment from the tax authorities with respect to that return, and have either spent their tax refund or, more grudgingly, paid any balance of tax ...

When the taxman has a few questions about your return

By Web AdminAccounting, Auditing, Tax & Consulting NewsJuly 9, 20260 comments

#CRA #review #audited #audit #personal #tax #return #notice #of #reassessment

By the time summer arrives, the deadline for filing an individual income tax return for the previous year has come and gone for all individual Canadians. The majority of taxpayers were required to file that return for 2025 on or before April 30, 2026, while self-employed individuals ...

Claiming a deduction for moving costs

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

#moving #costs #deductions #saving #money #optimize #your #taxes

While the Canadian housing market overall is down significantly from its peak in early 2022, houses continue to be bought and sold, and each such purchase and sale means a move for multiple households. The downturn in residential real estate prices has, in some instances, allowed ...

A mid-year check-up on your taxes for 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsJune 25, 20260 comments

Most Canadians are likely of the view, having just gone through the process of pulling together various sources of information on income and deductions and having dutifully prepared and filed an income tax return for the 2025 tax year, that they can happily put the subject of income ...

When household debt becomes unmanageable

By Web AdminAccounting, Auditing, Tax & Consulting NewsJune 18, 20260 comments

It’s no secret that Canadian households have, over the past few months and years, been subjected to a series of financial and economic “hits” which have left many such households struggling to maintain their financial stability, or even to meet everyday expenses ...

When and how to dispute your Notice of Assessment

By Web AdminAccounting, Auditing, Tax & Consulting NewsJune 11, 20260 comments

Between February and May of 2026, just over 30 million individual income tax returns for the 2025 tax year were filed with the Canada Revenue Agency (CRA).  And, while each one of those returns was different with respect to income reported and deduction and credit claims ...

Upcoming changes to federal tax benefit and credit programs

By Web AdminAccounting, Auditing, Tax & Consulting NewsJune 4, 20260 comments

While the view of many Canadians, especially at tax return filing time, is that our tax system exists solely to take money out of their pockets, the reality is far more nuanced. It is certainly true that Canadian tax laws cast a very wide net, in which very few sources of income ...

New Quarterly Newsletters

By Web AdminAccounting, Auditing, Tax & Consulting NewsMay 28, 20260 comments

Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues. They can be accessed below. Corporate: Issue #76 Corporate Personal: Issue #76 Personal The information presented is only of a general nature, may omit many ...

Targeted tax relief measures announced in 2026 Spring Economic Update

By Web AdminAccounting, Auditing, Tax & Consulting NewsMay 21, 20260 comments

The 2026 Spring Economic Update delivered by the Minister of Finance on April 28 included a number of targeted tax relief measures for Canadian individual taxpayers. Some of those measures are summarized below. Changes to Disability Tax Credit certification program Canadians who ...

Avoiding (or minimizing) the Old Age Security clawback

By Web AdminAccounting, Auditing, Tax & Consulting NewsMay 14, 20260 comments

For most taxpayers, the worst-case outcome when completing their tax return for the previous year is finding out that they owe an additional tax amount to the federal government. However, for Canadians who are receiving Old Age Security (OAS) benefits, there can be additional bad ...

When you make a mistake on your tax return

By Web AdminAccounting, Auditing, Tax & Consulting NewsMay 7, 20260 comments

When the filing of the required annual tax return goes entirely as planned and hoped, the taxpayer will have prepared a return that is complete and correct and filed that return by the required filing deadline. The Canada Revenue Agency (CRA) will issue a Notice of Assessment indicating ...

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