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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, ...

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) ...

Planning for charitable donation tax credit claims for 2025

By Web AdminAccounting, Auditing, Tax & Consulting NewsNovember 20, 20250 comments

As the holiday season approaches, the year-round appeals for charitable donations which every Canadian receives will inevitably increase – and there’s no shortage of need, or of worthy causes which merit support, both domestically and internationally.  Generally, ...

Getting source deductions right in 2026

By Web AdminAccounting, Auditing, Tax & Consulting NewsNovember 13, 20250 comments

For most Canadians, tax planning for a year that hasn’t even started yet may seem premature. However, most Canadians will start paying their taxes for 2026 with the first paycheque they receive in January of 2026, less than two months from now. And while the overall rate of ...

Year-end planning for your RRSP, RRIF, and TFSA

By Web AdminAccounting, Auditing, Tax & Consulting NewsNovember 6, 20250 comments

Even Canadians who have no more than a basic knowledge of our tax system are usually aware that the deadline for making registered retirement savings plan (RRSP) contributions is March 1, and that contributions to one’s tax-free savings account (TFSA) can be made at any time ...

Accessing home equity in retirement

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 30, 20250 comments

It’s an acknowledged fact that the cost of living has been on a steady upward trend for the past several years. Making that trend even more problematic is the reality that such cost increases have been greatest in areas where eliminating or cutting back on expenditures is hardest. ...

Maximizing the medical expense tax credit for 2025

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 23, 20250 comments

Notwithstanding the fact that Canada has a publicly funded health care system, the reality is that each year millions of individual Canadians incur medical and para-medical expenses (like prescription drug costs) which can be significant and which are not covered by that public health ...

When are home office expenses deductible in 2025?

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 16, 20250 comments

For individual Canadians, one of the few positive aspects of the recent pandemic was the opportunity it provided to work from home – first as a mandated public health necessity and later as a choice provided by employers. For most employees, working from home was a welcome ...

CRA makes changes to the Voluntary Disclosures Program

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 9, 20250 comments

Canada’s tax system is what is known as a “self-assessing” one, in which taxpayers are expected (in fact, in most cases, required) to take the initiative to prepare and file an annual tax return by a specified deadline, to report all taxable income on that return, ...

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