2025 Trust T3 Returns – Reporting Requirements and Latest Changes
Since 2022, there have been significant revisions to the reporting obligations for trusts in Canada. This article summarizes information on the filing and disclosure requirements, changes to tax calculations, and filing deadlines and penalties. Bare Trusts Generally Not Required to File 2025 T3 Returns Canada Revenue Agency (“CRA”) has previously announced on December 16, 2025 […]
2025 Personal Tax Planning Tips
Welcome to tax season! It’s time to prepare for filing your 2025 personal tax return. To help you get organized, we’ve put together a checklist to assist in gathering all necessary information. In this article, we outline the key deadlines related to your filing obligations and highlight changes implemented to personal tax filings for 2025. […]
Important Tax Deadlines – Early 2026
With the new year behind us, it is crucial to be cognizant of the upcoming tax deadlines in early 2026. In this article, we will discuss a few important deadlines that you should be aware of. Deadlines: End of February / Throughout March RRSP The deadline for contributing to an RRSP for the 2025 tax […]
Important Deadline for Prescribed Rate Loans – 2026
If you have a prescribed rate loan as an income-splitting arrangement, with either a family member or with a family trust, the deadline to pay the 2025 interest on the loan is January 30, 2026. It is vital that the interest is paid in cash, since failure to do so would cause the loss of […]
Why Internal Controls Matter – For All Business Sizes
As a business owner, you wear many hats — from generating sales and overseeing operations to initiating hiring and formulating strategy. Nevertheless, the one area that often doesn’t get the attention it deserves is internal controls. While controls may sound like something only large corporations worry about, internal control is essential for businesses of all […]
2025 Federal Budget Highlights
The Minister of Finance delivered the 2025 federal budget on November 4, 2025. This year’s budget includes several tax measures to encourage investment in manufacturing and processing, scientific research and development, and clean energy by introducing and expanding certain tax incentives. In addition, the budget includes certain anti-tax deferral rules which limit the tax deferral […]
Welcome Changes to the CRA Voluntary Disclosures Program
The Voluntary Disclosure Program (“VDP”) serves as an important mechanism that enables taxpayers to voluntarily correct unintentional filing errors or omissions. Under the current program, taxpayers may be granted limited relief from interest, penalties, or potential prosecution, provided that specific conditions are satisfied. However, the program’s restrictive eligibility criteria have limited access for certain taxpayers. […]
Navigating U.S. Tax for Canadian E-Commerce Sellers
Many Canadian e-commerce sellers have a target market that includes American customers. When shipping south of the border, Canadians must be mindful of the potential U.S. tax implications, including Federal and state income tax and state sales tax. Federal Tax Federal income tax is levied on any company that is physically doing business in the […]
Key Provisions of President Trump’s “Big Beautiful Bill” Affecting Canadians
On July 4th, 2025, President Trump signed into law the One Big Beautiful Bill Act (BBB) containing several tax provisions. While the BBB is U.S. legislation, there are several items that reach beyond U.S. borders and may affect certain Canadians. Here is a summary of such key issues. Estate Tax The 2025 U.S. estate tax […]
What is the Cost of NHL Playoff Failure? (2025)
Well, here we are again in the Summer of 2025, waxing on about yet another Maple Leafs season that fell short of the ultimate goal of winning the Stanley Cup. This time around there is a bit of a different spin. For the first time since the 2019 season, when we began tracking, the Leafs […]
