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Bill C-15 – Key Tax Measures On March 26, 2026, the Budget 2025 Implementation Act, No. 1 (“Bill C-15”), received royal assent, meaning that several major tax measures proposed in the 2025 federal budget, Fall Economic Statement 2024, and 2024 federal budget have all become law. This article summarizes some of the critical changes below. Lifetime Capital Gains Exemption According to Bill C-15, the lifetime capital gains exemption (“LCGE”) limit has been increased to $1,250,000 (from $1,016,836) on the sale of qualified small business corporation shares, as well as qualified farm and fishing property, for dispositions that occur on or

The 2026 Ontario Budget was delivered by Ontario’s Finance Minister on March 26, 2026. The changes to highlight include the reduction of the Ontario small business income tax rate, the increase of non-eligible dividend tax rate for individuals. There will also be changes to the immediate expensing and accelerated capital cost allowance (“CCA“) claims for certain depreciable assets. Finally, the 2026 Ontario Budget provided updates on the temporary enhanced HST relief on new homes and for first-time home buyers purchasing new homes. Below is an overview of the key tax changes. Corporate Income Tax Rate The 2026 Ontario Budget will

Treaty-Protected Returns, the 18-Month Rule, and the Swallows Holding Decision Canadian corporations earning U.S.-source revenue and relying on treaty protection face significant risk if IRS Form 1120-F is not filed on a timely basis. Where such a return is filed more than 18 months after its original due date, the Internal Revenue Code and Treasury Regulations generally mandate the disallowance of all deductions and credits, effectively subjecting the corporation to U.S. tax on its gross income. The Swallows Holding, Ltd. v. Commissioner decision confirmed the IRS’s authority to enforce this strict filing deadline, rejecting challenges to the validity of the

Are you planning on leaving Canada? Here’s what you need to know about Taxes and how we can help. If you are planning to permanently leave Canada, whether for work, retirement, or a new adventure abroad, it is important to ensure you have considered the tax implications associated with your departure. Individuals that leave Canada, and become non-residents for Canadian tax purposes, are subject to specific tax rules with respect to their assets. This article examines what you need to know about your tax obligations upon leaving Canada and how we can help to plan a seamless transition to your

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 that it “does not expect” bare trusts to be required to file a T3 Income tax and Information return (“T3 Return”) and Schedule 15 – Beneficial Ownership Information of a Trust (“Schedule 15”) for the 2025 tax year, unless specifically directed by CRA to do

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. 2025 Personal Tax Deadlines General Deadline for Individuals: The filing deadline for personal tax returns is April 30, 2026 (this applies to most individuals). Self-Employed Individuals and their Spouses: The filing deadline for self-employed individuals and their spouses is June 15, 2026; however, any balance

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 year is March 2nd, 2026. The annual RRSP deduction limit is calculated as 18% of your prior year’s earned income (i.e., employment income), up to a predetermined maximum per year. For 2025, the predetermined maximum was $32,490 (18% of $180,500 of earned income). Any undeducted

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 the exemption from the attribution rules for not only that year, but all subsequent years. With the prescribed rate of 3% as of 2026 Q1, individuals that were able to ‘lock-in’ a low prescribed rate need to preserve the tax beneficial arrangement by ensuring the

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 on refundable tax through tiered corporate structures. To improve the efficiency of the tax system, the Budget also proposes eliminating the luxury tax on aircraft and vessels, as well as the Underused Housing Tax. Bare trust reporting is further deferred to taxation years ending on

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. On September 10, 2025, the Canada Revenue Agency (“CRA”) announced significant enhancements to the VDP, aimed at expanding the eligibility criteria and providing greater relief from interest and penalties. There are also similar new changes announced for the GST/HST Voluntary Disclosure Program. The revised policy