Bare Trusts for 2026: The Reporting Holiday is Officially Over
After two years of administrative exemptions, the CRA’s reporting holiday for bare trusts is officially over for the 2026 tax year. While certain everyday setups like joint spousal accounts and financial holdings under $50,000 may be exempt, many common arrangements—including nominee corporations and parent co-signed mortgages—will now require formal reporting. Read our latest guide to understand how these updated rules impact your assets and find out if you need to file a T3 and Schedule 15 this year.
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CRA’s AI-Driven Audit Triage: What Alberta Business Ledgers Must Show
The CRA now uses automated machine learning systems to scan corporate tax filings, GST/HST ITC claims, and payroll records against industry benchmarks. Minor ledger variances and mismatched source documents can automatically trigger audits and hold up refunds before a human reviewer steps in. Strengthening your digital audit trail ensures that every deduction, credit, and payroll entry is fully defensible. Discover how Alberta business owners and controllers can safeguard their financial records against…
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Corporate Travel Alert: Managing Alberta's New Tourism & Vehicle Rental Taxes
Recent changes to Alberta’s provincial tax landscape mean higher costs for frequent business travellers across the province. Effective April 1, 2026, Alberta’s Tourism Levy on short-term accommodations increased to 6%, with a new 6% passenger vehicle rental tax arriving on January 1, 2027. For consultants, energy workers, and medical professionals on the road, knowing how to properly separate GST Input Tax Credits from deductible travel expenses is vital for tax compliance. Read our latest blog to learn…
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Purifying the Corporation for a Tax-Free Exit
Planning to sell your business? The Lifetime Capital Gains Exemption (LCGE) can shelter up to $1,275,000 of your capital gains from tax in 2026, but only if your company qualifies. Our latest blog breaks down the strict 50% and 90% active asset tests your corporation must pass in the 24 months leading up to a sale. Learn how to "purify" your corporation by removing excess cash and passive investments years before listing it on the market. Read the full article to secure your tax-free exit and keep more of…
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Goodbye GST/HST Credit, Hello CGEB: Understanding the Transition
The GST/HST credit is officially a thing of the past, making way for the newly enhanced Canada Groceries and Essentials Benefit (CGEB). Starting in July 2026, eligible Canadians will see a 25% increase in their quarterly payments to help offset the rising costs of everyday household needs. Discover how the CRA calculates your new benefit, what the payout schedule looks like moving forward, and why filing your annual tax return is more critical than ever. Read our latest blog to ensure you and your family…
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Locked Out? How to Navigate the CRA’s Strict New Digital Security Rules
The Canada Revenue Agency (CRA) has officially transitioned to a digital-first model, introducing sweeping security updates that directly affect how you access your account. With mandatory backup Multi-Factor Authentication (MFA) now fully implemented and physical paper drop boxes permanently closed, managing your tax profile requires immediate action. Notices of Assessment have also shifted to an online-only format within "My Account," making digital access non-negotiable for Canadian taxpayers. Read our…
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Multi-Million Dollar Boost for Alberta Innovators: What It Means for Your Business
Alberta’s innovation ecosystem just received a major upgrade with a new $14 million infrastructure investment from Alberta Innovates. When combined with partner contributions, nearly $48 million is being deployed to help small-to-medium enterprises (SMEs) in AI, aerospace, advanced manufacturing, and agri-tech scale their operations. For local startups and agricultural businesses, this specialized pipeline means faster access to commercialization resources and shared testing facilities. If you are ready to…
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The Risks of Relying on AI for Business Bookkeeping and Taxes
Are you using AI tools like ChatGPT for your business bookkeeping or tax questions? While artificial intelligence offers quick answers, it is increasingly leading to costly mistakes, incorrect tax claims, and cross-border confusion. The CRA does not offer leniency for tax errors or penalties generated by faulty AI advice. Read our latest blog to understand the risks of relying on AI for your accounting and how to safely use these tools without jeopardizing your business.
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Spring Cleaning Your Estate: Wills, Powers of Attorney, and Probate
Tax season is over, making it the perfect time to focus on the "Big Picture" of your estate plan. Did you know that marriage and divorce have specific impacts on your will under Alberta law? Or that you can bypass probate fees and delays by naming direct beneficiaries on your RRSPs and TFSAs? Our latest guide helps you "spring clean" your financial legacy and ensure your plan is up to date.
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"Snowbirds" Returning Home: The U.S. Substantial Presence Test
Welcome back to Canada! If you spent significant time in the U.S. this winter, you might be at risk of meeting the IRS "Substantial Presence Test" based on their 3-year weighted formula. To avoid being taxed as a U.S. resident on your worldwide income, you may need to file Form 8840 by June 15th. Our latest blog explains the 183-day calculation and how to properly claim the Closer Connection Exception.
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