"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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Agriculture & Business Deadline: AgriStability and April 30th
April 30th is a critical date for business owners, but there is relief for farmers this year. The AgriStability enrollment deadline has been officially extended to July 31, 2026, giving producers more time to assess the growing season before committing. However, sole proprietors must remember that while they can file in June, all taxes owing must still be paid by April 30th to avoid interest. Read our latest update to navigate these split deadlines effectively.
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Good News for Property Owners: The Underused Housing Tax (UHT) Repeal
Significant paperwork relief is here for property owners with the repeal of the Underused Housing Tax (UHT) for the 2025 tax year. While you likely do not need to file the UHT-2900 this April, it’s important to understand the timeline of the repeal and stay aware of provincial vacancy taxes if you own property outside Alberta. Read our full update on what this repeal means for you and your real estate portfolio.
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The "Hidden" Credits: Medical Expenses and Multigenerational Home Renovation
You might be leaving money on the table by ignoring "hidden" tax credits. From claiming travel costs for medical appointments to the Multigenerational Home Renovation Tax Credit (MHRTC) for adding a suite for a parent, our latest guide covers the deductions that software often misses. Plus, we provide an important reminder that the detailed method (and T2200 form) is now required for all home office expense claims.
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Capital Gains Clarity: The Inclusion Rate Remains at 50%
After a year of uncertainty, the government has officially cancelled the proposed hike to the capital gains inclusion rate. We can confirm that for the 2026 tax year, capital gains remain 50% taxable—providing much-needed stability for investors and business owners. Read our latest update to see how this impacts your portfolio rebalancing, business succession planning, and real estate sales.
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Tax Season Checklist: What Slips Do You Actually Need?
Filing your taxes too early can often lead to headaches if you miss a slip that arrives late in March. To help you prepare effectively, we’ve compiled a comprehensive checklist of standard items like T4s and T5s, along with commonly missed deductions like medical receipts, digital news subscriptions, and childcare costs. Ensure you have everything you need before hitting "send" this tax season to avoid processing delays or adjustments.
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RRSP Countdown: The March 2nd Deadline and Strategies Beyond the Deduction
The deadline to contribute to your RRSP for the 2025 tax year is March 2, 2026. While getting a refund is a popular goal, have you considered advanced strategies like Spousal RRSPs or timing your deductions to match your future income brackets? With recent changes to tax rates, the "standard" advice may not apply to everyone. Our latest guide breaks down how to make your RRSP work harder for your future retirement income.
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Relief for Trust Reporting: Bare Trusts Exempt for the 2025 Tax Year
Confusion has surrounded "Bare Trust" reporting for years, but there is welcome relief for the 2026 filing season. The CRA has confirmed that bare trusts—such as adding an adult child to a bank account for assistance or a parent co-signing a mortgage title—are exempt from filing T3 returns for the 2025 tax year. This change saves many Canadians from unnecessary paperwork and fees. Read our full update to understand exactly what a bare trust is, why this exemption matters, and how to stay prepared for future…
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The 2026 TFSA Limit is Here: Are You Maximizing Your $7,000?
The 2026 TFSA contribution limit has officially been set at $7,000, increasing the total lifetime room for eligible Canadians to $109,000. This update explores strategies for utilizing your contribution room effectively, from checking your CRA My Account to balancing short-term emergency funds with long-term investment growth.
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CRA Ends Automatic Mailing of Tax Packages
The Canada Revenue Agency has announced that for the 2025 tax season, they will no longer automatically mail income tax packages to paper filers. Standard physical packages will now exclude essential forms, including Schedule 3 for Capital Gains and Schedule 9 for Donations. This shift toward digital-first filing requires taxpayers to be proactive to ensure no forms are missed. Read our latest article to understand how these changes impact your filing strategy and how our firm can help you navigate the new…
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