TaxTips.ca

Life in the Tax Lane 2026 From Video Tax News Lots of interesting topics for Canadian Tax and Financial Professionals, and business and individual taxpayers! #CdnTax #gstcredit #SmallBizCanada #usrenunciation #2026-05" target="_blank" rel="nofollow noopener">taxtips.ca/personaltax/li…

Spring 2026 Economic Update: Higher Labour Mobility Deduction limit, changes to capital gains deductions, extended HBP repayment relief, immediate expensing for greenhouses, a Fuel Excise Tax suspension, easier access to the Disability Tax Credit #CdnTax #2026-spring-economic-update" target="_blank" rel="nofollow noopener">taxtips.ca/federal-budget…

Adjusted Cost Base Explained Keep good ACB records for non‑registered investments and property - they determine your capital gain or loss. No ACB tracking needed for RRSPs or TFSAs. #CdnTax #homeowners #investors #landlords #cottages #smallbizcanada taxtips.ca/glossary/adjus…

Employee Work-Space-in-Home Rules Explained Employees can deduct home office expenses only with a T2200, a qualifying workspace used regularly for work, and eligible receipts. Mortgage interest and CCA aren’t deductible. #CdnTax #employees #WFH #employers taxtips.ca/personaltax/em…

PEI 2026 Budget As of Jan 1/26 a new 20% tax bracket is introduced for taxable income in excess of $200,000 & the Young Child Tax Credit is repealed. As of Jul 1/26 the Sales Tax Credit is renamed and increased & the Child Benefit amounts are increased. #pei-2026-budget" target="_blank" rel="nofollow noopener">taxtips.ca/petax/budgets.…

Your Province of Residence for Tax Filing You file your tax return for the province where you lived on Dec 31. Temporary moves for work or school don’t usually change your province of residence - it depends on where your strongest residential ties are. taxtips.ca/filing/for-whi…

What If I Can't Afford To Pay The Tax I Owe? File that tax return anyway, to avoid the late filing penalty! Interest will be charged, but you can avoid CRA withholding benefits or garnishing your wages by making payments regularly. taxtips.ca/filing/cant-af…

Canadian Dental Care Plan (CDCP) If you are already a CDCP member, renew your coverage by June 1st to avoid any lapse in coverage. Not covered yet? Applications for the 2026-2027 benefit year will open on June 2, 2026. #DentalCare #canadian-dental-care-plan" target="_blank" rel="nofollow noopener">taxtips.ca/govbenefits/ca…

Employee Car Expenses: Eligibility and Requirements Employees can deduct vehicle expenses only with a T2200, a business‑use trip log, receipts, and Form T777. Tax‑free reimbursements reduce the claim. #CdnTax #employees #employers #when-can-an-employee-deduct-vehicle-expenses" target="_blank" rel="nofollow noopener">taxtips.ca/personaltax/em…

Withdrawals For Home Buyer's Plan (HBP) or Lifelong Learning Plan (LLP) Withdrawals from Jan 1 to Dec 31, 2025 for the HBP or LLP on a 2025 T4RSP must be reported on Schedule 7 of your 2025 tax return, even though they don't affect your income. #CdnTax taxtips.ca/rrsp/home-buye…

Repayments to Home Buyer's Plan (HBP) or Lifelong Learning Plan (LLP) Don’t lose RRSP room: HBP/LLP repayments from Mar 2/25–Mar 1/26 belong on your 2025 return. #CdnTax #HomeBuyersPlan #RRSP #LifeLongLearningPlan taxtips.ca/filing/report-…

RESPs and Non-Resident Beneficiaries If an RESP beneficiary is a non‑resident when EAPs are paid, CESG and CLB aren’t payable, and withdrawals may face withholding tax. #CdnTax #RESP #nonresidentstudent #students #resp-non-resident-beneficiary" target="_blank" rel="nofollow noopener">taxtips.ca/resp/resp-with…

Principal Residence Rules and Reporting Essentials Report your principal residence sale or risk up to $8,000 in penalties. Short ownership may be taxable; PRE rules cover rentals, cottages, care‑home moves, and cross‑border cases. Get advice. #CdnTax taxtips.ca/filing/princip…

Maximizing Attendant Care Claims Attendant care costs can be claimed as medical expenses or #disability supports. The $10,000 medical limit is per payer (not per patient), so cost sharing can boost tax relief. #CdnTax #attendantcare taxtips.ca/filing/attenda…

Lots of interesting updates for busy tax and financial professionals and for individual and corporate taxpayers! mailchi.mp/taxtips/taxtip… #CdnTax #employees #employers #families #disabilities #homebuyers #investors #smallbizcanada #ONpoli #MBpoli

Canada Carbon Rebate for Small Businesses - Not Taxable CRA is now reviewing T2 corporate tax returns for prior years in which the rebate may have been included in income. In some cases, those returns will be automatically adjusted. taxtips.ca/filing/canada-…

April 2026 Life in the Tax Lane First-time Home Buyers' GST/HST Rebate | SimpleFile and More | Tax Disputes - AI | Loan Restructuring -Interest Deduction | GST/HST Paid in Error - Rebate Deadline | Putting Family on Title Exposes Them to Tax Liabilities. #2026-04" target="_blank" rel="nofollow noopener">taxtips.ca/personaltax/li…

Employment Expenses Expenses that are paid to earn employment income are sometimes deductible, including any GST/HST that was paid on them. #CdnTax #employees #employers taxtips.ca/personaltax/em…

Bare Trusts - Legislation Passed On March 26, 2026, Bill C-15 was passed, enacting the legislation regarding bare trusts. Bare trusts are not required to file a T3 return for taxation years ending in 2025. #CdnTax #TrustReturns #BareTrusts #bare-trusts" target="_blank" rel="nofollow noopener">taxtips.ca/willsandestate…

Moving Expenses Deduction You may deduct moving expenses if you moved 40 km closer to a new job, business, or full‑time studies — even if you found work after the move. Claims are limited to income earned at the new location. #CdnTax #newjob #students taxtips.ca/filing/moving-…