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Year-end planning for your RRSP, RRIF, and TFSA (October 2026)
Many Canadians have a basic knowledge of the deadlines which apply to contributions to and withdrawals from tax-deferred savings plans. For instance, most Canadians are aware that the deadline for mak...
Many Canadians have a basic knowledge of the deadlines which apply to contributions to and withdrawals from tax-deferred savings plans. For instance, most Canadians are aware that the deadline for mak...
When are employment expenses deductible? (October 2026)
One of the few “benefits” of the recent pandemic was the public health mandate that required Canadians, including employees, to work from home. Such arrangements relieved employees of the time and...
One of the few “benefits” of the recent pandemic was the public health mandate that required Canadians, including employees, to work from home. Such arrangements relieved employees of the time and...
Making a claim for the disability tax credit (October 2026)
For a number of reasons, individuals who live with a disability are among the lowest-income Canadians. Whether they are unable to work at all owing to their disability, or can only work part-time, or ...
For a number of reasons, individuals who live with a disability are among the lowest-income Canadians. Whether they are unable to work at all owing to their disability, or can only work part-time, or ...
Maximizing charitable donation tax credit claims for 2026 (October 2026)
Canadians have a well-deserved reputation for supporting charitable causes, through donations of both money and goods. For 2023, Statistics Canada’s figures show that there were just over 5 millio...
Canadians have a well-deserved reputation for supporting charitable causes, through donations of both money and goods. For 2023, Statistics Canada’s figures show that there were just over 5 millio...
New Quarterly Newsletters (Q3 2026)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Making sure you don’t fall victim to a tax scam (September 2026)
Most Canadians interact with the Canada Revenue Agency (CRA) just twice a year – once when they file the required annual tax return and the second time when they receive a Notice of Assessment with ...
Most Canadians interact with the Canada Revenue Agency (CRA) just twice a year – once when they file the required annual tax return and the second time when they receive a Notice of Assessment with ...
Using home equity to increase retirement income (September 2026)
The phrase “affordability crisis” is one that is now familiar to all Canadians. The cost of living has been on a steady upward trend for the past number of years, and the increase in living costs ...
The phrase “affordability crisis” is one that is now familiar to all Canadians. The cost of living has been on a steady upward trend for the past number of years, and the increase in living costs ...
Making the most of your tax-free savings account (September 2026)
Tax-free savings accounts (TFSAs) were first introduced in 2009 and so have been available to Canadians for just under 20 years. Many Canadians have taken advantage of the benefits offered by such pla...
Tax-free savings accounts (TFSAs) were first introduced in 2009 and so have been available to Canadians for just under 20 years. Many Canadians have taken advantage of the benefits offered by such pla...
Coming clean with the tax authorities – making a voluntary disclosure (September 2026)
While it’s unlikely that many of them do so with any great degree of enthusiasm, the vast majority of Canadian taxpayers meet their tax filing obligations each spring, by completing and filing the a...
While it’s unlikely that many of them do so with any great degree of enthusiasm, the vast majority of Canadian taxpayers meet their tax filing obligations each spring, by completing and filing the a...
When you sell your home – claiming the principal residence exemption in 2026 (August 2026)
As is commonly known, the purchase of a home represents the largest single financial transaction most Canadians will make in their lifetime. However, buying a home represents much more than a financia...
As is commonly known, the purchase of a home represents the largest single financial transaction most Canadians will make in their lifetime. However, buying a home represents much more than a financia...
Claiming a deduction for legal fees incurred (August 2026)
Like most good professional advice, legal fees can be costly. And, adding insult to injury, the need to seek out and obtain legal advice (and to pay for it) is usually associated with life’s more un...
Like most good professional advice, legal fees can be costly. And, adding insult to injury, the need to seek out and obtain legal advice (and to pay for it) is usually associated with life’s more un...
The CPP post-retirement benefit - deciding whether to continue contributing (August 2026)
In 1966, Canadian workers began contributing for the first time to a new government sponsored retirement income plan – the Canada Pension Plan. Today, 60 years later, retirement for most Canadians b...
In 1966, Canadian workers began contributing for the first time to a new government sponsored retirement income plan – the Canada Pension Plan. Today, 60 years later, retirement for most Canadians b...
Getting help from the tax system for post-secondary education costs (August 2026)
Graduation from high school and the start of post-secondary education is an exciting time for both students and their families. Students who are beginning post-secondary education this fall are likely...
Graduation from high school and the start of post-secondary education is an exciting time for both students and their families. Students who are beginning post-secondary education this fall are likely...
Making the RRSP decision when you turn 71 (July 2026)
One’s 71st birthday is a very consequential event when it comes to retirement planning for Canadian taxpayers, and it’s an event which will be experienced by hundreds of thousands of Canadians dur...
One’s 71st birthday is a very consequential event when it comes to retirement planning for Canadian taxpayers, and it’s an event which will be experienced by hundreds of thousands of Canadians dur...
How to respond to a first Instalment Reminder from the Canada Revenue Agency (July 2026)
By the time summer arrives, nearly all Canadians have filed their income tax returns for the previous year, have received a Notice of Assessment from the tax authorities with respect to that return, a...
By the time summer arrives, nearly all Canadians have filed their income tax returns for the previous year, have received a Notice of Assessment from the tax authorities with respect to that return, a...
When the taxman has a few questions about your return (July 2026)
By the time summer arrives, the deadline for filing an individual income tax return for the previous year has come and gone for all individual Canadians. The majority of taxpayers were required to fil...
By the time summer arrives, the deadline for filing an individual income tax return for the previous year has come and gone for all individual Canadians. The majority of taxpayers were required to fil...
Claiming a deduction for moving costs (July 2026)
While the Canadian housing market overall is down significantly from its peak in early 2022, houses continue to be bought and sold, and each such purchase and sale means a move for multiple households...
While the Canadian housing market overall is down significantly from its peak in early 2022, houses continue to be bought and sold, and each such purchase and sale means a move for multiple households...
A mid-year check-up on your taxes for 2026 (June 2026)
Most Canadians are likely of the view, having just gone through the process of pulling together various sources of information on income and deductions and having dutifully prepared and filed an incom...
Most Canadians are likely of the view, having just gone through the process of pulling together various sources of information on income and deductions and having dutifully prepared and filed an incom...
When household debt becomes unmanageable (June 2026)
It’s no secret that Canadian households have, over the past few months and years, been subjected to a series of financial and economic “hits” which have left many such households struggling to m...
It’s no secret that Canadian households have, over the past few months and years, been subjected to a series of financial and economic “hits” which have left many such households struggling to m...
When and how to dispute your Notice of Assessment (June 2026)
Between February and May of 2026, just over 30 million individual income tax returns for the 2025 tax year were filed with the Canada Revenue Agency (CRA). And, while each one of those returns was d...
Between February and May of 2026, just over 30 million individual income tax returns for the 2025 tax year were filed with the Canada Revenue Agency (CRA). And, while each one of those returns was d...
Upcoming changes to federal tax benefit and credit programs (June 2026)
While the view of many Canadians, especially at tax return filing time, is that our tax system exists solely to take money out of their pockets, the reality is far more nuanced. It is certainly true t...
While the view of many Canadians, especially at tax return filing time, is that our tax system exists solely to take money out of their pockets, the reality is far more nuanced. It is certainly true t...
New Quarterly Newsletters (Q3 2026)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Targeted tax relief measures announced in 2026 Spring Economic Update (May 2026)
The 2026 Spring Economic Update delivered by the Minister of Finance on April 28 included a number of targeted tax relief measures for Canadian individual taxpayers. Some of those measures are summari...
The 2026 Spring Economic Update delivered by the Minister of Finance on April 28 included a number of targeted tax relief measures for Canadian individual taxpayers. Some of those measures are summari...
Avoiding (or minimizing) the Old Age Security clawback (May 2026)
For most taxpayers, the worst-case outcome when completing their tax return for the previous year is finding out that they owe an additional tax amount to the federal government. However, for Canadian...
For most taxpayers, the worst-case outcome when completing their tax return for the previous year is finding out that they owe an additional tax amount to the federal government. However, for Canadian...
When you make a mistake on your tax return (May 2026)
When the filing of the required annual tax return goes entirely as planned and hoped, the taxpayer will have prepared a return that is complete and correct and filed that return by the required filing...
When the filing of the required annual tax return goes entirely as planned and hoped, the taxpayer will have prepared a return that is complete and correct and filed that return by the required filing...
When help is available under the CRA’s Taxpayer Relief Provisions (May 2026)
The Canadian tax system is what is termed a self-assessing system, in which taxpayers take the initiative to complete and file a tax return each year. In that tax return they provide information on in...
The Canadian tax system is what is termed a self-assessing system, in which taxpayers take the initiative to complete and file a tax return each year. In that tax return they provide information on in...
Claiming a tax deduction for child care expenses incurred (April 2026)
While the rules of the Canadian tax system include a great number of tax deduction and credit claims which can be made by individuals, the general rule is that personal living expenses do not, in most...
While the rules of the Canadian tax system include a great number of tax deduction and credit claims which can be made by individuals, the general rule is that personal living expenses do not, in most...
Making a payment arrangement with the CRA (April 2026)
Very few Canadians look forward to the annual chore of completing and filing their income tax return, and that experience isn’t improved by finding out, once the return is completed, that additional...
Very few Canadians look forward to the annual chore of completing and filing their income tax return, and that experience isn’t improved by finding out, once the return is completed, that additional...
Claiming the political contribution tax credit on your 2025 tax return (April 2026)
2025 was a busy year in Canadian politics. In addition to the general federal election, elections were held in two provinces (Ontario and Newfoundland) and two of the territories (Nunavut and Yukon Te...
2025 was a busy year in Canadian politics. In addition to the general federal election, elections were held in two provinces (Ontario and Newfoundland) and two of the territories (Nunavut and Yukon Te...
How, when, and where to pay your 2025 income taxes (April 2026)
Fortunately for Canadian taxpayers, most individual income tax returns filed with the Canada Revenue Agency result in payment of a tax refund to the taxpayer. Last year, out of nearly 34 million retur...
Fortunately for Canadian taxpayers, most individual income tax returns filed with the Canada Revenue Agency result in payment of a tax refund to the taxpayer. Last year, out of nearly 34 million retur...
New Quarterly Newsletters (Q2 2026)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
What’s new for the 2025 filing season? (March 2026)
When Canadians sit down to prepare the tax return for the 2025 tax year, the forms they use will appear to most taxpayers to be identical to the ones completed at this time last year. That appearance ...
When Canadians sit down to prepare the tax return for the 2025 tax year, the forms they use will appear to most taxpayers to be identical to the ones completed at this time last year. That appearance ...
Some last-minute tax filing strategies – what (and what not) to claim (March 2026)
Most taxpayers don’t sit down to prepare their tax return for the 2025 tax year – or meet with a tax preparer to get that return done – before early in the month of March, after T4 slips have be...
Most taxpayers don’t sit down to prepare their tax return for the 2025 tax year – or meet with a tax preparer to get that return done – before early in the month of March, after T4 slips have be...
How to know you’re really hearing from the CRA (March 2026)
For most Canadians, interactions with the Canada Revenue Agency (CRA) are few and far between. In the vast majority of cases, taxpayers file a tax return each spring and either pay any tax amount owed...
For most Canadians, interactions with the Canada Revenue Agency (CRA) are few and far between. In the vast majority of cases, taxpayers file a tax return each spring and either pay any tax amount owed...
How, when and where to file your 2025 tax return (March 2026)
Canada’s tax system is a self-reporting one which depends almost entirely on the voluntary compliance of Canadian taxpayers. Almost every Canadian is required to complete and file a tax return annua...
Canada’s tax system is a self-reporting one which depends almost entirely on the voluntary compliance of Canadian taxpayers. Almost every Canadian is required to complete and file a tax return annua...
Making the annual RRSP decision (February 2026)
In some ways, the annual March 1 deadline for making a contribution to a registered retirement savings plan (RRSP) couldn’t come at a worse time with respect to the tax and non-tax financial obligat...
In some ways, the annual March 1 deadline for making a contribution to a registered retirement savings plan (RRSP) couldn’t come at a worse time with respect to the tax and non-tax financial obligat...
Taking advantage of pension income splitting (February 2026)
Many Canadian couples, by the time they reach retirement, have achieved most of life’s major financial goals, and the recurring costs of reaching those goals are no longer a consideration. Retiremen...
Many Canadian couples, by the time they reach retirement, have achieved most of life’s major financial goals, and the recurring costs of reaching those goals are no longer a consideration. Retiremen...
Understanding the rules on payment of tax instalments (February 2026)
Every resident of Canada is required to pay income tax on their worldwide income. And while the vast majority of Canadians do so when and as required (with varying degrees of reluctance), very few und...
Every resident of Canada is required to pay income tax on their worldwide income. And while the vast majority of Canadians do so when and as required (with varying degrees of reluctance), very few und...
Aging in place – claiming the Home Accessibility Tax Credit (February 2026)
The strong preference of many older Canadians is to remain in their own homes for as long as possible – usually described as “aging in place”. There’s a lot to recommend that choice – moving...
The strong preference of many older Canadians is to remain in their own homes for as long as possible – usually described as “aging in place”. There’s a lot to recommend that choice – moving...
Provincial and Territorial 2026 Individual Income Tax Brackets and Rates (January 2026)
Individual income tax rates and brackets for 2026....
Individual income tax rates and brackets for 2026....
Employment Insurance Premiums for 2026 (January 2026)
The Employment Insurance premium rate for 2026 is set at 1.63%....
The Employment Insurance premium rate for 2026 is set at 1.63%....
Québec Pension Plan contributions for 2026 (January 2026)
As of 2024, there are two contribution levels for the Québec Pension Plan (QPP). Income amounts and employee contribution percentages for 2026 for each contribution level are as follows:...
As of 2024, there are two contribution levels for the Québec Pension Plan (QPP). Income amounts and employee contribution percentages for 2026 for each contribution level are as follows:...
Canada Pension Plan Contributions for 2026 (January 2026)
As of 2024, there are two contribution levels for the Canada Pension Plan. Income amounts and employee contribution percentages for 2026 for each contribution level are as follows....
As of 2024, there are two contribution levels for the Canada Pension Plan. Income amounts and employee contribution percentages for 2026 for each contribution level are as follows....
Federal individual tax credits for 2026 (January 2026)
Tax credit amounts on which individual, non-refundable federal tax credits for 2026 are based, and the actual tax credit claimable, will be as follows:...
Tax credit amounts on which individual, non-refundable federal tax credits for 2026 are based, and the actual tax credit claimable, will be as follows:...
Federal individual tax rates and brackets for 2026 (January 2026)
The indexing factor for federal tax credits and brackets for 2026 is 2.0%. The following federal tax rates and brackets will be in effect for individuals for the 2026 tax year....
The indexing factor for federal tax credits and brackets for 2026 is 2.0%. The following federal tax rates and brackets will be in effect for individuals for the 2026 tax year....
Tax deadlines and limits for the 2026 tax year (January 2026)
Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and c...
Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and c...
Getting help when debt becomes unmanageable (December 2025)
Both interest rates and the overall rate of inflation have come down from the highs recorded during 2022, but most Canadians and their families are still living with a significant degree of financial ...
Both interest rates and the overall rate of inflation have come down from the highs recorded during 2022, but most Canadians and their families are still living with a significant degree of financial ...
Planning for retirement in 2026 (December 2025)
The approaching end of one calendar year and the start of another often causes individuals to reflect on their current life circumstances and on whether the new year might be the time to consider maki...
The approaching end of one calendar year and the start of another often causes individuals to reflect on their current life circumstances and on whether the new year might be the time to consider maki...
Tax rules for holiday gifts and celebrations (December 2025)
As the holiday season approaches, and plans are made for seasonal celebrations and gift-giving, the idea that such activities could have tax consequences isn’t one that occurs to most Canadians. And...
As the holiday season approaches, and plans are made for seasonal celebrations and gift-giving, the idea that such activities could have tax consequences isn’t one that occurs to most Canadians. And...
Year-end tax planning strategies to consider before December 31 (December 2025)
December 31, 2025 marks not just the end of the calendar year, but the end of the 2025 tax year for every individual Canadian taxpayer. Most Canadians are thinking about anything but income taxes duri...
December 31, 2025 marks not just the end of the calendar year, but the end of the 2025 tax year for every individual Canadian taxpayer. Most Canadians are thinking about anything but income taxes duri...
New Quarterly Newsletters (Q4 2025)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Buying a first home – the current rules on qualifying for a mortgage (November 2025)
In recent months, the housing market pendulum has swung more toward affordability for first-time home buyers than it has in several years, for two reasons. First, after years of price increases, the a...
In recent months, the housing market pendulum has swung more toward affordability for first-time home buyers than it has in several years, for two reasons. First, after years of price increases, the a...
Planning for charitable donation tax credit claims for 2025 (November 2025)
As the holiday season approaches, the year-round appeals for charitable donations which every Canadian receives will inevitably increase – and there’s no shortage of need, or of worthy causes whic...
As the holiday season approaches, the year-round appeals for charitable donations which every Canadian receives will inevitably increase – and there’s no shortage of need, or of worthy causes whic...
Getting source deductions right in 2026 (November 2025)
For most Canadians, tax planning for a year that hasn’t even started yet may seem premature. However, most Canadians will start paying their taxes for 2026 with the first paycheque they receive in J...
For most Canadians, tax planning for a year that hasn’t even started yet may seem premature. However, most Canadians will start paying their taxes for 2026 with the first paycheque they receive in J...
Year-end planning for your RRSP, RRIF, and TFSA (November 2025)
Even Canadians who have no more than a basic knowledge of our tax system are usually aware that the deadline for making registered retirement savings plan (RRSP) contributions is March 1, and that con...
Even Canadians who have no more than a basic knowledge of our tax system are usually aware that the deadline for making registered retirement savings plan (RRSP) contributions is March 1, and that con...
Accessing home equity in retirement (October 2025)
It’s an acknowledged fact that the cost of living has been on a steady upward trend for the past several years. Making that trend even more problematic is the reality that such cost increases have b...
It’s an acknowledged fact that the cost of living has been on a steady upward trend for the past several years. Making that trend even more problematic is the reality that such cost increases have b...
Maximizing the medical expense tax credit for 2025 (October 2025)
Notwithstanding the fact that Canada has a publicly funded health care system, the reality is that each year millions of individual Canadians incur medical and para-medical expenses (like prescription...
Notwithstanding the fact that Canada has a publicly funded health care system, the reality is that each year millions of individual Canadians incur medical and para-medical expenses (like prescription...
When are home office expenses deductible in 2025? (October 2025)
For individual Canadians, one of the few positive aspects of the recent pandemic was the opportunity it provided to work from home – first as a mandated public health necessity and later as a choice...
For individual Canadians, one of the few positive aspects of the recent pandemic was the opportunity it provided to work from home – first as a mandated public health necessity and later as a choice...
CRA makes changes to the Voluntary Disclosures Program (October 2025)
Canada’s tax system is what is known as a “self-assessing” one, in which taxpayers are expected (in fact, in most cases, required) to take the initiative to prepare and file an annual tax return...
Canada’s tax system is what is known as a “self-assessing” one, in which taxpayers are expected (in fact, in most cases, required) to take the initiative to prepare and file an annual tax return...
New Quarterly Newsletters (Q3 2025)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Some tax breaks for the upcoming post-secondary school year (September 2025)
As September approaches, students who are beginning post-secondary education this year have received one or more offers of admission and then chosen a college or university, have hopefully been offere...
As September approaches, students who are beginning post-secondary education this year have received one or more offers of admission and then chosen a college or university, have hopefully been offere...
Claiming a tax credit for adoption expenses (September 2025)
The process of adopting a child is often a lengthy one, in which a myriad of requirements must be met and legal processes followed. Where the adoption is an international one, the process can be even ...
The process of adopting a child is often a lengthy one, in which a myriad of requirements must be met and legal processes followed. Where the adoption is an international one, the process can be even ...
Making the most of the Tax-Free Savings Account program (September 2025)
Tax-free savings accounts (TFSAs) have been a part of the Canadian tax system since 2009, and the TFSA program can be utilized by more Canadians than any other tax-advantaged savings program. And Cana...
Tax-free savings accounts (TFSAs) have been a part of the Canadian tax system since 2009, and the TFSA program can be utilized by more Canadians than any other tax-advantaged savings program. And Cana...
When the CRA comes calling – dealing with the return verification process (September 2025)
By the time the end of summer approaches, the tax return filing deadline for all Canadian individual taxpayers has passed, and nearly all tax filers will have filed the required return for the 2024 ta...
By the time the end of summer approaches, the tax return filing deadline for all Canadian individual taxpayers has passed, and nearly all tax filers will have filed the required return for the 2024 ta...
Making use of the First Home Savings Account program (August 2025)
The Canadian tax system provides a number of opportunities for taxpayers to save on a tax-assisted basis. Most Canadians are familiar with registered retirement savings plans (RRSPs) and many are also...
The Canadian tax system provides a number of opportunities for taxpayers to save on a tax-assisted basis. Most Canadians are familiar with registered retirement savings plans (RRSPs) and many are also...
Using the CRA’s online services – signing up for My Account (August 2025)
Over the past few decades the Canada Revenue Agency, like many other organizations and businesses, has gradually shifted to providing more and more of its services online, through its website. The Age...
Over the past few decades the Canada Revenue Agency, like many other organizations and businesses, has gradually shifted to providing more and more of its services online, through its website. The Age...
Making the RRSP decision when you turn 71 (August 2025)
According to numbers released by Statistics Canada there were, as of July 1, 2024, an estimated 2.5 million Canadians aged 65 to 69 and around 2 million Canadians who were between the ages of 70 and 7...
According to numbers released by Statistics Canada there were, as of July 1, 2024, an estimated 2.5 million Canadians aged 65 to 69 and around 2 million Canadians who were between the ages of 70 and 7...
Receiving a first Instalment Reminder from the Canada Revenue Agency (August 2025)
By the time summer arrives, Canadian taxpayers have filed their income tax returns for the previous year, have received a Notice of Assessment from the tax authorities with respect to that return, and...
By the time summer arrives, Canadian taxpayers have filed their income tax returns for the previous year, have received a Notice of Assessment from the tax authorities with respect to that return, and...
New Quarterly Newsletters (Q2 2025)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
When help is available under the CRA’s Taxpayer Relief Provisions (July 2025)
While most Canadians are familiar with the obligation to file an annual tax return and to pay income taxes owed by the end of April each year, there are in fact many more tax filing and payment deadli...
While most Canadians are familiar with the obligation to file an annual tax return and to pay income taxes owed by the end of April each year, there are in fact many more tax filing and payment deadli...
Trade war supports for Canadian employees – changes to the Employment Insurance system. (July 2025)
The current trade and tariff dispute between Canada and the United States has affected individuals and businesses in virtually all provinces and industries. On an individual level, those most affected...
The current trade and tariff dispute between Canada and the United States has affected individuals and businesses in virtually all provinces and industries. On an individual level, those most affected...
Getting tax help with summer child care costs (July 2025)
The work-from-home arrangements which were ubiquitous throughout the pandemic and, to a lesser degree, for a couple of years afterwards, are now largely a thing of the past for most Canadians. One of ...
The work-from-home arrangements which were ubiquitous throughout the pandemic and, to a lesser degree, for a couple of years afterwards, are now largely a thing of the past for most Canadians. One of ...
The cost of moving – what’s deductible and what’s not (July 2025)
As of the end of May 2025, there were just under 202,000 properties listed for sale on the Canadian Real Estate Association’s Multiple Listing Service. While each of those properties and each proper...
As of the end of May 2025, there were just under 202,000 properties listed for sale on the Canadian Real Estate Association’s Multiple Listing Service. While each of those properties and each proper...
The start of a new benefit year – what can you receive in 2025-26? (June 2025)
Most Canadians, understandably, think of our income tax system as a government “program” that takes money out of their paycheques and out of their pockets. And, while it’s certainly true that vi...
Most Canadians, understandably, think of our income tax system as a government “program” that takes money out of their paycheques and out of their pockets. And, while it’s certainly true that vi...
Coming clean with the tax authorities – making a voluntary disclosure (June 2025)
While it’s unlikely that they do so with any great degree of enthusiasm, the vast majority of Canadians prepare their annual tax return each spring and file that return on time. That’s necessary, ...
While it’s unlikely that they do so with any great degree of enthusiasm, the vast majority of Canadians prepare their annual tax return each spring and file that return on time. That’s necessary, ...
A mid-year check-up on your taxes for 2025 (June 2025)
By mid to late June 2025, most taxpayers have filed their tax return for the 2024 tax year and a Notice of Assessment has been issued by the Canada Revenue Agency outlining the Agency’s conclusions ...
By mid to late June 2025, most taxpayers have filed their tax return for the 2024 tax year and a Notice of Assessment has been issued by the Canada Revenue Agency outlining the Agency’s conclusions ...
Caregivers – getting help through the tax system. (June 2025)
Regardless of their particular circumstances, Canadians who act as unpaid caregivers for disabled, elderly, or chronically ill relatives carry a heavy physical and emotional burden. The weight of thos...
Regardless of their particular circumstances, Canadians who act as unpaid caregivers for disabled, elderly, or chronically ill relatives carry a heavy physical and emotional burden. The weight of thos...
Financing the political process – the political contribution tax credit (May 2025)
To win elections, politicians need votes. And to run the election campaigns needed to garner those votes, they need an organization, volunteers, and money – a lot of money. To wage the federal elect...
To win elections, politicians need votes. And to run the election campaigns needed to garner those votes, they need an organization, volunteers, and money – a lot of money. To wage the federal elect...
When you don’t agree with the CRA – disputing your Notice of Assessment (May 2025)
While no two tax returns filed with the Canada Revenue Agency are identical, all such tax returns have one thing in common. Once those tax returns are filed, the CRA will review the income amounts rep...
While no two tax returns filed with the Canada Revenue Agency are identical, all such tax returns have one thing in common. Once those tax returns are filed, the CRA will review the income amounts rep...
When keeping up with mortgage payments becomes a problem – where (and where not) to turn for help (May 2025)
At first glance, it might seem that the financial pressures experienced by Canadian families would have eased over the last year or so. The spike in interest rates which started in early 2022 has abat...
At first glance, it might seem that the financial pressures experienced by Canadian families would have eased over the last year or so. The spike in interest rates which started in early 2022 has abat...
Fixing a mistake on your (already filed) tax return (May 2025)
It’s likely that very few Canadians view completing and filing the annual tax return as anything other than an unpleasant chore to be endured, with a sigh of relief once it’s finally done. The goa...
It’s likely that very few Canadians view completing and filing the annual tax return as anything other than an unpleasant chore to be endured, with a sigh of relief once it’s finally done. The goa...
Making sure you don’t fall victim to a tax scam (April 2025)
Most Canadians live their lives with only very infrequent contact with the tax authorities and are generally happy to keep it that way. Sometime between mid-February and the end of April 2025 the majo...
Most Canadians live their lives with only very infrequent contact with the tax authorities and are generally happy to keep it that way. Sometime between mid-February and the end of April 2025 the majo...
Planning to avoid the Old Age Security clawback (April 2025)
When Canadians gather together the information slips, receipts, and other documents needed to prepare and file their annual income tax return, their biggest concern is likely whether completing that r...
When Canadians gather together the information slips, receipts, and other documents needed to prepare and file their annual income tax return, their biggest concern is likely whether completing that r...
What to do when you can’t pay your tax bill on time (April 2025)
Most taxpayers sit down to do their annual tax return (or wait to hear from their tax return preparer) with some degree of anxiety. In most cases taxpayers don’t know, until their return is complete...
Most taxpayers sit down to do their annual tax return (or wait to hear from their tax return preparer) with some degree of anxiety. In most cases taxpayers don’t know, until their return is complete...
How, when, and where to pay your taxes for 2024 (April 2025)
Notwithstanding the considerable complexity of the Canadian income tax system, there is one rule which applies to every individual taxpayer living in Canada, regardless of location, income, age, or ci...
Notwithstanding the considerable complexity of the Canadian income tax system, there is one rule which applies to every individual taxpayer living in Canada, regardless of location, income, age, or ci...
New Quarterly Newsletters (Q1 2025)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
The CPP post-retirement benefit – deciding whether to continue contributing (March 2025)
A few decades ago retirement, for most Canadians, was an event which marked the change from full-time work to not working at all. Usually, that transition took place at age 65, following which the new...
A few decades ago retirement, for most Canadians, was an event which marked the change from full-time work to not working at all. Usually, that transition took place at age 65, following which the new...
Some last-minute tax filing strategies – what (and what not) to claim (March 2025)
While it’s true that the best year-end tax planning starts on January 1 of the tax year, the reality is that most Canadians don’t turn their attention to their tax situation for 2024 until the spr...
While it’s true that the best year-end tax planning starts on January 1 of the tax year, the reality is that most Canadians don’t turn their attention to their tax situation for 2024 until the spr...
What’s new on the tax return for 2024 (March 2025)
While the tax return form that Canadians prepare and file each spring might look identical to the form that was used the previous year, the reality is that our tax system is constantly changing, and t...
While the tax return form that Canadians prepare and file each spring might look identical to the form that was used the previous year, the reality is that our tax system is constantly changing, and t...
How to prepare and file your 2024 tax return (March 2025)
Each spring, Canadian individual taxpayers must turn their attention to the filing of an individual income tax return for the tax year which ended on the previous December 31. And, while it’s doubtf...
Each spring, Canadian individual taxpayers must turn their attention to the filing of an individual income tax return for the tax year which ended on the previous December 31. And, while it’s doubtf...
RRSPs, TFSAs, and FHSAs – making the annual choice (February 2025)
For most taxpayers, the first few months of the year can seem to involve a seemingly unending series of bills and payment deadlines. During January and February, many Canadians are still trying to pay...
For most taxpayers, the first few months of the year can seem to involve a seemingly unending series of bills and payment deadlines. During January and February, many Canadians are still trying to pay...
Reporting online income on the 2024 tax return (February 2025)
The Canadian tax system casts a very wide net, in which each resident of Canada is taxable on all sources of income worldwide, with very few exceptions. In addition, Canada has what is known as a “s...
The Canadian tax system casts a very wide net, in which each resident of Canada is taxable on all sources of income worldwide, with very few exceptions. In addition, Canada has what is known as a “s...
How to respond to a Tax Instalment Reminder (February 2025)
While virtually every working Canadian pays income taxes, the process by which those taxes are collected throughout the year is largely invisible to the taxpayer. That’s certainly the case for emplo...
While virtually every working Canadian pays income taxes, the process by which those taxes are collected throughout the year is largely invisible to the taxpayer. That’s certainly the case for emplo...
Pension income splitting for the 2024 tax year (February 2025)
For most Canadian retirees, careful financial management is a necessity. Most live on an annual income which is less than that which they enjoyed during their working years, and opportunities to incre...
For most Canadian retirees, careful financial management is a necessity. Most live on an annual income which is less than that which they enjoyed during their working years, and opportunities to incre...
Employment Insurance premiums for 2025 (January 2025)
The Employment Insurance premium rate for 2025 is set at 1.64%....
The Employment Insurance premium rate for 2025 is set at 1.64%....
Québec Pension Plan contributions for 2025 (January 2025)
As of 2024, there are two contribution levels for the Québec Pension Plan (QPP). Income amounts and employee contribution percentages for 2025 for each contribution level are as follows....
As of 2024, there are two contribution levels for the Québec Pension Plan (QPP). Income amounts and employee contribution percentages for 2025 for each contribution level are as follows....
Canada Pension Plan contributions for 2025 (January 2025)
As of 2024, there are two contribution levels for the Canada Pension Plan (CPP). Income amounts and employee contribution percentages for 2025 for each contribution level are as follows....
As of 2024, there are two contribution levels for the Canada Pension Plan (CPP). Income amounts and employee contribution percentages for 2025 for each contribution level are as follows....
Federal individual tax credits for 2025 (January 2025)
Tax credit amounts on which individual non-refundable federal tax credits for 2025 are based, and the actual tax credit claimable, will be as follows:...
Tax credit amounts on which individual non-refundable federal tax credits for 2025 are based, and the actual tax credit claimable, will be as follows:...
Federal individual tax rates and brackets for 2025 (January 2025)
The indexing factor for federal tax credits and brackets for 2025 is 2.7%. The following federal tax rates and brackets will be in effect for individuals for the 2025 tax year....
The indexing factor for federal tax credits and brackets for 2025 is 2.7%. The following federal tax rates and brackets will be in effect for individuals for the 2025 tax year....
Tax deadlines and limits for the 2025 tax year (January 2025)
Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and c...
Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and c...
Kevin D. Tower Professional Corporation is a full service accounting firm, located in east-central Alberta, which provides a wide range of services from bookkeeping, payroll, financial statements on a compilation, review or audit basis to tax and business advisory services.
So whether you are starting a new business, in the growth phase, looking at retiring, selling out, or needing a succession plan, our team will work collaboratively to support you through each stage of your professional and personal journey.
