An employee may elect to stop contributing to CPP, provided they are at least 65 years of age (but under 70), receive a CPP or QPP retirement pension and have earnings subject to CPP contributions. A November 13, 2025 Tax Court of Canada case reviewed the timing of an employee’s election to cease contributing to… Read more »
OAS provides a monthly income-sensitive payment to eligible individuals aged 65 and older. Individuals who normally receive OAS are occasionally surprised when some OAS is subject to a special tax (commonly referred to as a “clawback”) with their personal tax filings due to high earnings. In particular, OAS is clawed back at a rate of… Read more »
To address perceived tax non-compliance in the trucking sector, CRA announced that penalties will now apply when businesses in the trucking industry fail to file T4A slips reporting fees for services (Box 048) exceeding $500 paid to CCPCs (Canadian-controlled private corporations) in the trucking industry, commencing for the 2025 calendar year. CRA indicated that a… Read more »
Some quick points to consider… – CRA will receive information from online digital platforms that facilitate the sale of goods and provisions of services, such as Airbnb, VRBO, Uber, etc., in respect of the 2025 calendar year, by January 31, 2026. Ensure that all income is properly reported. – The first-time home buyers’ GST/HST rebate,… Read more »
Starting July 3, 2025, CRA changed the delivery method for most mail from paper to online only for approximately 500,000 individual benefit recipients. As of September 4, 2025, CRA expanded this project to include an additional 900,000 individuals and broadened the scope beyond just benefit recipients. This change applies to some individuals who are registered… Read more »
Higher personal income is taxed at higher rates, while lower income is taxed at lower rates. Therefore, individuals may want to, where possible, shift income from high-income years to low-income years. This is particularly useful if the taxpayer is expecting a large fluctuation in income due to, for example, an impending: maternity/paternity leave; large bonus/dividend;… Read more »
December 31, 2025 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. In 2024, the government proposed to increase the taxable portion of capital gains from 50% to two-thirds. However, the proposal did not proceed…. Read more »
Individuals can now register for and update their direct deposit information only through CRA’s online portal or through their bank or credit union. Alternatively, they can request a change by mailing a form to CRA; however, CRA noted that processing time for these requests is up to three months. Individuals cannot update or initiate direct… Read more »
In a May 1, 2025 French Federal Court of Appeal (FCA) case, the Court considered whether a taxable benefit was conferred on the transfer of real property from a corporation to its shareholder. In 2013, a corporation owned equally (50/50) by the taxpayer and her spouse transferred a building worth $430,000 to them. CRA reassessed… Read more »
The most recent Canada Post strike commenced on September 25, 2025. Shortly after, CRA provided an update on the impact, including the following guidance: * taxpayers are still responsible for meeting their tax obligations, and are encouraged to file or remit electronically; * communications regarding audits, objections, appeals, disputes or relief requests will continue by… Read more »