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Some last-minute tax filing strategies – what (and what not) to claim 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 been received from their […]

How to know you’re really hearing from the CRA 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 or (in most cases) receive a refund and do not hear

How, when and where to file your 2025 tax return. 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 annually and, while it’s likely that few of them look forward to doing so, the

Aging in place – claiming the Home Accessibility Tax Credit 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, at any age, is a stressful experience. As well, remaining

Taking advantage of pension income splitting 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. Retirement savings are in place, most homeowners are mortgage-free, and the cost of raising (and providing a post-secondary education

Understanding the rules on payment of tax instalments 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 understand how the amount of tax they must pay is calculated, or the

Making the annual RRSP decision 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 obligations of most Canadians. During February, credit card bills for holiday spending will be coming due, taxpayers

Federal individual tax rates and brackets for 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. Income level                       Federal tax rate $16,452 – $58,523                 

Tax Deadlines And Limits For The 2026 Tax Year 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 changes for individual taxpayers for 2026 are listed below. Registered retirement

Getting help when debt becomes unmanageable 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 stress. While the overall rate of inflation may be down, the cost of food – the