Best Practices

Planning for retirement in 2026 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 making a change – even a major change – in those circumstances. One the biggest life […]

Tax rules for holiday gifts and celebrations 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, in most situations, there is no need to consider that unwelcome possibility, as our tax system has

Year-end tax planning strategies to consider before December 31 Year-end tax planning strategies to consider before December 31 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 during the holiday

Buying a first home – the current rules on qualifying for a mortgage 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 average cost of a home in Canada has (according to

Planning for charitable donation tax credit claims 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 which merit support, both domestically and internationally.  Generally, those appeals are met, as Canadians have a well-deserved reputation for supporting

Getting source deductions right in 2026 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 January of 2026, less than two months from now. And while the overall rate of inflation

Year-end planning for your RRSP, RRIF, and TFSA 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 contributions to one’s tax-free savings account (TFSA) can be made at any time during

CRA Makes Changes To The Voluntary Disclosures Program 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 by a specified deadline, to report all taxable income on that return, claim

When are Home Office Expenses Deductible In 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 provided by employers. For most employees, working from home was a welcome

Maximizing The Medical Expense Tax Credit For 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 drug costs) which can be significant and which are not covered by that public health care system. Absent