Q2-2026: Tax Tips and Traps 154, –  Tax Tips & Traps: Key Updates for Business Owners and Individuals

The latest Tax Tips & Traps newsletter highlights important 2026 tax updates for business owners and individuals, including CPP contribution reductions, vehicle allowance increases, GST/HST risks for frequent home sales, shareholder benefit rules, and labour mobility deduction enhancements. The publication also emphasizes the importance of accurate bookkeeping, proper documentation for related-party transactions, and understanding beneficial ownership rules for property transfers. These updates can significantly impact tax planning, compliance, and financial decisions for Canadians

Read the full Article here: Tax Tips and Traps 154, 2026 – 2nd Quarter (PDF)

Q1-2026: Tax Tips and Traps 153, 2026 – 1st Quarter & Personal Income Tax Return Checklist 

Key CRA updates for 2026 highlight increased reporting from digital platforms, expanded GST/HST rebates for first-time home buyers, stricter rules for non-resident property sales, and warnings against aggressive tax avoidance schemes.

Read the full Article here:  Tax Tips and Traps 153, 2026 – 1st Quarter

Also Check the 2025 Personal Income Tax Return Checklist Here: 2025 Personal Income Tax Return Checklist

Q4-2025 : Tax Tips and Traps 152, 2024 – 4th Quarter

Key CRA updates for Q4 2025 highlight changes to the Voluntary Disclosures Program, ongoing TFSA overcontribution risks, stricter rules for employment expense deductions, and updated guidance on moving expenses using the 40 km distance test. Taxpayers should also be aware of increased digital reporting and communication changes from CRA.

If you have questions or need guidance, SM Professional Services is here to help.

Read the full Article here: Tax Tips and Traps 152, 2025 – 4th Quarter

Q3-2025 : Tax Tips and Traps 151, 2025 – 3rd Quarter

Recent federal tax updates for 2025 include several changes that may affect individuals and small businesses. The government has proposed reducing the lowest personal income tax rate effective July 1, 2025, while applications are now open for the new Canada Disability Benefit for eligible working-age Canadians. The CRA has also launched a new self-evaluation tool to help taxpayers assess eligibility for penalty and interest relief. In addition, the government has confirmed that the Canada carbon rebate for small businesses is intended to be tax-free and retroactive, with amended corporate tax returns expected once legislation receives Royal Assent.

Read the full Article here: Tax Tips and Traps 151, 2025 – 3rd Quarter

Q2-2025 : Tax Tips and Traps 150, 2025 – 2nd Quarter

Canada Revenue Agency updates for spring 2025 include several important points for taxpayers. Due to delays in CRA posting certain tax slips online, some individuals may need to adjust already filed personal tax returns to report missing income. Individuals reporting capital gains have until June 2, 2025, to file and pay without penalties or interest. Taxpayers may also claim charitable donation tax credits for a spouse or common-law partner’s donations made within the past five years, even if the donation was made before the relationship began. In addition, a parking space can qualify as part of a condominium unit for principal residence exemption purposes, even if purchased separately. Finally, businesses should note that Nova Scotia’s HST rate was reduced to 14 percent effective April 1, 2025, and systems should be updated accordingly.

Read the full Article here:Tax Tips and Traps 150, 2025 – 2nd Quarter