TaxTips.ca

Canadian tax, financial and investing info, tax and other calculators, tables of tax rates/tax credits. Goal: to be THE free reference site for Canadian tax.

[TaxTips.ca @TaxTipsCdn]

2026 Federal Budget - Release Date Nov 5

The announcement was preceded by a PBO Economic and Fiscal Outlook, which forecasts weakened economic growth, increased deficits and debt, and increased debt-to-GDP ratio.
#cdnpoli #Budget2026Canada
https://t.co/DAVPX1IwOa

[Prime Minister of Canada @CanadianPM]

Prime Minister Carney announces landmark investment to retrofit one million homes, cutting energy costs and emissions: https://t.co/K7EDUgbslm

[TaxTips.ca @TaxTipsCdn]

Many sports organizations and community associations will be affected by this, and will likely not realize it because they've never had to file.
https://t.co/XdEmcTVPr6

[TaxTips.ca @TaxTipsCdn]

2026 & 2025 Quick Tax Calculator - Better Print Report

The printed report has been revised to show the details of how your tax payable is calculated, including all tax credits applied.
#CdnTax #BestQuickCalculator #employees #investors #seniors
https://t.co/CX6GToIMwE

[TaxTips.ca @TaxTipsCdn]

2027 CPP Contribution Rates

Employee/employer max will be reduced slightly, from $4,230.45 to $4,209. Self-employed max reduced from $9,292.90 to $9,274. Thanks Jason Yee for accurate estimates!
#CdnTax #employees #employers #SmallBizCanada #selfemployed
https://t.co/UkaWACJU4c

[TaxTips.ca @TaxTipsCdn]

Oct 2026 Life in the Tax Lane
Lots of info!
- Productivity Mega Deduction / 100% Expensing
- Supplemental Canada Disability Benefit
- Definition of builder for GST/HST
- US tax on US citizens with investment property in Canada
- Garnishment orders from CRA
https://t.co/txhBuKS2qP

[TaxTips.ca @TaxTipsCdn]

Eby's government has mismanaged finances, increased taxes, and put private property rights in question. Eby has said "We've got to end wasteful spending". This means that he admits there has been wasteful spending under his watch.
https://t.co/sFtHOIGyNn

[TaxTips.ca @TaxTipsCdn]

2026 BC Snap Election Call by David Eby - Why?

2 years early, cost of approx $100M. Opportunistic move: opposition in disarray, ensure vote precedes the US midterm elections, which might make an anti-Trump platform unusable.
#CdnTax #bcpoli #DavidEby
https://t.co/sFtHOIGyNn

[TaxTips.ca @TaxTipsCdn]

Federal Bills Tabled: Building Canada Strong, Canadian Fuel Affordability
#cdnpoli #CdnTax #CollectiveBargaining #FuelTax
https://t.co/49kWwCI1mZ

[TaxTips.ca @TaxTipsCdn]

BC NDP Pauses the Planned PST Expansion

The planned expansion was a measure included in the BC February 2026 Budget. Good news that it has been paused - cancellation would be better!
#CdnTax #bcpoli #BCPolitics #bcpst
https://t.co/akFesLvfxa

[Jordan Bateman @jordanbateman]

Another boneheaded anti-prosperity decision by @bcndp.

For 22 years, B.C.'s Major Projects Inventory tracked every project worth $15M+. $385 BILLION in the last count.

This week the NDP killed it. Reason: "priorities and resources."

You can't manage what you don't measure – and you can't sell investors a project you refuse to count.

ICBA's letter to Minister Kahlon: https://t.co/fQ8GV7FaA8

[TaxTips.ca @TaxTipsCdn]

Records Retention by an #Individual or #Business

Tax + asset records need long retention:
• Assets: 6 yrs after sale
• Tax docs: 6 yrs after assessment
• Corporate records: 6 yrs after ceasing or 2 yrs post‑dissolution
#CdnTax #smallbizcanada
https://t.co/VECHaCvr9y

[TaxTips.ca @TaxTipsCdn]

Immediate Expensing for Depreciable Property
#CdnTax #smallbizcanada #TaxPlanning #BusinessTax #TaxDeduction
https://t.co/49kWwCI1mZ

[TaxTips.ca @TaxTipsCdn]

Are You Properly Tracking the Cost of Your Real Estate, Investments, and Other Assets?

It's crucial to track the historical cost of real estate, jewellery, rare books, works of art, or stamp or coin collections. US$ investments must be converted to Cdn$.
https://t.co/QFLf2Ngtpf

[TaxTips.ca @TaxTipsCdn]

https://t.co/fPr8C4bcse September 2026 Newsletter

Interesting updates for taxpayers, as well as for tax & financial professionals!
#CdnTax #TaxCalculators #VideoTaxNews #AMT #bcpoli #estateplanning
https://t.co/zUswOqlnNA

[Kim G C Moody @KimGCMoody]

Canada’s personal tax rates at the top end are egregious. And if Canada ever undergoes tax reform, this needs to be a priority. My @financialpost article this week tackles that topic:

“My wife and I have some long-term friends who we get along with swimmingly, but we sometimes disagree, like most friendships. We work through it maturely because we value the history and the relationship. We don’t use disagreements as an excuse to rupture something built over decades.

That's how I feel about Canada and the United States right now. Donald Trump's approach — the tariffs, the 51st state rhetoric, his claim that the U.S. doesn't need anything from us — is genuinely corrosive. Many Canadians' response — vacuous slogans, boycotting U.S. booze, cancelling trips, refusing U.S. products on principle. It feels like solidarity — is just therapy, not strategy.

What that reaction misses is how lopsided the economic relationship is…This isn’t a fight between equals and pretending otherwise doesn’t change the math….

If symbolic retaliation isn't real leverage, what is? Making Canada an attractive place to invest, build a business and take risks with capital is entirely within our control. And one of the biggest levers we've refused to pull is changes to our personal tax system.

Canada's top federal bracket — 33 per cent — kicks in at $258,482 of taxable income for 2026. That top bracket and four percentage point tax increase was introduced as one of Justin Trudeau's first measures after getting elected in the fall of 2015…

In the U.S., the top federal bracket of 37 per cent doesn’t start until US$640,600 for a single filer and US$768,700 for a married couple filing jointly.

Canada’s taxes look even worse when you add in the provincial rates. Ontario, British Columbia, Quebec and some of the Atlantic provinces impose a combined top marginal rate above 53 per cent, topping out at 54.8 per cent in Newfoundland…

The U.S. range when including state taxes runs lower at the bottom, but isn’t uniformly so at the top. Nine states don't levy a broad-based income tax on wages, leaving a high earner’s total federal burden at 37 per cent, while New York City and California both push combined marginal rates just past 51 per cent…

The floor is where the real gap lives, not the ceiling. Alberta, one of Canada’s lowest-taxing provinces, still charges 48 per cent at the top, which is at or above almost every U.S. jurisdiction outside New York City and California…

Alberta is proof that competing with the U.S. is possible. From 2001 to 2015, the province ran a flat 10 per cent provincial rate — paired with a generous exemption to reduce regressiveness — for a combined 39 per cent top tax rate that was genuinely competitive with much of the U.S.

However, Rachel Notley's NDP provincial government scrapped it in 2015… Premier Danielle Smith would be right to restore the old rate.

Then there's what happens when an entrepreneur tries to grow or exit a business. Canada's lifetime capital gains exemption — $1.275 million for 2026…The U.S. equivalent…can shelter up to US$15 million of gains per company after five years...

The rules for deferring gains on reinvestment tell the same story, only more starkly.

In the U.S., section 1031 of…lets an investor or business owner exchange qualifying business or investment real estate for other qualifying business or investment real estate while deferring the gain...

…Canada’s equivalent — section 44 of the Income Tax Act — is far narrower…

Fixing this does not require U.S. cooperation like a trade deal does. It requires deciding that comprehensive tax reform is a critical piece of improving our economic sovereignty and is an urgent national priority.

…Canada, so far, has reached for boycotts and bumper stickers that say Canada Strong or Elbows Up.

Strong is a tax system that competes. Ours doesn’t, and pretending otherwise is the actual rupture. That’s the fix within our control.”

https://t.co/WHLlghq7Z5

[TaxTips.ca @TaxTipsCdn]

Life in the Tax Lane September 2026

Topics:
- Tax on return of life insurance premiums
- Taxpayer due diligence
- Voluntary disclosures - CRA Q&A
- Aggressive tax claims - statute-barred period and penalties
- Supporting documentation tax court case
https://t.co/EIkRduse1D

[TaxTips.ca @TaxTipsCdn]

BC's Road to Bankruptcy?

BC's debt is increasing rapidly, is now $155B, forecast to increase to $235B by Mar 31/29. Interest $4.9B in year ended Mar 31/26. Debt PER PERSON is now $27,167 and is forecast to increase to $40,935 by 2029.
#CdnTax #bcpoli #irresponsibledebt #bcdebt

[TaxTips.ca @TaxTipsCdn]

Alternative Minimum Tax (AMT)

Most Canadians will never pay AMT - unless their income comes from capital gains or stock options. Even a large donation can trigger it if paired with a big gain.
#CdnTax #AMT #donations #investors #stockoptions
https://t.co/KMKtvcqAP8

[TaxTips.ca @TaxTipsCdn]

STEP Canada / CRA Roundtable

Senior CRA representatives respond to many difficult questions addressing trusts, estates, T3 reporting requirements, cross-border issues, RRSPs & named beneficiaries, etc.
#CdnTax #trusts #TEP
https://t.co/KEpVO1teGX