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.

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Life in the Tax Lane – June 2026

Bill C‑31, CRA payment updates, dividend refund issues, carbon rebate changes, GST/HST delays & more.
#CdnTax #ImmediateExpensing #AutoTaxFilingComplications
https://t.co/iZCGijiUGn

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Subscribe to CRA Electronic Mailing Lists

CRA has many mailing lists, including payroll, income tax and GST/HST for individuals and businesses, instalment pmt reminder dates, registered plans, and many more.
#CdnTax #taxpayers #smallbizcanada #accountants
https://t.co/PdBpEvszB1

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Life In The Tax Lane - Late Breaking News

CRA has advised CPA Canada that payments to them are an exception from the change to the elimination of paper-based remittances at financial institutions.
#CdnTax #TaxPayments
https://t.co/0qgY1zzNQA

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Disagree With Your Notice of Assessment?

If a call to CRA doesn't resolve the situation, you may have to file a Notice of Objection.

Read our article to find out the deadlines for doing this!
#CdnTax #tacklethetaxman #SmallBizCanada
https://t.co/A2mN9r5SAn

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Gifting Capital Property or Selling it For Less Than Market Value

Gifting or selling capital property to a non-arm's length person for less than market value, can result in serious tax repercussions for both taxpayers.
#CdnTax #attributionrules #gifts
https://t.co/s8lZtW2S75

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2026 Provincial Political Contribution Tax Credits

Ontario's provincial political contribution tax credit thresholds are indexed, so have increased based on the ON indexation increase of 1.9%. Other rates remain unchanged.
#CdnTax #onpoli
https://t.co/PEve0CBPs3

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NL Budget Highlights

Small business tax rate reduced, Basic Personal Amount is increased, the Volunteer Firefighter and SAR tax credit is doubled, among other tax changes.
#CdnTax #nlpoli
https://t.co/2jOyoOncBY

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Life in the Tax Lane 2026 From Video Tax News

Lots of interesting topics for Canadian Tax and Financial Professionals, and business and individual taxpayers!
#CdnTax #gstcredit #SmallBizCanada #usrenunciation
https://t.co/6k2vmv5hWI

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Spring 2026 Economic Update: Higher Labour Mobility Deduction limit, changes to capital gains deductions, extended HBP repayment relief, immediate expensing for greenhouses, a Fuel Excise Tax suspension, easier access to the Disability Tax Credit
#CdnTax
https://t.co/wbV8wIdqXR

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Adjusted Cost Base Explained Keep good ACB records for non‑registered investments and property - they determine your capital gain or loss. No ACB tracking needed for RRSPs or TFSAs. #CdnTax #homeowners #investors #landlords #cottages #smallbizcanada
https://t.co/QFLf2Ngtpf

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Employee Work-Space-in-Home Rules Explained

Employees can deduct home office expenses only with a T2200, a qualifying workspace used regularly for work, and eligible receipts. Mortgage interest and CCA aren’t deductible.
#CdnTax #employees #WFH #employers
https://t.co/6DzYEfAsk1

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PEI 2026 Budget

As of Jan 1/26 a new 20% tax bracket is introduced for taxable income in excess of $200,000 & the Young Child Tax Credit is repealed. As of Jul 1/26 the Sales Tax Credit is renamed and increased & the Child Benefit amounts are increased.
https://t.co/5fvbnwLKs2

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Your Province of Residence for Tax Filing

You file your tax return for the province where you lived on Dec 31. Temporary moves for work or school don’t usually change your province of residence - it depends on where your strongest residential ties are.
https://t.co/hU6d6xD3EA

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What If I Can't Afford To Pay The Tax I Owe?

File that tax return anyway, to avoid the late filing penalty! Interest will be charged, but you can avoid CRA withholding benefits or garnishing your wages by making payments regularly.

https://t.co/I9uOIuNrvS

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Canadian Dental Care Plan (CDCP)
If you are already a CDCP member, renew your coverage by June 1st to avoid any lapse in coverage. Not covered yet? Applications for the 2026-2027 benefit year will open on June 2, 2026.
#DentalCare
https://t.co/uXWeQgvgqx

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Employee Car Expenses: Eligibility and Requirements

Employees can deduct vehicle expenses only with a T2200, a business‑use trip log, receipts, and Form T777. Tax‑free reimbursements reduce the claim.
#CdnTax #employees #employers
https://t.co/8zUuVR3HSq

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Withdrawals For Home Buyer's Plan (HBP) or Lifelong Learning Plan (LLP)

Withdrawals from Jan 1 to Dec 31, 2025 for the HBP or LLP on a 2025 T4RSP must be reported on Schedule 7 of your 2025 tax return, even though they don't affect your income.
#CdnTax
https://t.co/UzBcNo5X3K

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Repayments to Home Buyer's Plan (HBP) or Lifelong Learning Plan (LLP) Don’t lose RRSP room: HBP/LLP repayments from Mar 2/25–Mar 1/26 belong on your 2025 return. #CdnTax #HomeBuyersPlan #RRSP #LifeLongLearningPlan
https://t.co/jIb1yWRQZA

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RESPs and Non-Resident Beneficiaries

If an RESP beneficiary is a non‑resident when EAPs are paid, CESG and CLB aren’t payable, and withdrawals may face withholding tax.
#CdnTax #RESP #nonresidentstudent #students
https://t.co/V2Fw7z0sSo

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Principal Residence Rules and Reporting Essentials

Report your principal residence sale or risk up to $8,000 in penalties. Short ownership may be taxable; PRE rules cover rentals, cottages, care‑home moves, and cross‑border cases. Get advice.
#CdnTax
https://t.co/mMqs20XuKZ