Mark Your Calendar: Critical Deadlines for May and June
Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:KBR Poll: Should the OAS Clawback Start at a Lower Income Level?
The question of whether the Old Age Security (OAS) clawback should begin at a lower income than the current $93,454 threshold generated strong and varied reactions from the Knowledge Bureau community with 19% saying “yes” and the vast majority - 81% - saying no. Many respondents were firmly opposed to lowering the threshold, with some expressing strong frustration at the idea of penalizing those who have saved for retirement:
Estate Planning at Death: For Business Owners, It’s Complex
Estate planning at death remains one of the most complex—and highest risk—areas for clients and an areas of increasing demand for service from tax and financial advisors. With evolving trust rules, increased reporting requirements, and the need to coordinate corporate and personal tax strategies, the margin for error is small, and the stakes are high. At the May 27 CE Savvy Summit, Leanne Rodrigo will lead a detailed session on “Estate Planning on Death of a Taxpayer,” focusing on the practical realities advisors face when working with business owners and their families. Here’s what you’ll learn and why you should register by May 13 (to save money as an early bird!).
Connect, Contribute and Collaborate with the Society of Distinugished Designates at the Manitoba Club
As technology, regulation, and client expectations rapidly evolve, the role of the distinguished advisor is changing too. AI agents, CRA digitization, and increasingly complex client needs are reshaping the future of tax, accounting, and wealth advisory services. Join fellow professionals and leaders for an interactive discussion on how to evolve your practice beyond transactional work into deeper, year-round inter-advisory relationships that deliver greater value to clients and stronger opportunities for growth.
This Month’s Poll
Do you agree that public trustees, guardians and departments supporting Indigenous Services should be able to certify impairments for the Disability Tax Credit?
Fuel Excise Tax on Hold But Inflation is Not
The U.S.-Israel war on Iran has thrown global oil prices into turmoil and there is plenty of fallout for consumers. Travelling to Europe this summer? That’s in jeopardy, as jet fuel may run out. Looking for relief at the pumps instead? The recently announced suspended federal excise tax on gasoline, unleaded aviation gasoline, diesel fuel and aviation fuel here in Canada will soften the blow, but only temporarily: it will be zero from April 20 to September 7, 2026. Here’s what you need to know:
Tax Filing for Newcomers in Canada
Canada Revenue Agency (CRA) has issued updated guidance for 2026 to assist new residents in efficiently navigating their initial tax season, something professional advisors may wish to take more time to cover with immigrants to Canada. Filing a tax return is not only a legal obligation for residents but also serves as an entry point to vital benefits and credits that can substantially aid individuals and families as they establish their lives in Canada. Further, it’s important for people to know that it’s a requirement to report world income in Canadian funds on the T1.
