New Consultations: Modernizing Tax Rules for Charities

As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada.  Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized.  A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:

Are you using your automobile for work or for your own business? Perhaps you are unsure whether you should make a claim for auto expenses this year; or maybe you suspect you aren’t claiming everything you are entitled to. This is a good reason to see your tax advisor, and make sure you are prepared to make a full claim.

Who pays higher marginal tax rates: the executive earning $250,000, or the family that makes do on $60,000? If you said the family, you would be correct. That’s because marginal tax rates are higher in income brackets that are impacted by the clawback of social benefits and tax credits. But when does that happen?

In gratitude for your continued support, please accept our very best wishes for the holiday season. May it be restful, joyful and peaceful; and may your new year be blessed with good health and prosperity.

Do you know how to prepare a T2 corporate return for your small business clients?  Knowledge Bureau’s T2 Corporate Tax Preparation for Micro Businesses course is an excellent solution for financial advisors who want deep practical knowledge on small business tax issues.

"You are never too old to set another goal or to dream a new dream." C. S. Lewis

The annual TFSA contribution room is indexed to the consumer price index (CPI), but the contribution limit is increased only in increments of $500.