Downsizing Your CRA Tax Files?

Happy New Year! If one of your resolutions for 2026 is to downsize, or at least sort through all that stuff you don’t need anymore, you may inevitably run across those tax files you’ve been keeping for decades. Just how long do you have to keep them? Do you need permission to destroy them? From whom? Read on to learn more. 

New 2016 federal budget includes business tax measures addressing tax changes for business income.

Review additional tax measures announced by the Government in the 2016 Federal Budget.

The changes the Liberal government has introduced for families has some surprising results, now that we’ve had some time to do some number crunching.

It’s reasonably common knowledge that higher wealth accumulators in Canada will want to do some extra planning to avoid the 33% high federal income tax rate applicable to the terminal return of the last surviving spouse.  

Employers are generally required to pay for the premises, assets and supplies used up by their employees in performing their duties, but in some cases the employee will pay for those costs and be able to claim a tax deduction for them.

The Canada Revenue Agency has produced a new Notice of Assessment that is easier to read, a long overdue initiative on the financial literacy front. It will now contain assessments of multiple tax years on one form, which Tax Services Specialists will want to review carefully to ensure the best tax efficiencies are applied over the period, and to preserve appeal rights.