Finance Canada Releases Draft Legislation January 29
February 27, 2026 is the last date to comment on a raft of draft legislation released at the end of January covering provisions from the November 4, 2025 Federal budget, the Fall 2024 Economic Statement, amendments from Budget 2021 regarding Hybrid Mismatching Arrangements, technical changes to two investment tax credits, dating back to 2022 and 2023, as well as corporate changes regarding the Global Minimum Tax. The key measures to note appear below:It’s Not Too Late to Take the New Basic T1 Tax Course
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Life Purpose
“No one can make you feel inferior without your consent.” -Eleanor Roosevelt
Ontario Registered Pension Plan Postponed
The Ontario government has reversed it's January decision to launch the Ontario Registered Pension Plan (ORPP) in January 2017 regardless of what the federal government does with CPP. This week, the Ontario government has announced that it will work together with the federal government to achieve the mutual goal of improving pensions.
Max the RRSP Now to Maximize the New CTB
Families who wish to maximize the anticipated new Child Tax Benefit (CTB) for 2016/2017 have less than two weeks left to reduce 2015 net income using an RRSP contribution. The deadline is February 29. For these reasons, Knowledge Bureau has updated its Income Tax Estimator to assist with the calculations.
Federal Budget: Tax Reforms Coming Soon
A tell-tale sign the federal budget is right around the corner was the February 12 meeting of the Finance Minister with private sector economists for their forecasts on the Canadian and global economies. This this year, a number of significant tax changes are expected, if the newly elected Liberal government’s election platforms are implemented.
Canada and Switzerland Agree to Jointly Fight Tax Evasion
On February 5, the Finance Minister announced that Canada and Switzerland have signed a Joint Declaration which will see the two countries exchange financial account information automatically. With this agreement, CRA expects to curb tax evasion by Canadian residents who earn income in Switzerland but do not report it on their Canadian tax returns.
