It looks like tax season 2026 could be the biggest one we’ve seen in the history of filing in Canada, proving once more that Canadians are extremely tax compliant and that filing a personal tax return is the most important triggers for long term wealth planning in this country. But there is a shortage of qualified people and now is the time to do something about that before tax season 2027.
Last week in Part 1 of CPP - Now or Later, we discussed that one of the more difficult decisions for those approaching retirement is when to start receiving their CPP retirement pension.
According to an article posted on the Canadian Revenue Agency (CRA) website, an Ottawa woman was recently sentenced to 30 days house arrest and ordered to pay a fine of $47,789 due to false statements made on her income tax return.
Before the Family Tax Cut provisions it was straightforward, a given RRSP contribution was always more beneficial if claimed by the higher-income spouse.