Record Number of Tax Returns Filed in 2026

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.

Faline Linstone from Kamloops, BC recently completed the T1 Professional Tax Preparation - Basic course to upgrade her qualifications, and she met all of her objectives.

This is a good time of the year to discuss family health – with your tax advisor! 

Advisors should inform their high net worth clients of recently enacted changes to tax benefits arising from the use of trusts. 

One of the more difficult decisions for those approaching retirement is when to start receiving their CPP retirement pension. 

Last week we covered Foreign Income Verification Reporting, Form T1135 in general along with the basic requirements of foreign holdings reporting.  This week we’ll look at the form in detail and cover some of the specific reporting requirements.

Substantial tax reform has recently changed the rules for post-death planning for high net worth families.