New: Personal Support Workers Tax Credit Coming Soon

Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories.  Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement.  Here are the details:

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Advise private business owners and managers about the best way to manage their compensation to maximize the amount of after-tax income available. Gain a solid understanding of options available when constructing compensation packages, of the salary-dividend-bonus mix to maximize tax efficiency, and of constraints imposed by income tax and other laws so you can provide sound advice to your clients on compensation planning all year long.

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While tax practitioners keep their heads down to finish filing your tax returns, do-it-yourselfers who are procrastinators need to get on it!

The Canada Revenue Agency (CRA) recently released an updated information circular (IC00-1R3) pertaining to the Voluntary Disclosure Program (VDP), which promotes tax compliance by encouraging taxpayers to come forward and correct prior errors and omissions.

The April 19 edition of the Globe and Mail featured a guest column from the Honourable Jim Flaherty, Minister of Finance, who spoke of modernizing a foreign aid program called the General Preferential Tariff. Created in 1974, this program was a commitment from many developed Western countries to assist the economies of the poorest “Third World” countries. A lot has changed since the 1970’s, and our government feels justified in modifying the approach of the Tariff.