Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

Knowledge Bureau’s Spring 2026 Course Catalogue, Tuition Guides, New Distinguished Graduate Awards are here!  As we proudly unveil our new revamped website, the nine Knowledge Benefits we’ll share here today are designed just for you, your team, your time and your budget!  It’s our mission to help you make a great educational decision for the period April 1 to March 31, 2027!

A day after Quebec’s Finance Minister Eric Girard brought down a Budget featuring a $6.3 Billion deficit, Saskatchewan’s Finance Minister Jim Reiter tabled his government’s budget on March 19. Next up was Finance Minister Adrian Salas, who tabled the Manitoba Budget on March 24. The common thread: there’s lots of red ink on the Prairies. But that’s where the budget documents differ between Manitoba and Saskatchewan. Here’s the latest tax news and why it matters to the advice you give your clients.

Bill C-4 has been proclaimed into law, so what do your clients need to know? For starters, not much that they didn’t already know, although there are a few eyebrow raisers.  

So far in provincial budget season 2026, every provincial government which has tabled a budget has announced a significant deficit. Quebec Finance Minister Eric Girard brought down his government’s budget on March 18th and contained in that budget is a $6.3 billion deficit. For context, it is smaller than last year’s deficit and next year’s is forecast to be $4 billion. The Quebec government is committed to a balanced budget by 2029-30. The budget document itself says the government is "resolutely pursuing” a path to balance. 

When a commissioned salesperson receives a T2200 form from their employer, it opens the door to deducting employment expenses that are typically off-limits to salaried employees. But what happens when that employer goes bankrupt, and the salesperson pivots to self-employment? This article explores the tax treatment of such a transition, using a realistic scenario to illustrate the rules and opportunities available under Canadian tax law.

Today’s Live Virtual Business Builder Summit was designed to help practitioners make that shift — from managing everything themselves to building a practice that can support more clients, more complexity, and long-term success. Good news! The Recorded course is now available for you to learn at your own time and convenience and you won’t want to miss this opportunity. Why does growth in your business matter so much now? Watch our short video featuring the event topics that will help your organization of grow beyond a solo practice as you consider these three key drivers: