Category: Corporate income tax news

Government Announces the 2026 Automobile Deduction Limits and Expense Benefit Rates for Businesses

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January 14, 2026 – Ottawa, Ontario – Department of Finance Canada Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2026. The following changes to limits and rates took effect as of January 1, 2026: The ceiling for capital cost allowances (CCA) for…

Government launches consultation on draft legislation for previously announced and technical tax measures

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From: Department of Finance Canada News release January 29, 2026 – Ottawa, Ontario – Department of Finance Canada The Department of Finance today released for consultation draft legislative proposals to implement a range of previously announced tax measures. The proposed changes aim to clarify and improve tax rules, close gaps to prevent tax avoidance, and ensure…

Prescribed interest rates

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2026 First calendar quarter2026 2025 Fourth calendar quarter Third calendar quarter2025 Second calendar quarter2025 First calendar quarter2024 2024 Fourth calendar quarter2024 Third calendar quarter2024 Second calendar quarter2024 First calendar quarter2024 2023 Fourth calendar quarter Third calendar quarter Second calendar quarter2023 First calendar quarter2023 2022 Fourth calendar quarter2022 Third calendar quarter2022 Second calendar quarter2022 First calendar…

Alberta Corporate Tax is transitioning to online mail

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Correspondence will transition to online mail for corporations in April 2026 TRACS is a secure online system for taxpayers and claimants to self-manage their account. Effective April 1, 2026, we will transition to online mail as the default method of delivering most correspondence related to Alberta Corporate Income Tax (CIT) accounts. This means most correspondence…

Good tax policies go hand in hand with good economic policies — we need both

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My latest Financial Post article discusses tax reform and the importance to improve how Canada develops tax policy: “One of the things I enjoy is hanging out with tax geeks like me who have a similar passion to see Canada’s tax system improved. Last week, I attended the Canadian Tax Foundation’s Tax Policy Symposium in…

CRA Business mail is going online

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Get ready for online mail for business Starting in spring 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method of delivering most business correspondence, reflecting the CRA’s ongoing commitment to enhancing service delivery. This means your business clients will stop receiving paper mail and will start receiving most of…

Update on the Canada Revenue Agency's administration of the proposed capital gains taxation changes

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January 31, 2025 Ottawa, Ontario Canada Revenue Agency The Department of Finance announced today that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. The announcement confirms the government’s intention that, effective for dispositions that occur on or after January 1, 2026, the inclusion rate will…

Government in full damage control mode

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https://www.thestar.com/news/canada/2017/10/16/feds-to-cut-small-business-tax.html Thus, the Trudeau government is in full damage control mode… Reducing the small business rate as per election promise, which they flipped on, and now flopped on, before ‘fixing’ the so called small business ‘tax loopholes’, which they previously placed as a condition. They altogether dropped the so called ‘converting income into capital gains’…

Save yourself the trouble — get it in writing!

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Before you decide to hire a contractor to do construction, renovation, or repair work on your home, ensure they are reputable and insist on getting a written contract and receipts. Be sure to ask a lot of questions, and ask for proof of workers’ compensation or equivalent private liability insurance to cover injury and any…