New Bare Trust Reporting Requirements: Preparing for the March 31, 2027 Deadline The Government of Canada enacted legislation on March 26, 2026 (Bill C-15), reinstating T3 trust reporting obligations for bare trusts for the 2026 tax year and onward. The Canada Revenue Agency (CRA) previously provided administrative relief exempting bare trusts from filing T3 returns for the tax years 2023 through 2025. Please review the attached newsletter for an overview…

Federal Budget: 2026 What You Need to Know The federal government released Budget 2026 on November 5, 2026. While there were no changes announced to general personal or corporate income tax rates, the Budget contains several significant proposals for individuals and businesses.  Expanded Immediate Expensing for Businesses Of particular interest to business owners is the government’s Productivity Mega Deduction, which would significantly expand immediate expensing for capital investments. Although confirmed…

Tax Tips and Reminders – September 2026 Tax Tips and Reminders: Recent Tax Developments and Planning Considerations In this edition, we highlight recent Canadian tax developments, court decisions and CRA administrative guidance that may be relevant to individuals, businesses, investors and estate planners. Topics covered include the tax implications of a change in use of real estate, the evolving GST/HST treatment of mutual fund trailing commissions, recent CRA comments on…

Tax Tips and Reminders – May 2026 This edition of Tax Tips and Reminders covers a number of topics, including: • Importance of Strong Internal Accounting: Gross Negligence Penalties• Transfer of Assets to Shareholder’s Child: Shareholder Benefit• Shareholder Benefits: Offset by Loan to Corporation?• Individuals Buying and Selling Houses: GST/HST• Adding Relatives to Legal Title of a Property: Beneficial Ownership• Canada Child Benefit (CCB): Shared Custody• Labour Mobility Deduction: Temporary…

Office Closed – May 1, 2026 After a busy tax season, our team is taking a well-earned break. Our staff have dedicated many long hours to ensure everything was completed accurately and on time, and we’re grateful for their hard work and commitment. As a result, our office will be closed on Friday, May 1, 2026. We will resume our regular business hours on Monday, May 4, 2026, and will…

Ontario Budget 2026 – Key Updates The 2026 Ontario Budget introduces several measures to support businesses and individuals during ongoing economic uncertainty. Key highlights include: • Lower small business taxes – The corporate income tax rate will decrease from 3.2% to 2.2% effective July 1, 2026.• Dividend tax credit changes – The non-eligible dividend tax credit will be reduced starting January 1, 2027.• Faster tax write-offs – Continued access to accelerated depreciation and immediate expensing to…

Year End Tax Reminders and Holiday Hours With December 31, 2025 fast approaching we would like to leave you with some Year-End tax planning reminders and our holiday office hours. Year-End Tax Planning Reminders Further information is available in our December 2025 Tax Tips Newsletter. Our team is here to support you as we wrap up 2025 and prepare for the year ahead. Holiday Office Hours December 22, 23, 29,…

HVGP Commentary on the Federal Budget November 2025 On November 4, 2025, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, presented Budget 2025 – Canada Strong to the House of Commons. Some highlights include the following: A strong focus on capital investment, innovation, and clean-economic growth. Business owners should pay close attention to: For individuals, the focus is on reducing taxes, simplifying filing, and targeting relief to…

Tax Tips and Reminders – October 2025 This edition covers key tax updates including recent changes to the CRA’s Voluntary Disclosures Program, court rulings on TFSA overcontributions and employment expense claims, and clarification on deductible moving expenses. It also highlights important developments like the Canada Post strike’s impact on tax obligations and changes to CRA’s direct deposit and electronic mail processes. Taxpayers should be aware of stricter disclosure requirements, limited…

Tax Tips and Reminders – September 2025 We’re pleased to share our latest Tax Tips newsletter, offering a high-level summary of recent tax developments relevant to business owners, individuals, and investors. This month’s issue covers several important topics, including: Read the full newsletter here: Link If you have questions about how these updates may affect your personal or business taxes, or if you’d like to discuss year-end tax planning, please…