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 Relocation Expenses
Also for consideration:
• A proposed CPP contribution rate reduction to 9.5%, beginning January 1, 2027, could lower payroll costs for employers and employees.
• Automobile allowance rates for employees using personal vehicles for business will increase slightly for 2026.
• US citizens living in Canada remain subject to US worldwide income reporting requirements, and the US citizenship renunciation fee was recently reduced.
Read the full newsletter here: LINK
If you have questions about how these updates may affect your personal or business taxes, please don’t hesitate to contact our office at 905-891-5339.
