Life in the Tax Lane (Canada)

June 2026 - Bill C-31 – Second Budget Bill Introduced | Tiered Corporations – Suspended Dividend Refunds | In-Person Payments at Financial Institutions | CRA Update Carbon Rebate for Small Businesses – Adjustments | & more

June’s episode of Life in the Tax Lane is here! Are you prepared for the new tiered corporation dividend refund rules? What about the recent CRA guidance affecting carbon rebate adjustments and GST/HST on mutual fund trailing commissions? These are practical developments with real implications for compliance, planning and client service. In this month’s episode, Cait and Hugh discuss these issues and more, highlighting what tax professionals should be watching for as several significant changes continue to unfold. Take 10 minutes to get current on the latest legislative, administrative and court developments. This fast-paced episode covers: * Bill C-31 – Second Budget Bill Introduced: How will the latest legislative proposals affect owner-managed businesses and their advisors? * Tiered Corporations – Suspended Dividend Refunds: New rules may defer or even prevent dividend refunds for corporations with staggered year-ends * In-Person Payments at Financial Institutions – CRA Update: A recent CRA clarification provides relief, but questions remain * Carbon Rebate for Small Businesses – Adjustments: CRA explains how corrections will occur automatically and when action is required * GST/HST on Mutual Fund Trailing Commissions – Implementation Delay: More time has been granted, but affected businesses should prepare now * Large Corporations – Notices of Objection: A recent court decision highlights how procedural missteps can eliminate appeal rights Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-june-2026 Learn more about Monthly Tax Update - https://members.videotax.com/products/monthly-tax-update-newsletter Program Recorded: May 28, 2026 Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information, visit videotax.com/disclaimer. ©Video Tax News Inc. 2026, All Rights Reserved.

May 2026 - Canada Groceries and Essentials Benefit – Payment Dates | In-Person Payments at Financial Institutions | Correcting a Past Error – Is It Required? | Voluntary Disclosures Program – Voluntary Application? | Objection Deadlines | US Renunciation

Note: Late-Breaking Update - May 13, 2026. See full show notes. May’s episode is now live! What happens if a prior tax return is incorrect? Is the taxpayer required to fix it? And when does CRA contact eliminate access to the Voluntary Disclosures Program (VDP)? These are practical questions with real client implications. In this month’s episode, Joe, Caitlin and Hugh break down these issues and more, highlighting what tax professionals should be watching right now. Take 10 minutes to get current after a busy season. This fast-paced episode covers: * Canada Groceries and Essentials Benefit – Payment Dates: Confirmed timing may prompt client questions on eligibility * In-Person Payments at Financial Institutions: Teller-based tax payments end December 2026, requiring process changes * Late-Breaking News: On a May 13, 2026 post on CPA Canada's Tax360 [https://tax360.cpacanada.ca/discussion/banks-will-still-be-able-to-process-cra-paper-remittances-post-december-1-2026#bm23239bec-d312-4e85-9523-f469e0ae6ad5] portal, Ryan Minor stated that CRA had advised CPA Canada that payments to them are an exception from this change. We will include any relevant additional updates in June’s Life in the Tax Lane.  * Correcting a Past Error – Is It Required?: No clear obligation to amend, but risks remain * Voluntary Disclosures Program – Voluntary Application?: Prior CRA contact may disqualify VDP access despite newer guidance * Objection Deadlines: Strict timelines apply, with limited extension relief requiring clear and timely requests * US Renunciation Fees: Fee reduction may renew interest in relinquishing US citizenship * Whether a Business Exists – Research and Experimentation: Early R&D activity may support business status * Director Liability – Which Director to Assess: CRA may pursue any director for remittance failures, emphasizing due diligence Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-may-2026 Program Recorded: April 22, 2026 Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information, visit videotax.com/disclaimer. ©Video Tax News Inc. 2026, All Rights Reserved.

April 2026 - First-time Home Buyers’ GST/HST Rebate | SimpleFile | Tax Disputes – Use of AI & more

April’s episode of Life in the Tax Lane is here! As personal tax season accelerates, take a moment to watch this episode highlighting recent legislative changes, CRA administrative updates, and court decisions with direct implications for current files and near-term planning. It is a quick way to stay informed, and you might even win a hoodie. This episode discusses:  * First-time Home Buyers’ GST/HST Rebate – Now Open for Application: earlier effective date than originally proposed * SimpleFile and More: program returns with availability for eligible taxpayers who were not previously invited * Tax Disputes – Use of AI: a recent court decision highlights the risks of undisclosed AI use and unreliable, AI-generated citations * Loan Restructuring for Interest Deduction: planning opportunities remain available, but require robust documentation and strong factual support * GST/HST Paid in Error – Rebate Deadline:  * court confirms the strict application of the two-year limitation period * Putting Family on Title Exposes Them to Tax Liabilities: legal title transfers can expose individuals to unexpected transferee tax liabilities Also, this month introduces a Mystery Word Contest, with two hoodies up for grabs. Watch the episode to find the word and enter. Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-april-2026 Enter the Mystery Word contest: https://videotax.com/mystery-word-contest-litl-2026 Learn more about available courses: https://members.videotax.com/courses [https://members.videotax.com/courses/tax-update-2025] Program Recorded: March 25, 2026 Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information, visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.

March 2026: Canada Groceries and Essentials Benefit, Mutual Fund Trailing Fees and Weak Accounting/Oversight

March’s episode of Life in the Tax Lane is here! As personal tax season intensifies and inboxes fill faster than they can be cleared, take a 10-minute break from T1 triage to review recent legislative action and court decisions with direct implications for compliance, documentation, and reassessment risk.  This episode covers: * Canada Groceries and Essentials Benefit: This benefit replacing the GST credit and providing enhancements with increased payments coming soon.  * Mutual Fund Trailing Commissions – GST/HST: CRA will treat trailing commissions as taxable supplies effective July 1, 2026. * Corporate Transfer of Assets to Shareholder’s Child: Below cost sale resulted in a shareholder benefit and denied loss to the corporation. * Under-Reported Income – Bookkeeping Errors: Weak oversight supported opening otherwise statute-barred years and gross negligence penalties. * Shareholder Benefits – Offsets: The court rejected retroactive loan offsets where there was no clear intent or year end accounting support, underscoring the need to clear personal expenses in the year and document the entries before filing. * Labour Mobility Deduction – Temporary Relocation Expenses: Employer allowances reduce but do not eliminate eligible temporary relocation deductions. For firms balancing tight timelines and heightened CRA scrutiny, the episode offers practical reminders on documentation, systems oversight, and resolving issues before they become reassessments. Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-march-2026 Learn more about available courses: https://members.videotax.com/courses [https://members.videotax.com/courses/tax-update-2025] Program Recorded: February 20, 2026 Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information, visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.

February 2026 - Crypto-Assets Reviews and Audits | Crypto-Assets – Income or Capital Gains? | COVID-19 Benefits – Collections | Canada Student Loan Forgiveness Program | Beneficial Ownership | Shareholder Benefit on Land Realty Transfer

February’s episode of Life in the Tax Lane is here! With Valentine’s Day approaching, the Video Tax News team shares a timely roundup of tax issues that may not be especially romantic, but are front of mind as filing season approaches. This fast-paced episode covers: * Crypto-Assets Reviews and Audits: CRA is intensifying audit activity, focusing on non-filing, underreporting, and weak documentation around crypto transactions. * Crypto-Assets – Income or Capital Gains?: A recent court case reinforces that trading intent and activity drive income versus capital treatment. * COVID-19 Benefits – Collections: CRA collections on CERB and CRB overpayments are continuing with a more aggressive tone. * Canada Student Loan Forgiveness Program: Expanded eligibility may allow certain professionals to access significant loan relief. * Beneficial Ownership: Adding children to title discussed in the context of estate planning. * Shareholder Benefit on Land Realty Transfer: Non-FMV transfers between corporations and shareholders can trigger taxable benefits. This episode highlights where CRA scrutiny is increasing and where careful structuring and documentation remain important. Watch or listen to stay current as these issues continue to arise in everyday practice. Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-february-2026 Learn more about available courses: https://members.videotax.com/courses [https://members.videotax.com/courses/tax-update-2025] Program Recorded: January 20, 2026 Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.