Bare trust tax reporting obligations were initially announced for 2023 before being deferred to 2026 taxation years. Bare trusts must once again be reviewed to determine if there is a tax return filing obligation for 2026. What is a “bare trust”? In general terms, a bare trust exists if one or more persons have legal
An update on bare trust tax reporting for 2026 Read More »
The federal government this week introduced the Productivity Mega Deduction, which would allow Canadian businesses to immediately expense a significantly broader range of capital investments. The proposed measure extends the Productivity Super-Deduction announced in Budget 2025 and is intended to provide a permanent incentive for businesses to invest in new equipment, technology and other depreciable
What the new federal Productivity Mega Deduction could mean for your business Read More »
The federal government’s Spring Economic Update 2026 arrives at an interesting moment. With a newly secured parliamentary majority, the federal government has more room to act decisively on economic policy. The Update opted for a continuation of incremental measures, proposing a mix of targeted spending, tax adjustments and labour market initiatives. While the proposals are
Highlights from the federal Spring Economic Update 2026 Read More »
This blog hopes to alleviate the confusion over line 30 of a trust’s minimum tax (“AMT”) calculation on schedule 12 and its companion line 42 of an individual’s form T691. The confusion is understandable given the convoluted wording of ITA 127.52(1)(i)(ii)(B) and the absence of any meaningful guidance from Finance or the Canada Revenue Agency
Tax update: That mysterious T3, Schedule 12, line 30 Minimum Tax adjustment Read More »
The federal government has announced a new package of tax and support measures aimed at helping Canadians manage the cost of groceries and other essential items, while also providing targeted assistance to businesses facing supply chain pressures and trade uncertainty. At the centre of this announcement is the Canada Groceries and Essentials Benefit, a redesigned
Federal Government proposes new Canada Groceries and Essentials Benefit Read More »
Ontario’s 2025 Fall Economic Statement offers fiscal restraint at a time of deep economic uncertainty. While the federal government’s recent budget leaned heavily on deficit spending and incentives to spur private-sector investment, Ontario’s plan takes a more cautious path—limiting spending commitments and staying focused on a gradual return to balance. The Fall Economic Statement projects
Highlights from Ontario’s 2025 Fall Economic Statement Read More »
This blog outlines tax measures announced in the November 4, 2025, Federal Budget that the Adams + Miles team considers most relevant to our clients. Overall, the current government seems to be showing greater awareness of the impact legislation and compliance has on taxpayers than the previous government. On the other hand, there is nothing
2025 federal budget highlights Read More »
The CRA has revised several important aspects of its voluntary disclosures program (“VDP”), effective for disclosures filed on or after October 1, 2025. Unprompted filers Unprompted filers have received no communication (verbal or written) about an identified compliance issue related to their disclosure. A taxpayer can qualify as an Unprompted filer if the taxpayer has
Changes to the Canada Revenue Agency Voluntary Disclosures Program Read More »
The federal government last week announced plans to defer implementation of the proposed capital gains inclusion rate increase to January 1st, 2026, from the original proposed date of June 25th, 2024. The proposed measure would see the capital gains inclusion rate increase to two-thirds from one-half on annual capital gains realized by corporations and most
Capital gains inclusion rate hike deferred until Jan. 1, 2026 Read More »
The tabling last year of proposed capital gains inclusion rate changes was controversial. The measure’s continued implementation is proving even more contentious. Last week the Canada Revenue Agency confirmed that it would, indeed, continue implementing the increase to the capital gains inclusion rate—to two-thirds from one half on all capital gains earned by corporations and
Capital gains uncertainty—and some of the business tax measures taking effect in 2025 Read More »