Asrani CPA, Professional Corporation

06/14/2026

06/14/2026

Canada Tax Update – June 2026

Key developments this week:

✅ Canada Groceries and Essentials Benefit begins rollout
✅ Self-employed filing deadline is June 15
✅ Federal business tax measures continue legislative progress

Action items for taxpayers:

• File self-employed returns before June 15
• Review tax instalments due June 15
• Verify CRA direct deposit information
• Update corporate tax projections

Businesses should continue monitoring pending federal tax legislation affecting investment planning and succession strategies.

Need quick tax answers? Try our new AsraniCPA Virtual Tax Assistant — available 24/7 for CRA questions, T1/T2 filing, HST, payroll and more. Start here: https://asranicpa.ca/tax-assistant

Ask AsraniCPA – Virtual Tax Assistant Welcome! Ask your Canadian tax or CRA questions below. This virtual assistant provides general information only. For personalized advice, please contact AsraniCPA directly.

06/07/2026

Top 3 Changes
1. Self-Employed Filing Deadline Approaching
Status: Admin
Effective Date: June 15, 2026
Self-employed individuals and their spouses/common-law partners must file their 2025 income tax returns by June 15, 2026. Interest on balances owing continues to accrue from April 30, 2026 even where the filing deadline is later.
Who's affected
Sole proprietors
Self-employed professionals
Partnerships reporting business income
Spouses of self-employed individuals
Recommendation
File before June 15.
Review instalment requirements for 2026.
Ensure GST/HST filings are current.
Sources:
2. Monitoring Federal Tax Legislation from Budget 2025 and Spring Economic Update 2026
Status: Proposed
The federal government continues advancing previously announced tax measures through draft legislation and budget implementation bills. Key measures under consideration include immediate expensing enhancements, Employee Ownership Trust measures, and other previously announced Income Tax Act amendments.
Who's affected
Private corporations
Manufacturing businesses
Business owners considering succession planning
Tax advisors
Recommendation
Do not implement aggressive planning based solely on announcements.
Review corporate structures for potential eligibility under proposed measures.
Monitor enactment dates before filing positions are finalized.
Sources:
3. Canada Groceries and Essentials Benefit Bill Continues Through Legislative Process
Status: Proposed Legislation
Bill C-19 would increase GST/HST-credit-style support through the proposed Canada Groceries and Essentials Benefit framework. The bill remains part of the federal legislative agenda and has not yet completed the full parliamentary process.
Who's affected
Lower- and middle-income individuals
Families receiving GST/HST credit benefits
Recommendation
Ensure 2025 returns are filed on time to preserve eligibility for income-tested benefits.
Maintain current CRA direct deposit information.
Sources:
Itemized Changes
AreaStatusSummaryActionSelf-employed filing deadlineAdminJune 15 filing deadline approachingFile returns before June 15Federal tax legislationProposedVarious Budget 2025 and Spring Update measures progressingMonitor enactmentCanada Groceries & Essentials BenefitProposedBill C-19 remains before ParliamentFile returns to preserve benefitsCRA filing season administrationAdminCRA continues digital service improvements and taxpayer support initiativesUse CRA online services where available
Sources:
Deadlines (Next 60–90 Days)
DateDeadlineJune 15, 2026Self-employed 2025 T1 filing deadlineJune 30, 2026Many corporate year-ends with December 31, 2025 balances owing already overdue—review instalmentsJuly 2026Quarterly GST/HST and payroll remittance deadlines for applicable filersAugust–September 2026Review corporate tax instalments based on 2025 assessments

06/03/2026

Canada Tax Update — Week Ending May 31, 2026

This week’s main tax developments affect Ontario corporations, Quebec retailers, and businesses providing services into British Columbia.

Ontario has enacted its small business corporate tax rate reduction. The Ontario small business tax rate will decrease from 3.2% to 2.2% effective July 1, 2026. Ontario CCPCs should review 2026 tax instalments, corporate tax projections, and dividend planning.

Quebec announced that certain food items and hygiene products will be zero-rated for QST purposes effective July 15, 2026. Businesses selling affected products should update POS systems, SKU-level tax settings, and invoicing procedures before the effective date.

BC has issued guidance on its PST expansion to certain professional services. Effective October 1, 2026, PST at 7% will apply to specified services including accounting, architectural, engineering/geoscience, security, and non-residential real estate services. Ontario firms with BC clients should review whether this affects registration and billing.

Individuals should also note that Finance Canada highlighted Disability Tax Credit access. For 2026, the DTC amount is $10,341, providing a federal tax reduction of up to $1,448.

Need quick tax answers? Try our new AsraniCPA Virtual Tax Assistant — available 24/7 for CRA questions, T1/T2 filing, HST, payroll and more. Start here:

Ask AsraniCPA – Virtual Tax Assistant Welcome! Ask your Canadian tax or CRA questions below. This virtual assistant provides general information only. For personalized advice, please contact AsraniCPA directly.

05/31/2026

Subject: 🇨🇦 Canada Tax Update — Mid‑Year Tax Planning Opportunities Many Canadians Miss

Weekly Canada Tax Update

With tax filing season behind us, this is an excellent time for individuals and business owners to focus on mid-year tax planning rather than waiting until year-end. Many of the best tax-saving opportunities are easier to implement now than in December.

1. Business Owners Should Review 2026 Income Early

Many incorporated business owners wait until year-end to discuss compensation strategies. However, now is the ideal time to review:

Salary versus dividend planning
Corporate tax instalments
Shareholder loan balances
Capital asset purchases
Corporate investment income

Addressing these items early can provide greater flexibility and help avoid surprises at tax time.

2. CRA Is Increasing Matching Programs

The CRA continues to compare filed returns against information received from:

Employers
Financial institutions
Investment brokers
Government agencies

Taxpayers who omitted T-slips, investment income, or other reportable amounts may receive reassessments later this year.

Practical Tip

Review your CRA My Account to ensure all slips issued in your name were included on your return.

3. Self-Employed Individuals Should Track Expenses Monthly

Many sole proprietors and independent contractors struggle to reconstruct expenses at year-end.

Key records to maintain include:

Vehicle expenses and mileage logs
Home office expenses
Professional dues
Telephone and internet costs
Advertising and marketing expenses

Monthly bookkeeping can significantly reduce tax preparation costs and audit risk.

4. GST/HST Filing Errors Remain Common

The CRA continues to identify issues involving:

Missed GST/HST filings
Incorrect input tax credit claims
Unreported online sales
Marketplace and platform income

Businesses should ensure GST/HST returns reconcile with accounting records and sales reports.

5. Prepare for CRA Reviews Before They Arrive

A growing number of post-assessment reviews involve:

Medical expenses
Charitable donations
Employment expenses
Rental property deductions

Maintaining digital copies of receipts and supporting documentation can dramatically speed up the review process.

Tax Planning Reminder

The best tax strategies are usually implemented before year-end, not after. Reviewing your personal and business tax situation now may uncover opportunities to:

Reduce future taxes
Improve cash flow
Optimize compensation strategies
Avoid CRA penalties and interest
Bottom Line

This is the season for proactive tax planning. Whether you're an employee, self-employed individual, investor, or business owner, a mid-year review can help identify opportunities and prevent costly mistakes before the end of 2026.

Need quick tax answers? Try our new AsraniCPA Virtual Tax Assistant — available 24/7 for CRA questions, T1/T2 filing, HST, payroll and more. Start here: https://asranicpa.ca/tax-assistant/

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