The 2026 CRA vehicle deduction limits: Class 10.1 cap raised to $39,000, Class 54 zero-emission cap held at $61,000, monthly lease deduction $1,100 + HST, per-km tax-free allowance 73¢/67¢, and the standby and operating taxable benefit rules for owner-managers.
Ontario REALTORS® can incorporate a Personal Real Estate Corporation (PREC) under TRESA. The single-registrant model, RECO registration, the deferral and income-splitting tax math, and the eight setup steps from Insight Accounting CPA Professional Corporation.
The annual year-end tax planning checklist for Canadian owner-manager CCPCs in 2026 — salary vs dividend mix, RRSP $33,810 and TFSA $7,000 room, bonus accrual 180-day rule, capital loss harvesting, CDA payouts, prescribed-rate spousal loans at 3%, LCGE $1,275,000 crystallization, and December-31 deadlines. By Bader A. Chowdry, CPA, CA, LPA.
T1135 is Canada’s mandatory foreign property reporting form for residents holding specified foreign property with a total cost over $100,000 CAD at any point in the year. Penalties for late or unfiled returns range from $2,500 to $24,000, with 5% of asset value for sustained non-compliance. The 2026 thresholds, simplified vs detailed reporting, and the VDP relief path from Insight Accounting CPA Professional Corporation.
Every Canadian trust hits a deemed disposition under paragraph 104(4)(b) on its 21st anniversary — taxing accrued capital gains as if all capital property were sold at fair market value. Budget 2025 amended subsection 104(5.8) to capture indirect trust-to-trust transfers. The 2026 planning playbook from Insight Accounting CPA Professional Corporation.
Share sale vs asset sale of a Canadian private corporation in 2026: LCGE at $1,275,000, QSBC 24-month purification, section 84.1 anti-stripping, hybrid sale structures, section 22 and section 167 elections, and the after-tax delta typical for owner-manager exits.
Bill C-15 repealed the federal Underused Housing Tax for 2025 and later years. But 2022–2024 returns and penalties still apply, foreign owners and non-Canadian corps still file, and provincial and municipal vacancy taxes are unaffected.
The HST Quick Method lets eligible Ontario service businesses remit HST at a flat 8.8% of HST-included sales instead of tracking ITCs. Solo consultants, advisors, skilled-trades, fitness/coaching businesses with low input pools save real money under $400,000 in annual taxable supplies. Eligibility, math, election timing, and the fact patterns where it does not pay back.
Subsection 55(2) recharacterizes an intercorporate dividend as a capital gain when a purpose, value-reduction, or cost-of-property trigger fires — unless safe income on hand or a 55(3) related-party exception applies. Cost computed at the current 50% inclusion rate after the March 21, 2025 cancellation of the proposed 66.67% increase.
AI tools save Canadian small businesses real money on bookkeeping, marketing copy, and document drafting — and waste money on the wrong workloads. A practical 2026 guide.
WhatsApp us
CPA-led, AI-enhanced accounting for ambitious businesses across the GTA.
Insight Accounting CPA
4300 Village Centre Ct
Unit 100, Mississauga, ON
L4Z 1S2