March 2026: Canada Groceries and Essentials Benefit, Mutual Fund Trailing Fees and Weak Accounting/Oversight
About this episode
This episode discusses recent legislative changes and court decisions affecting tax compliance in Canada.
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…
More episodes of Life in the Tax Lane (Canada)
- 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
- 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
- January 2026 - Cancellation of OAS Enrollment | Election to Stop Contributing to CPP | Trust Filing Rules – Bare Trust Arrangements | Trucking Sector – Lifting the T4A Penalty Moratorium | RRIF Minimum Withdrawal Proposal – Abandoned | CRA Service Improve
- December 2025 - First-time Home Buyers' GST Rebate – Effective Date | Automatic Tax Filing for Individuals – Budget 2025 | Failure to Make Electronic Payments | Tax Payment Grace Period | Delayed Slips Posted Online by CRA | &more
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