Life in the Tax Lane-March 2026 | Canada Groceries and Essentials Benefit, Mutual Fund Trailing Fees

Описание: 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-art...

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Program Recorded: February 20, 2026

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