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Life in the Tax Lane (Canada)These 10-minute podcasts are a rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. Author: Video Tax News
These 10-minute podcasts are a rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. For more information go to www.videotax.com. Language: en-us Genres: Business, Business News, News Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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March 2026: Canada Groceries and Essentials Benefit, Mutual Fund Trailing Fees and Weak Accounting/Oversight
Episode 130
Tuesday, 3 March, 2026
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-articles/life-in-the-tax-lane-march-2026Learn more about available courses: https://members.videotax.com/coursesProgram Recorded: February 20, 2026Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information, visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.
