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NVS Professional Corporation

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NVS Professional Corporation

At NVS, we want to be your financial advocate and help your business reach its fullest potential.

05/21/2026

For business owners considering their exit options, this is the most important tax window you may ever have. And it closes December 31, 2026.

Business owners who sell their qualifying company to an employee ownership trust (EOT) currently have access to a $10 million capital gains exemption. But this massive tax-saving opportunity is set to expire at the end of the year. Are you missing out?

Swipe to learn more ➡️

For a closer look at how EOTs work and whether they’re the right fit for your succession plan, refer to our comprehensive guide (link in comments).

05/19/2026

Bare Trust T3 Reporting Requirements: Important 2026 Update

Enhanced trust reporting rules were originally set to apply for the 2023 tax year. What followed was confusion, last-minute CRA reversals, and wasted compliance effort.

More than 44,000 taxpayers filed bare trust forms in 2024 despite the CRA pausing requirements just days before the filing deadline. For 2023, 2024, and 2025, bare trusts were administratively exempt from filing requirements.

What changes for 2026?

Bill C-15, enacted on March 26, 2026, amended the definition of a bare trust for trust reporting purposes and introduced new exemptions from filing, beginning with tax years ending December 31, 2026.

Bare trusts exempt from filing requirements include:

🔹 Trusts holding assets with a total fair market value that does not exceed $50,000 within the calendar year (with no asset-type restrictions)

🔹 True joint ownership arrangements, such as a joint bank account held by spouses, or a parent co-signing a mortgage and going on title for a child's principal residence

🔹 Trusts that have been in existence for less than three months during the year

🔹 Arrangements where all beneficiaries are legal owners of the trust property and all legal owners are beneficiaries of the bare trust

Bare trusts that do not qualify for an exemption will likely have filing requirements in 2027 and beyond. Early preparation is essential. Trustees should review ownership structures now to identify trust types and assess whether any exemptions apply.

Reach out to discuss your upcoming trust planning obligations and opportunities.

https://nvsaccounting.ca/

05/14/2026

Are your U.S. assets subject to Estate Tax?

The U.S. imposes federal estate tax on anyone holding U.S. situs assets at death. For Canadians, the default exemption is only USD $60,000. That includes U.S. real estate, shares in U.S. corporations, and brokerage accounts. It even includes U.S. stocks held inside your TFSA.

In practice, the Canada-U.S. Tax Treaty protects most Canadians. The 2026 unified credit now exempts the first USD $15 million of a worldwide estate from U.S. estate tax, and a pro-rated share of that credit is available to Canadian residents. For the majority of people, real exposure is limited.

But as U.S. assets grow in relation to total wealth, so does the liability. And for estates that do exceed the threshold, the options available during life are far greater than the options available after death.

If you or your clients hold meaningful U.S. assets, don’t miss our comprehensive U.S. Estate Tax planning guide, with actionable strategies to help Canadians protect generational wealth (link in comments).

05/12/2026

How should you withdraw money from your corporation?

It’s a critical decision that can significantly impact your financial well-being and tax obligations. Largely, it comes down to two choices: Salary or Dividends.

Watch our latest video to learn the pros and cons of each ➡️

By understanding the pros and cons of salaries versus dividends, you can optimize your compensation strategy for greater financial success.

To learn more about tax-efficient methods of withdrawing money from your corporation, check out our complete guide (link in comments).

05/04/2026

Social disconnection in the workplace is on the rise - and it's costing businesses more than they realize.

It's CMHA Mental Health Week - and this year's theme hits close to home for anyone running a business.

Come Together, Canada: Stronger Connections. Better Mental Health.

In the business world, we talk a lot about productivity, margins, and retention. But here are some numbers worth sitting with: 1 in 5 Canadians experiences a mental health problem in any given year, and 36% of workers report feeling isolated and alone in the workplace*.

And yet, many business owners still treat mental health as an HR checkbox rather than a business imperative.

The research is unambiguous: when employees feel genuinely connected to their team, their work, and their leadership, performance follows.

Improving Connection in the Workplace ⬇️

🔹 Signal Support - Add visible cues (posters, email signatures, profile frames) so people know connection is welcome.

🔹 Normalize Check‑Ins - Start meetings with a quick "pulse check" to gauge how your team is actually doing.

🔹 Make it Low Friction - One-on-one coffees, peer shout‑outs, and employee appreciation cards build belonging without heavy resources.

🔹 Create Space to Connect - Casual team gatherings let people interact beyond their job titles (we're partial to a Shawarma Shwednesday here at NVS).

Mental Health Week is a launchpad, but the goal is turning one-off gestures into steady practice. The businesses that get this right don't just end up with healthier teams. They end up with more resilient, loyal, and high-performing ones. That's not a wellness outcome. That's a business outcome.

Stronger Connections. Better Mental Health.

https://nvsaccounting.ca/

*Source: Canadian Mental Health Association

04/30/2026

One wrong move with your Capital Dividend Account could cost you 60% of your distribution in penalties.

The CDA is one of the most valuable tax planning tools available to Canadian private corporations. But most business owners don't realize how easy it is to miscalculate a balance, miss a filing obligation, or unknowingly trigger a massive CRA penalty.

Watch the video to make sure you don’t fall into the most common Capital Dividend Account Pitfalls.

Ready to go deeper? Visit our resource library for more insights built for business owners and decision-makers:

https://nvsaccounting.ca/articles/

04/28/2026

With Trump’s “One Big Beautiful Bill Act” (OBBBA) officially enacted, Canadians with U.S. income, investments, or business operations should consider the following impacts to cross-border tax planning ⬇️

1. Withholding Tax Increase Cancelled - The U.S. government will not move forward with proposed tax legislation that could have significantly increased withholding tax on U.S.-source investment income for Canadians.

2. Higher U.S. Estate and Gift Exemptions - The OBBBA permanently raises the U.S. federal estate and gift tax exemptions to $15M, reducing the likelihood of Canadians being subject to U.S. estate tax.

3. Corporate Tax Rate - The OBBBA preserves the U.S. 21% corporate tax rate, removing uncertainty about a potential increase.

4. Pass-Through Entity Deduction - The Bill makes the deduction for pass-through entities permanent, with expanded rules that refine wage and capital-based limitations.

5. Investment Structures - Canadian investment funds and corporations with U.S. holdings may need to reassess entity structures, financing arrangements, and profit repatriation strategies.

6. Expanded R&D and Depreciation Rules - The OBBBA restores full expensing of domestic R&D costs and makes 100% bonus depreciation permanent for qualifying business property.

If you’re unsure how these changes affect your cross-border tax planning obligations and opportunities, reach out to your dedicated NVS advisor:

https://nvsaccounting.ca/

04/22/2026

Earth Day fact: sustainability has a spreadsheet.

Behind every green initiative is a set of numbers: energy savings, emissions reductions, diversity ratios, and community dollars invested.

That's ESG (Environmental, Social, and Governance). And it's becoming as important as your financial statements.

More than a regulatory checkbox, ESG is a strategic tool for building a business that's good for your organization and good for the planet.

While ESG reporting was once reserved for global corporations, it has become a vital strategic tool for Canadian SMEs, with high-impact benefits that include:

🔹 Stronger Risk Management: Identify environmental risks before they hit your bottom line.

🔹 Better Access to Capital: Lenders and investors are prioritizing businesses with clear ESG commitments.

🔹 Operational Savings: Reducing your carbon footprint often leads to meaningful cost reductions in energy and waste.

🔹 Brand and Talent Loyalty: Today's consumers and employees want to work with purpose-driven organizations.

As financial advocates for businesses across Barrie, Burlington, Markham and the GTA, NVS is here to help you navigate the evolving landscape of ESG reporting. From streamlining your data to identifying "green" tax incentives, we help you turn sustainability into a competitive advantage.

This Earth Day, let’s commit to building a resilient, future-ready Canadian economy. Learn more at:

https://nvsaccounting.ca/

Address

341 King Street, Unit 5 & 6
Barrie, ON
L4N6B5

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

https://nvsaccounting.ca/

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