NVS Professional Corporation

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

Ontario just handed CCPCs a $5,000 tax break. Smart owners are using it to unlock a bigger one - but the clock is tickin...
06/23/2026

Ontario just handed CCPCs a $5,000 tax break. Smart owners are using it to unlock a bigger one - but the clock is ticking.

Effective July 1, 2026, the combined federal and Ontario small business tax rate is set to drop from 12.2% to 11.2%. For a corporation maximizing the $500,000 small business limit, that's up to $5,000 back in the business every year.

But buried in the same budget is a change most owners haven't planned for.

Starting January 1, 2027, the top marginal rate on non-eligible dividends rises from 47.74% to 48.89%.

The planning window is the gap between those two dates.

If you have excess surplus in your corporation, there's a clear mathematical advantage to declaring and paying non-eligible dividends before December 31, 2026, locking in the more favourable personal rate before it climbs.

There's also a mid-year proration issue worth flagging: because the rate change kicks in on July 1, your 2026 tax installments may need adjusting. Miss this, and you're overpaying the CRA.

In the latest of our Key Insights series, NVS partner Vick Vij breaks down exactly what this small business tax rate drop means for Ontario CCPCs (link in comments).

For Canadian businesses with a December 31 fiscal year-end, the T2 corporate tax return deadline is approaching fast.Cor...
06/16/2026

For Canadian businesses with a December 31 fiscal year-end, the T2 corporate tax return deadline is approaching fast.

Corporate tax returns must be filed with the CRA no later than six months after the end of a fiscal year. For those operating on a calendar year, that makes the deadline June 30, 2026.

Filing vs. Payment ⬇️

Payment Deadline: Taxes owed were due earlier this year - typically two months after year-end for standard corporations, or three months for eligible Canadian-Controlled Private Corporations (CCPCs).

Filing Deadline: The comprehensive T2 return itself is due at the six-month mark.

Even if a corporation cannot pay its tax balance in full, filing the return on time is non-negotiable. Missing the June 30 deadline triggers immediate late-filing penalties starting at 5% of the unpaid tax, plus an additional 1% for every full month the return is late.

Proactive compliance protects working capital and prevents unnecessary CRA scrutiny. Be sure to review draft returns and finalize documentation to ensure a seamless filing process.

https://nvsaccounting.ca/

Is your business financially ready, or just financially busy?There's a difference. And in this economy, that gap can cos...
06/11/2026

Is your business financially ready, or just financially busy?

There's a difference. And in this economy, that gap can cost you everything.

The BDC's Canadian Small Business Health Index shows weakening business sentiment, deteriorating cash flow expectations, and tightened credit access for 2026. This isn't the environment to be winging it.

Yet, too many owners are still running lean on strategy and heavy on instinct when it comes to their finances.

Financial readiness isn't about having all the answers. It's about building systems so the hard questions don't catch you off guard.

Swipe to see what financial readiness actually looks like in practice ➡️

https://nvsaccounting.ca/

For many Canadians, June 15 isn't an extension; it's a trap.Self-employed individuals and their spouses have until June ...
06/05/2026

For many Canadians, June 15 isn't an extension; it's a trap.

Self-employed individuals and their spouses have until June 15 to file their personal income tax returns.

However, any taxes owing were still due April 30th, with interest accruing immediately after that deadline. If you owe and haven't paid, the clock has already been running.

Confusing the filing deadline with the payment deadline is a small mistake that costs Canadian taxpayers every year.

Missing the filing deadline also comes with immediate financial consequences - but only if you have a balance owing. The late-filing penalty is 5% of your outstanding tax balance, plus 1% for each full month the return remains unfiled, up to a maximum of 12 months. And if you have been penalized for late filing in a prior year with a CRA demand to file, those rates double.

With the CRA paying closer attention to SMEs, incomplete records and late filings are among the most common triggers for an audit.

If June 15 is sneaking up on you, now is the time to stop the last-minute scramble and start treating tax strategy like any other business decision.

https://nvsaccounting.ca/

For business owners considering their exit options, this is the most important tax window you may ever have. And it clos...
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).

Bare Trust T3 Reporting Requirements: Important 2026 Update Enhanced trust reporting rules were originally set to apply ...
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/

Are your U.S. assets subject to Estate Tax?The U.S. imposes federal estate tax on anyone holding U.S. situs assets at de...
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).

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

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

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