ABC Bookkeeping Services

02/21/2026

I have been getting alot of calls this week regarding eligible medical expenses as people are getting their 2025 Income Taxes ready for filing. Here are a couple answers to a few of the main questions I get asked:

You can claim the total of the eligible expenses minus the lesser of the following amounts:

■ $2,834
■ 3% of your net income

** If you had to travel at least 40 kilometres (one way) from your home to get medical services, you may be able to claim the public
transportation expenses you paid (for example, taxis, bus, or train) as medical expenses and/or you may be able to claim vehicle expenses.

** If you had to travel at least 80 kilometres (one way) from your home to get medical services, you may be able to claim accommodation, meal, and parking expenses in addition to your transportation expenses as medical expenses.

** Meal and vehicle expenses You can choose to use the detailed or
simplified method for calculating meal and vehicle expenses. If you use the detailed method, you have to keep all receipts and records for your 12-month period.

If you require a form for your convenience to keep track of appointments, km's travelled, etc. reach you to me and I can send you a copy of what I provide for all of my clients.

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02/03/2026

March 2nd, 2026 is the last day to contribute to an RRSP for the 2025 Tax Season.

Should contribute to an RRSP? Of course every person’s situation is different and this is not financial advice, but here are a couple pros and cons in relation to RRSP’s.

Pros: An RRSP is a deferred tax credit, meaning it will save you money on your Income Tax for the year you contributed by lowering your net income and likely provide you with a higher return.

Filing a lower net income due to RRSP contributions means earning more HST, OTB and/or CTC if you are entitled to these benefits as the amounts given are based on your net income. (Great for families)

If you withdraw from your RRSP at a later time while in a lower tax bracket (possibly retired or cutting back from FT work), you will pay less back in income taxes than you would have saved when you contributed at a higher tax bracket. Win!

Cons: RRSP withdrawals are taxable, adding to your net taxable income. I oftentimes see them not taxed enough at the time of withdrawal meaning owing more at the time of filling taxes.

RRSP’s are automatically flipped into RIF’s at age 71 and individuals are forced to take so much out each year. This is taxable income and may put you into a higher tax bracket and affect your amount owing.

I hope you find this information helpful when deciding if contributing to an RRSP is right for you.

01/31/2026

The federal government has announced that, to address affordability issues facing Canadians, benefit amounts paid under the GST/HST credit program will be increased, beginning in 2026. As well, the GST/HST credit program will be re-named the Canada Groceries and Essentials Benefit.

By the end of June, a one-time payment will be sent to Canadians who are eligible to receive the GST/HST credit during the current (2025-26) benefit year. That one-time top-up will be equal to 50% of the amount of GST/HST credit which the recipient is eligible to receive during the current benefit year.

Beginning in July 2026, and for the next five years, the amount of benefit paid to eligible recipients will be increased by 25%. No application is required to receive either the top-up or the increased benefit amounts, but it is necessary to have filed a 2024 tax return in order to receive the top-up, and to file a return for 2025 in order to receive benefit payments beginning in July 2026.

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01/01/2026

Happy New Year, wishing everyone a safe holiday and prosperous 2026! 🥂🍾