James Liska Professional Corporation

08/20/2026

☝Canada Revenue Agency – Corporate Services Update

🙂Updated Online Resources for Small and Medium Businesses

🔷Canada Revenue Agency (CRA) has reorganized and updated the online Resources for small and medium businesses web page so business owners can quickly find the information, online services, and tools they need in one place.

📎Whether starting a business, managing day-to-day operations, or planning for growth, these resources help to explain tax obligations, access CRA digital services, and stay up to date.

🔎Link: Resources for small and medium businesses web

☝Business Registration Online now only Available through CRA Online Account

📆As of July 14, 2026, business owners/representatives must sign in to their CRA account to access Business Registration Online (BRO). Once signed in, they can register for a business number (BN) or CRA program accounts, such as GST, Payroll, Slip Filing, etc..

🙂This change is meant to enhance security. For more information, refer to: Business Registration Online (BRO)

🔎Access to Business Account Online (MyBusinessAccount)

To securely and quickly manage your business information and use CRA online services, CRA now requires business owners to link their Social Insurance Number (SIN) to their Business Number (BN) and then add the BN to their personal MyAccount CRA account.

Individuals can link their SIN to their BN online using information from an assessed GST return or T2 Corporation Income Tax Return. If the BN was registered within the last 28 days, the SIN can be linked online without having filed a return.

🔎For more information: How to access My Business Account

06/19/2026

🙂Set Up Your Business in Alberta

🔎Starting a business involves more than just an idea, it also means understanding the legal and operational steps required to get set up properly. In this practical webinar, Matt Hill will guide participants through the fundamentals of starting a business in Alberta and help simplify the setup process.

😊Participants will learn how to choose the right business structure based on their goals, understand registration and permit requirements, and set up key operational basics such as business numbers, taxes, and essential administrative processes.

🔷Whether you’re in the early planning stages or ready to officially launch, this session will help you build confidence and ensure you have the right foundations in place to start your business successfully.

☝What We’ll Explore
🔷 Choose the right business structure for your situation
🔷 Understand registration, licenses, and permit requirements
🔷 Set up essentials like your business number, taxes, and basic operations

🔎Speaker: Matt Hill, Business Link Alberta, Director, Client Services & Operations

🔎Reserve a spot here:

Learn the key steps to legally start your business and confidently set up the foundations for operating in Alberta.

06/18/2026

☝☝CRA’s New Disability Tax Credit (DTC) Application Rules

🔶The Canada Revenue Agency (CRA) recently announced significant updates to how it processes the Disability Tax Credit (DTC). Aimed at streamlining operations and cutting wait times, these changes fundamentally alter how applicants must submit documentation moving forward.

⌛To speed up processing times, the CRA is strongly pushing for digital-first applications. Moving forward, the most efficient way to apply for the DTC is directly through the applicant's online CRA "My Account."
According to the CRA, the online application portal is designed to prevent omissions and validate information instantly, reducing the likelihood of the application being sent back for corrections.

📎Applicants can still apply by mail using Form T2201, though the CRA explicitly notes that processing times will be significantly longer.

📆As of July 14, 2026, applicants (and their accounting representatives) will no longer be able to use the generic "Submit Documents" tool in their CRA My Account to upload new DTC applications or unsolicited supporting files. This feature will only be available if CRA specifically contacts you to request additional information.

📎On September 8, 2026: CRA will no longer accept versions of Form T2201 printed before 2023. If you are submitting a paper application, you must download and fill out the absolute latest version, ensuring it is signed by both the applicant and a certified medical practitioner.

06/09/2026

🙂Important 2026 Deadlines for Canadian Small Businesses and Self-Employed Individuals

⌛️Manage your tax obligations by meeting the applicable deadlines set by Canada Revenue Agency (CRA). Remember: late payment penalties and interest charges assessed by CRA are not deductible business expenses and should be avoided if at all possible.

📎Some deadlines vary depending upon the annual revenue and other conditions, specific information for your situation will be available on your CRA MyAccount or MyBusinessAccount. Note: When a due date falls on a Saturday, Sunday, or federal holiday, the deadline is postponed to the next business day.

☝Businesses with Payroll Accounts
🔷 Filing deadline: T4, T4A, T4A-NR and T4A-RCA information returns must be filed by the last day of February after the preceding calendar year
🔷 Payroll remittances: varies based upon your average monthly withholding amount from two calendar years ago - check your remitter type to know your remitting frequency and due dates

Self-Employed Individuals (income tax)
🔷 Filing deadline: T1 with 2125 business schedule must be filed by June 15, 2026. However, the payment deadline for any balance owing is April 30, 2026.
🔷 If instalment payments are required: March 15, June 15, September 15, December 15 in 2026

☝Corporations (income tax)
🔶 Filing Deadline: T2 corporate income tax return is due within six months of your tax year-end. However, the payment deadline for any balance owing is much earlier:
🔶 Payments are generally due two months after the tax year-end
🔶 For Canadian controlled private corporations (CCPC) claiming the small business deduction, payments are due three months after the tax year-end, provided the conditions found on the Balance-due day page are met
🔶 Instalment Payments: For corporations required to pay income tax by instalments, payments are required either monthly or quarterly, depending on certain conditions. The specific due date is the last day of the month or the last day of the quarter, depending upon your instalment schedule

☝Businesses Registered for GST
🔷 Monthly Filers: File and pay one month after the end of the reporting month
🔷 Quarterly Filers: File and pay one month after the end of the reporting quarter
🔷 Annual Filers: File and pay three months after the fiscal year-end. However, for self-employed individuals with a December 31 fiscal year-end, your payment deadline is April 30, 2026, with a filing deadline of June 15, 2026
🔷 Instalment Payments: If required, GST instalment payments are due within one month after the end of each fiscal quarter.

🔎CRA Sources of Support

🔎The CRA resources for small and medium businesses web page gives direct access to tax-related services and information for businesses.

🔎The CRA Liaison Officer Service is also available to small business owners and self-employed individuals who need help understanding their tax obligations.

06/09/2026

🔎Unclaimed Payments from Canada Revenue Agency

🔶Canada Revenue Agency (CRA) is currently holding more than 10.5 million uncashed cheques, representing over $1.8 billion in unclaimed funds across the country. With an average value of approximately $178 per cheque, these overlooked assets often belong to taxpayers who are entirely unaware of their existence.

🔷CRA issues millions of payments annually for corporate and personal income tax refunds, GST credits, the Canada Child Benefit (CCB), and various provincial incentive programs. While direct deposit has significantly mitigated delivery issues, there are still many previously undeliverable payments on record.
As a standard administrative practice, government cheques do not expire or stale-date. Consequently, these funds remain available for recovery regardless of how much time has elapsed since their issuance.

☝Individuals can identify unclaimed funds through CRA’s MyAccount portal by navigating to the Overview page and clicking on Uncashed Cheques. This service will list all personal payments that have remained uncashed for longer than six months. If an outstanding balance is identified, the portal allows you to download a pre-filled form to request a replacement payment, which can be issued via direct deposit or a new physical cheque.

🔶The online "Uncashed cheques" feature is currently limited to personal accounts. If you need to verify unclaimed amounts for a corporation, trust, or if you do not have online account access, you must contact the CRA directly by phone.
Due to a high volume of requests, current CRA processing times sit between eight to ten weeks. Furthermore, taxpayers should note that if there are outstanding tax liabilities, CRA will automatically apply the uncashed cheque balance toward those arrears before disbursing the remaining funds.

04/06/2026

🙃The "Affordability Act" of 2026: Navigating the New Federal Tax Cut

🔶As we enter the 2026 tax season, the most significant change for the average Canadian taxpayer is the full implementation of the Making Life More Affordable for Canadians Act (Bill C-4). This legislation has officially lowered the federal personal income tax rate for the lowest bracket from 15% down to 14%. While a 1% reduction may seem modest, it represents a meaningful shift in our progressive tax system, particularly as it is the first time the full reduction applies to an entire calendar year.

🔷For the 2025 tax year (the returns you are filing now), the CRA applied a "blended" rate of 14.5% because the cut took effect midway through the year. However, for 2026 and beyond, the full 14% rate is in effect for all taxable income up to $58,523. This change is expected to provide tax relief of up to $420 per individual or $840 for two-income families.

☝While these savings are a welcome reprieve from inflation, it is important to note that the lower tax rate also reduces the value of most non-refundable tax credits, such as the Basic Personal Amount and Tuition Tax Credits. To offset this, a temporary "Top-Up Tax Credit" has been introduced to ensure that those claiming significant credits are not inadvertently penalized by the lower rate.

04/03/2026

🙂From GST Credit to the Canada Groceries & Essentials Benefit

🔶In a major rebranding of one of Canada’s most widely received rebates, the GST credit has been replaced by the newly enacted Canada Groceries and Essentials Benefit. Following the passage of Bill C-19 in February 2026, more than 12 million low- and modest-income Canadians will see a significant boost in their quarterly payments. This change is not merely a new name; it represents a multi-billion dollar expansion aimed at offsetting the rising cost of living and food across Canada.

🔷The relief arrives in two distinct phases this year. First, eligible recipients will receive a one-time "top-up" payment as early as spring 2026, and no later than June. This lump-sum payment is equal to 50% of the annual value of your 2025-26 credit, providing immediate cash flow to households. Following this, starting in July 2026, the base value of the quarterly benefit will permanently increase by 25%. For a family of four, these combined measures could result in a total benefit of up to $1,890 for the 2026-2027 benefit year.

📂The most important takeaway for our clients is that eligibility for this benefit is tied directly to your tax filings. You do not need to apply for the Canada Groceries and Essentials Benefit separately; the CRA automatically determines your eligibility based on your 2025 tax return.

☝To ensure there are no delays in receiving these payments, it is critical that your 2024 and 2025 returns are filed accurately and on time. Even for individuals with no taxable income, filing is the only way to "unlock" these essential credits. If you haven't yet organized your documents for this season, now is the time to do so.

04/02/2026

🙃CRA Update: Bare Trust Filing Requirements Paused for 2025

☝The Canada Revenue Agency (CRA) has officially announced that it is once again holding off on requiring Canadians to file T3 tax forms for bare trusts for the 2025 tax year. This decision follows a period of significant uncertainty that began during the 2024 tax season when the agency first paused these requirements. A bare trust is a specific type of principal-agent relationship where a trustee holds legal title to property but has no independent power or discretion over it. In these arrangements, the beneficiary retains full control over the trust property, making the trustee a mere representative for legal title purposes. Common examples are instances where, for convenience, a child’s name is on the title of land, a bank or investment account owned by a parent.

📂Based on the proposed legislation in Bill C-15, which was tabled in Parliament on November 18, 2025, the CRA does not expect bare trusts to file a T3 Trust Income Tax and Information Return or the associated Schedule 15 for taxation years ending in 2025. While certain bare trusts will be required to file for taxation years ending on or after December 31, 2026, the current pause provides much-needed relief for taxpayers and accountants alike. Furthermore, the CRA has indicated that it may eventually create a return specifically designed for bare trusts once there is more legislative certainty, a move previously recommended by the Taxpayers’ Ombudsperson.

🔎The proposed amendments under Bill C-15 also introduce several key exemptions for the 2025 tax year and beyond. For instance, many trusts may not be required to file a T3 return if they hold assets with a total fair market value that does not exceed $50,000 throughout the year. Higher thresholds of $250,000 apply to specific asset types or client trust accounts, provided they meet the conditions outlined in the updated sections of the Income Tax Act. Additionally, trusts established to comply with specific federal or provincial statutes, such as those used by bankruptcy trustees or provincial guardians, are also expected to be exempt from these reporting requirements.

🔶For trusts that are still required to file a T3 return but meet the new criteria, the CRA has confirmed that Schedule 15 regarding beneficial ownership information will not be required for the 2025 taxation year. While taxpayers have the option to file voluntarily under current laws while Bill C-15 is pending, most will find it prudent to wait for further direction. Our firm is continuing to monitor these legislative developments closely to ensure our clients remain compliant as the regulatory landscape for trusts evolves.

04/01/2026

😊Supporting the Diabetes Community: Join the 38th annual Kids ‘n’ Us: Families Facing Diabetes Conference

🙃At James Liska Chartered Professional Accountants, we believe in sharing our experiences in support of the families and individuals who make our Edmonton community thrive. We are proud to announce our continued involvement with the Kids ‘n’ Us: Families Facing Diabetes Conference, taking place here in Edmonton on May 2, 2026.

This year marks the 38th anniversary of this vital event, and our firm is honored to have been a part of this journey for several years. The conference serves as a cornerstone for families, caregivers, youth, and children navigating the complexities of living with Type 1 Diabetes (T1D).

🔸One of our associates, Baumgartner & Company Chartered Professional Accountants, will be co-hosting a presentation on Financial Supports for those with T1D.

Type 1 Diabetes is a 24-hour-a-day autoimmune condition that requires constant vigilance, insulin delivery, and precise planning. Beyond the physical and emotional toll, the financial burden of life-sustaining medical expenses can be significant.

Following years of advocacy, a major milestone was reached in 2022: the Canada Revenue Agency now recognizes that all Canadians living with T1D are eligible for the Disability Tax Credit (DTC) under the "Life-Sustaining Therapy" category.

🖋️The DTC is a non-refundable credit designed to reduce income tax liability. If the individual with T1D does not require the full credit to reduce their tax to zero, the unused portion may be transferred to a supporting spouse or parent

In addition, approval for the DTC acts as a "key" that unlocks several other federal financial supports:
• Child Disability Benefit (CDB): A monthly, tax-free payment added to the Canada Child Benefit to assist with the costs of raising a child with chronic medical needs.
• Registered Disability Savings Plan (RDSP): A powerful long-term savings vehicle where government grants and bonds can significantly augment personal contributions. Restrictions apply and individual circumstances will affect the amounts received from the federal government.
• Caregiver Credits: Potential eligibility for the Family Caregiver Tax Credit if you are supporting a dependent with T1D.

A representative from the firm will be presenting on how individuals can apply for the DTC, what to expect during the process, timeframe for approval and reassessments, and what steps to take next.

They will be joined at the session by knowledgeable co-hosts describing the benefits of the Registered Disability Savings Plan and how to access these, and financing options for post-secondary education.

📌Full details on the conference are available at: KidsnUs.ca

03/02/2026

🙂☝Interesting Opportunities from Business Link

The following is taken from the Business Link Alberta newsletter of February 24, 2026.📂

🔎Business Link offers a variety of courses and seminars to help small business owners succeed. Follow them on your choice of social media: facebook, Instagram, Linked In, and YouTube.

🔶Tax Refresher for Entrepreneurs

📆Thursday, March 12 from 2:00 p.m. to 3:00 p.m. – Online
Get prepared for tax season with this practical refresher designed for early-stage entrepreneurs. Learn key tax considerations for sole proprietors and incorporated businesses, discover year-end strategies and gain clarity on tax rules so you can make informed financial decisions.
🔎Register at: https://www.eventbrite.ca/e/tax-refresher-for-entrepreneurs-tickets-1980198325497?utm_source=Business+Link+Alberta&utm_campaign=b618209242-Business+Link+Newsletter+%7C+April+29+2025_COPY_01&utm_medium=email&utm_term=0_-c5e471724a-273857110

🔶CBC Dragons’ Den Auditions – Season 21

Applications Now Open – In Person Auditions Across Canada
Applications are open for Season 21 of CBC’s Dragons’ Den. Canadian-based entrepreneurs are invited to apply for the opportunity to pitch their innovative ideas in person across the country. Selected applicants will be contacted in early 2026 to schedule auditions. Take the first step toward braving the Den
🔎Apply at: https://www.cbc.ca/dragonsden/auditions?utm_source=Business+Link+Alberta&utm_campaign=b618209242-Business+Link+Newsletter+%7C+April+29+2025_COPY_01&utm_medium=email&utm_term=0_-c5e471724a-273857110