MACH Accounting

MACH Accounting MACH Accountants & Advisors is a full-service accounting & advisory firm with offices in Nelson, Vancouver, and Milton.

We provide a wide range of services, including tax planning, financial preparation, bookkeeping, payroll, and business consulting

๐Œ๐ข๐๐๐ฅ๐žโ€‘๐‚๐ฅ๐š๐ฌ๐ฌ ๐“๐š๐ฑ ๐‚๐ฎ๐ญ๐ฌ, ๐‘๐ž๐ฉ๐ž๐š๐ฅ๐ž๐ ๐“๐š๐ฑ๐ž๐ฌ & ๐๐ž๐ฐ ๐‚๐ซ๐ž๐๐ข๐ญ๐ฌThe 2025 budget delivers both relief and fairness measures.  Here are...
03/31/2026

๐Œ๐ข๐๐๐ฅ๐žโ€‘๐‚๐ฅ๐š๐ฌ๐ฌ ๐“๐š๐ฑ ๐‚๐ฎ๐ญ๐ฌ, ๐‘๐ž๐ฉ๐ž๐š๐ฅ๐ž๐ ๐“๐š๐ฑ๐ž๐ฌ & ๐๐ž๐ฐ ๐‚๐ซ๐ž๐๐ข๐ญ๐ฌ

The 2025 budget delivers both relief and fairness measures. Here are three changes to know:

1. Middleโ€‘class tax cut & topโ€‘up credit โ€“ The first marginal personal incomeโ€‘tax rate falls to 14.5% for 2025 and 14% starting 2026. To prevent the rate reduction from eroding the value of nonโ€‘refundable credits, a topโ€‘up tax credit maintains a 15% credit rate on amounts above the first bracket.

2. Repeal of Underused Housing Tax (UHT) and luxury tax โ€“ The UHT, which applied to vacant or underused residential property owned by certain nonโ€‘residents, will be eliminated starting in the 2025 calendar year. The luxury tax on boats and airplanes ends after November 4 2025, though higherโ€‘end vehicles remain subject.

3. Personal support workers (PSW) tax credit โ€“ Recognizing the essential work of PSWs, the budget introduces a temporary refundable tax credit worth 5 % of eligible earnings, up to $1,100 per year, for 2026โ€‘2030. The credit does not apply to amounts earned in British Columbia, Newfoundland & Labrador or the Northwest Territories.

Other notable measures include closing a โ€œdoubleโ€‘dippingโ€ loophole that previously allowed simultaneous claims under the Home Accessibility Tax Credit and Medical Expense Tax Credit, effective January 1 2026, and cancelling the proposed Canadian Entrepreneursโ€™ Incentive while retaining the enhanced $1.25 million Lifetime Capital Gains Exemption.

๐€๐œ๐ญ๐ข๐จ๐ง: Homeowners should claim both the HATC and METC on qualifying renovations before the end of 2025. PSWs should track eligible earnings to maximize the new credit once it starts in 2026. For investors, the repeal of UHT and luxury taxes may alter the attractiveness of certain assetsโ€”discuss these changes with your advisor.

Contact us today to book a free consultation!
Visit us at machaccounting.com | Call us at +1-855-352-5191
Email us: [email protected]

Disclaimer:
This post is general information only and not tax advice. Feel free to save or share this, and contact us if you need assistance getting organized.

Previously Wharfhouse Business Services. Your partner in financial growth. Discover expert accounting, tax planning, and bookkeeping services at MACH Accounting. We provide personalized solutions for businesses and individuals, ensuring financial success through tailored strategies and modern tools.

๐“๐ซ๐ฎ๐ฌ๐ญ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐  โ€“ ๐€๐ง๐ญ๐ขโ€‘๐€๐ฏ๐จ๐ข๐๐š๐ง๐œ๐ž & ๐๐š๐ซ๐ž ๐“๐ซ๐ฎ๐ฌ๐ญ ๐‘๐ฎ๐ฅ๐ž๐ฌEstate and trust structures are under tighter scrutiny.  The 2025 fede...
03/30/2026

๐“๐ซ๐ฎ๐ฌ๐ญ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐  โ€“ ๐€๐ง๐ญ๐ขโ€‘๐€๐ฏ๐จ๐ข๐๐š๐ง๐œ๐ž & ๐๐š๐ซ๐ž ๐“๐ซ๐ฎ๐ฌ๐ญ ๐‘๐ฎ๐ฅ๐ž๐ฌ

Estate and trust structures are under tighter scrutiny. The 2025 federal budget expands the 21โ€‘year deemed disposition rule to include indirect transfers of property to another trust. Transfers after November 4 2025 will carry the original trustโ€™s 21โ€‘year clock into the new trust, preventing tax planners from resetting the clock through chainโ€‘transfer strategies.

At the same time, the government deferred the new bare trust reporting rules to apply to taxation years ending after December 31 2026. Trustees have extra time but should prepare to report detailed information (names, addresses, dates of birth, residency and tax ID numbers) for settlors, trustees and beneficiaries.

๐–๐ก๐ฒ ๐ข๐ญ ๐ฆ๐š๐ญ๐ญ๐ž๐ซ๐ฌ:
โ€ข Indirect trust transfers that were previously used to defer capital gains will now trigger tax sooner. Existing trust arrangements should be reviewed to ensure they still meet succession and tax objectives.
โ€ข Bare trustsโ€”common in real estate and business jointโ€‘venture arrangementsโ€”will soon need to file T3 returns and schedules disclosing parties involved. Failure to file can result in substantial penalties.

๐€๐œ๐ญ๐ข๐จ๐ง: Families and businesses using trusts should consult with us before transferring assets between trusts, and begin gathering beneficiary and settlor information in anticipation of the new reporting regime. Proper planning now can avoid unexpected tax bills and compliance headaches later.

Contact us today to book a free consultation!
Visit us at machaccounting.com | Call us at +1-855-352-5191
Email us: [email protected]

Disclaimer:
This post is general information only and not tax advice. Feel free to save or share this, and contact us if you need assistance getting organized.

๐€๐ฅ๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐ฏ๐ž ๐Œ๐ข๐ง๐ข๐ฆ๐ฎ๐ฆ ๐“๐š๐ฑ ๐‚๐ก๐š๐ง๐ ๐ž๐ฌ โ€“ ๐๐ซ๐ž๐ฉ๐š๐ซ๐ž ๐Ÿ๐จ๐ซ ๐š ๐‡๐ข๐ ๐ก๐ž๐ซ ๐…๐ฅ๐จ๐จ๐ซHighโ€‘income individuals and those making large charitable do...
03/29/2026

๐€๐ฅ๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐ฏ๐ž ๐Œ๐ข๐ง๐ข๐ฆ๐ฎ๐ฆ ๐“๐š๐ฑ ๐‚๐ก๐š๐ง๐ ๐ž๐ฌ โ€“ ๐๐ซ๐ž๐ฉ๐š๐ซ๐ž ๐Ÿ๐จ๐ซ ๐š ๐‡๐ข๐ ๐ก๐ž๐ซ ๐…๐ฅ๐จ๐จ๐ซ

Highโ€‘income individuals and those making large charitable donations need to pay attention to the revised Alternative Minimum Tax (AMT) regime. Beginning in 2024, the AMT rate jumps to 20.5% from 15%, and the exemption increases to the fourth federal bracket thresholdโ€”$173,205 for 2024 and $177,882 for 2025.

๐‚๐ซ๐ข๐ญ๐ข๐œ๐š๐ฅ ๐œ๐ก๐š๐ง๐ ๐ž๐ฌ:
โ€ข Only 50 % of most deductions (employment expenses, moving expenses, childโ€‘care expenses, interest and carrying charges, and loss carryโ€‘overs) are allowed when calculating AMT.
โ€ข Donation tax credits are limited to 80 % of eligible amounts, and most other nonโ€‘refundable credits are allowed at only 50%.
โ€ข Flowโ€‘through share deductions and provincial credits are also subject to AMT restrictions, potentially reducing the net benefit of resource investments.

๐๐ฅ๐š๐ง๐ง๐ข๐ง๐  ๐ข๐๐ž๐š๐ฌ:
โ€ข Spread large charitable gifts over multiple years to optimize regular tax and AMT interactions.
โ€ข Review the timing of deductions (e.g., business investment losses, carrying charges) to avoid triggering AMT in a year with exceptional income.
โ€ข Use the 7โ€‘year AMT credit carryโ€‘forward strategically; unused AMT can be recovered in future years when regular tax exceeds AMT.

๐€๐œ๐ญ๐ข๐จ๐ง: Before exercising stock options, realizing capital gains or making large donations, run the numbers under both the regular tax and AMT to avoid surprises. Our team can model these scenarios and develop an optimal strategy for your situation.

Contact us today to book a free consultation!
Visit us at machaccounting.com | Call us at +1-855-352-5191
Email us: [email protected]

Disclaimer:
This post is general information only and not tax advice. Feel free to save or share this, and contact us if you need assistance getting organized.

๐๐ข๐ ๐ ๐ž๐ซ ๐’๐‘&๐„๐ƒ ๐ˆ๐ง๐œ๐ž๐ง๐ญ๐ข๐ฏ๐ž๐ฌ โ€“ ๐„๐ง๐ก๐š๐ง๐œ๐ž๐ ๐‚๐ซ๐ž๐๐ข๐ญ ๐‹๐ข๐ฆ๐ข๐ญ ๐„๐ฑ๐ฉ๐š๐ง๐๐ฌ ๐ญ๐จ $๐Ÿ”๐ŒInnovation pays. The 2025 budget expands the Scientific Re...
03/28/2026

๐๐ข๐ ๐ ๐ž๐ซ ๐’๐‘&๐„๐ƒ ๐ˆ๐ง๐œ๐ž๐ง๐ญ๐ข๐ฏ๐ž๐ฌ โ€“ ๐„๐ง๐ก๐š๐ง๐œ๐ž๐ ๐‚๐ซ๐ž๐๐ข๐ญ ๐‹๐ข๐ฆ๐ข๐ญ ๐„๐ฑ๐ฉ๐š๐ง๐๐ฌ ๐ญ๐จ $๐Ÿ”๐Œ

Innovation pays. The 2025 budget expands the Scientific Research & Experimental Development (SR&ED) enhanced investment tax credit by raising the annual expenditure limit to $6 million for taxation years beginning after December 16 2024. This increases the pool of eligible R&D costs that can attract the enhanced 35% refundable credit available to CCPCs, up from the previous $3 million limit (the general credit rate remains 15%).

Key considerations:

โ€ข The $6 million limit must be shared among associated corporations. Plan R&D budgets to avoid splitting the benefit across multiple entities.

โ€ข Expenditures must be directly attributable to eligible R&D activities and documented contemporaneously. Robust project records, time sheets, and technical narratives are essential during CRA reviews.

โ€ข When combined with provincial incentives, the total credit can exceed 50% of eligible spending. However, claiming provincial assistance may reduce the federal credit, so coordination is important.

๐€๐œ๐ญ๐ข๐จ๐ง: If youโ€™re developing new products, processes or software, we can review your projects to determine eligibility, estimate the credit, and help prepare T661 schedules and supporting documentation to maximize your claim while managing audit risk.

Contact us today to book a free consultation!
Visit us at machaccounting.com | Call us at +1-855-352-5191
Email us: [email protected]

Disclaimer:
This post is general information only and not tax advice. Feel free to save or share this, and contact us if you need assistance getting organized.

๐ˆ๐ฆ๐ฆ๐ž๐๐ข๐š๐ญ๐ž ๐„๐ฑ๐ฉ๐ž๐ง๐ฌ๐ข๐ง๐  ๐Ÿ๐จ๐ซ ๐Œ๐š๐ง๐ฎ๐Ÿ๐š๐œ๐ญ๐ฎ๐ซ๐ข๐ง๐  & ๐๐ซ๐จ๐œ๐ž๐ฌ๐ฌ๐ข๐ง๐  ๐๐ฎ๐ข๐ฅ๐๐ข๐ง๐ ๐ฌTo stimulate investment in Canadian manufacturing, the 2025 ...
03/27/2026

๐ˆ๐ฆ๐ฆ๐ž๐๐ข๐š๐ญ๐ž ๐„๐ฑ๐ฉ๐ž๐ง๐ฌ๐ข๐ง๐  ๐Ÿ๐จ๐ซ ๐Œ๐š๐ง๐ฎ๐Ÿ๐š๐œ๐ญ๐ฎ๐ซ๐ข๐ง๐  & ๐๐ซ๐จ๐œ๐ž๐ฌ๐ฌ๐ข๐ง๐  ๐๐ฎ๐ข๐ฅ๐๐ข๐ง๐ ๐ฌ

To stimulate investment in Canadian manufacturing, the 2025 federal budget introduced temporary immediate expensing of 100 % of eligible capital costs for new or improved manufacturing and processing buildings. Qualifying buildings must be acquired on or after November 4 2025 and first used before 2030, with at least 90 % of their floor space used for manufacturing or processing. The deduction rate will phase down after 2030 and disappear after 2033.

What this means:

โ€ข Eligible businesses can write off 100% of the cost of constructing or upgrading qualifying facilities in the first year, providing a major cashโ€‘flow advantage.

โ€ข The deduction is available only for manufacturing or processing activitiesโ€”other uses (such as warehousing or administrative space) must not exceed 10 % of the total floor area.

โ€ข Starting in 2030, the immediate expensing rate will decrease, so planning the timing of major projects is critical.

๐€๐œ๐ญ๐ข๐จ๐ง: Manufacturers considering expansions or upgrades should accelerate their plans to take advantage of full expensing before the phaseโ€‘out begins. We can model the tax savings for different construction timelines and coordinate with lenders to maximize afterโ€‘tax cash flow.

Contact us today to book a free consultation!
Visit us at machaccounting.com | Call us at +1-855-352-5191
Email us: [email protected]

Disclaimer:
This post is general information only and not tax advice. Feel free to save or share this, and contact us if you need assistance getting organized.

๐ƒ๐ข๐ ๐ข๐ญ๐š๐ฅ ๐๐ฅ๐š๐ญ๐Ÿ๐จ๐ซ๐ฆ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  โ€“ ๐๐ž๐ฐ ๐Ž๐›๐ฅ๐ข๐ ๐š๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐๐ฅ๐š๐ญ๐Ÿ๐จ๐ซ๐ฆ๐ฌ & ๐’๐ž๐ฅ๐ฅ๐ž๐ซ๐ฌNew reporting rules apply to digital platform operat...
03/26/2026

๐ƒ๐ข๐ ๐ข๐ญ๐š๐ฅ ๐๐ฅ๐š๐ญ๐Ÿ๐จ๐ซ๐ฆ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  โ€“ ๐๐ž๐ฐ ๐Ž๐›๐ฅ๐ข๐ ๐š๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐๐ฅ๐š๐ญ๐Ÿ๐จ๐ซ๐ฆ๐ฌ & ๐’๐ž๐ฅ๐ฅ๐ž๐ซ๐ฌ

New reporting rules apply to digital platform operators (think Airbnb, Etsy, Uber, DoorDash, rideโ€‘share apps, and other online marketplaces). Beginning with the 2024 calendar year, platform operators must collect and report information about sellers and provide a copy of the information to each seller by January 31 of the following year. The first returns (for 2024) were due January 31 2025, and penalties and interest were waived only until July 31 2025.

Key points:

โ€ข Who must file โ€“ The obligation applies to entities that operate platforms facilitating the sale of goods, rental of property, personal services, or transport rentals. Platform operators must collect sellersโ€™ names, addresses, tax identification numbers, jurisdictions of residence, number and description of relevant activities, and quarterly consideration paid.

โ€ข Excluded sellers โ€“ Government bodies, publicly traded companies, small sellers with fewer than 30 sales and under $2,800 of total consideration, and certain highโ€‘volume rental operators are excluded.

โ€ข Penalties โ€“ Failing to provide your TIN to the platform can result in a $500 penalty per failure. Platform operators that file late face penalties ranging from $100 to $7,500.

โ€ข Getting ready โ€“ Operators must obtain a business number with an RZ account and file electronically via the CRAโ€™s XML Internet file transfer system.

๐€๐œ๐ญ๐ข๐จ๐ง: If you run or sell through a digital platform, review the data being collected about you. Ensure your TIN and residency information are correct to avoid penalties, and talk to us about how this reported income will affect your 2025 and 2026 returns.

Contact us today to book a free consultation!
Visit us at machaccounting.com | Call us at +1-855-352-5191
Email us: [email protected]

Disclaimer:
This post is general information only and not tax advice. Feel free to save or share this, and contact us if you need assistance getting organized.

Previously Wharfhouse Business Services. Your partner in financial growth. Discover expert accounting, tax planning, and bookkeeping services at MACH Accounting. We provide personalized solutions for businesses and individuals, ensuring financial success through tailored strategies and modern tools.

๐Ÿ๐ŸŽ๐Ÿ๐Ÿ” ๐“๐š๐ฑโ€‘๐…๐ข๐ฅ๐ข๐ง๐  ๐’๐ž๐š๐ฌ๐จ๐ง โ€“ ๐ƒ๐ž๐š๐๐ฅ๐ข๐ง๐ž๐ฌ & ๐ƒ๐ข๐ ๐ข๐ญ๐š๐ฅ ๐“๐จ๐จ๐ฅ๐ฌFiling season is here. For your 2025 return you can start filing onlin...
03/25/2026

๐Ÿ๐ŸŽ๐Ÿ๐Ÿ” ๐“๐š๐ฑโ€‘๐…๐ข๐ฅ๐ข๐ง๐  ๐’๐ž๐š๐ฌ๐จ๐ง โ€“ ๐ƒ๐ž๐š๐๐ฅ๐ข๐ง๐ž๐ฌ & ๐ƒ๐ข๐ ๐ข๐ญ๐š๐ฅ ๐“๐จ๐จ๐ฅ๐ฌ

Filing season is here. For your 2025 return you can start filing online as early as February 23 2026. Most individuals must file and pay any tax owing by April 30 2026, while selfโ€‘employed individuals (and their spouses) have until June 15 2026 to file, though balances are still due April 30 .

Key changes and tips:

โ€ข Reduced tax rate โ€“ The lowest federal personal incomeโ€‘tax rate drops from 15% to 14 % on July 1 2025, making the fullโ€‘year rate 14.5 % for 2025. The value of most nonโ€‘refundable credits is tied to the lowest rate, so the government introduced a โ€œtopโ€‘upโ€ tax credit to maintain a 15% credit rate on amounts over the first bracket ($57,375).

โ€ข Digital by default โ€“ Beginning in February 2026, the CRA is strengthening account security by requiring a backup multiโ€‘factor authentication (MFA) option, and notices of assessment will be available only online. You can now find your NETFILE access code directly in your CRA account.

โ€ข Flexible payment arrangements โ€“ Taxpayers with personal or COVIDโ€‘related debts of $1,000 or more can set up their own payment plans through the CRAโ€™s online Manage balance service.

๐€๐œ๐ญ๐ข๐จ๐ง: Log in to your CRA My Account now to confirm your credentials, set up MFA backup, and ensure all your slips are available before filing. Filing early helps you avoid the endโ€‘ofโ€‘season rush and gives more time to plan for any balance owing.

Contact us today to book a free consultation!
Visit us at machaccounting.com | Call us at +1-855-352-5191
Email us: [email protected]

Disclaimer:
This post is general information only and not tax advice. Feel free to save or share this, and contact us if you need assistance getting organized.

๐Ÿ• ๐๐จ๐จ๐ค๐ค๐ž๐ž๐ฉ๐ข๐ง๐  ๐Œ๐ข๐ฌ๐ญ๐š๐ค๐ž๐ฌ ๐‚๐จ๐ง๐ญ๐ซ๐š๐œ๐ญ๐จ๐ซ๐ฌ ๐Œ๐š๐ค๐ž. ๐€๐ง๐ ๐‡๐จ๐ฐ ๐ญ๐จ ๐€๐ฏ๐จ๐ข๐ ๐“๐ก๐ž๐ฆ.Contractors often juggle multiple jobs and suppliers, mak...
03/24/2026

๐Ÿ• ๐๐จ๐จ๐ค๐ค๐ž๐ž๐ฉ๐ข๐ง๐  ๐Œ๐ข๐ฌ๐ญ๐š๐ค๐ž๐ฌ ๐‚๐จ๐ง๐ญ๐ซ๐š๐œ๐ญ๐จ๐ซ๐ฌ ๐Œ๐š๐ค๐ž. ๐€๐ง๐ ๐‡๐จ๐ฐ ๐ญ๐จ ๐€๐ฏ๐จ๐ข๐ ๐“๐ก๐ž๐ฆ.

Contractors often juggle multiple jobs and suppliers, making bookkeeping a challenge. A little discipline can prevent costly errors. Here are seven common mistakes (from our inโ€‘house resource) and how to fix them:

1. Mixing personal and business finances โ€“ Using the same bank account or credit card for personal and business transactions makes it impossible to track expenses accurately. Open a separate business account and card; pay yourself a salary or draw rather than using business funds for personal purchases.

2. Not tracking job costs โ€“ Without projectโ€‘level costing, itโ€™s hard to know which jobs are profitable. Set up cost codes for labour, materials, subcontractors and overhead; use timeโ€‘tracking apps and allocate supplier invoices to the correct jobs.

3. Waiting until tax season to do the books โ€“ Playing catchโ€‘up at tax time leads to missed deductions and errors. Schedule regular bookkeeping sessions (weekly or monthly), and consider cloudโ€‘based software that syncs transactions automatically.

4. Not reconciling accounts monthly โ€“ Bank and creditโ€‘card reconciliations catch missing entries and bank errors early. Reconcile every account monthly and investigate discrepancies immediately.

5. Poor invoice tracking โ€“ Late invoices and unpaid receivables hurt cash flow. Implement a clear invoicing process: issue invoices promptly, set payment terms, follow up on overdue accounts, and consider progress invoicing on long projects.

6. Incorrect expense categorization โ€“ Miscoding expenses (e.g., classifying subcontractor payments as supplies) distorts your financial statements. Develop a consistent chart of accounts tailored to contracting work and educate anyone entering transactions on where to code expenses.

7. Not reviewing financial reports โ€“ Your income statement, balance sheet and cashโ€‘flow statement are more than yearโ€‘end necessities. Review them monthly to spot cost overruns, underโ€‘billing and profitability trends. Use the insights to adjust pricing, scheduling and purchasing decisions.

๐€๐œ๐ญ๐ข๐จ๐ง: Implementing proper systems now will save hours of work later and provide a clearer picture of profitability. Our team offers bookkeeping support tailored to contractors, from setting up cloud software to providing monthly review meetings.

Contact us today to book a free consultation!
Visit us at machaccounting.com | Call us at +1-855-352-5191
Email us: [email protected]

Disclaimer:
This post is general information only and not tax advice. Feel free to save or share this, and contact us if you need assistance getting organized.

๐‚๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐†๐š๐ข๐ง๐ฌ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ : ๐๐ซ๐ž๐ฉ๐š๐ซ๐ž ๐Ÿ๐จ๐ซ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ” ๐š๐ง๐ ๐๐ž๐ฒ๐จ๐ง๐With capital gains rules in flux, smart planning can save you thousan...
03/15/2026

๐‚๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐†๐š๐ข๐ง๐ฌ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ : ๐๐ซ๐ž๐ฉ๐š๐ซ๐ž ๐Ÿ๐จ๐ซ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ” ๐š๐ง๐ ๐๐ž๐ฒ๐จ๐ง๐

With capital gains rules in flux, smart planning can save you thousands. Hereโ€™s what you need to know about inclusion rates, exemptions and strategies heading into 2026.

๐Š๐ž๐ฒ ๐…๐š๐œ๐ญ๐ฌ

โ€ข The inclusion rate for capital gains remains 50 % until 31 December 2025; the previously proposed increase to 66.67 % has been deferred to 1 January 2026.
โ€ข Individuals and trusts still receive the halfโ€‘inclusion rate on the first $250,000 of net capital gains each year.
โ€ข The Lifetime Capital Gains Exemption (LCGE) for qualifying small business shares and farm/fishing property is $1.25 million for 2025 and indexed for 2026; it can be multiplied across beneficiaries via a family trust.
โ€ข The Underused Housing Tax has been eliminated for 2025, but earlier years still require filings to avoid penalties.

๐€๐œ๐ญ๐ข๐จ๐ง๐š๐›๐ฅ๐ž ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ

โ€ข Consider realising gains before 2026 if you expect the inclusion rate increase to materialise, but balance this against the availability of losses and personal income levels.
โ€ข Use family trusts to multiply access to the LCGE and to split income among beneficiaries.
โ€ข Keep meticulous records of capital transactions and track your remaining LCGE room; reโ€‘file 2024/2025 returns if you prematurely applied the higher inclusion rate.
โ€ข Engage MACH Accounting to model different scenarios and coordinate with your investment advisors.

๐Ž๐ฉ๐ญ๐ข๐ฆ๐ข๐ฌ๐ž ๐ฒ๐จ๐ฎ๐ซ ๐œ๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐ ๐š๐ข๐ง๐ฌ โ€” ๐จ๐ฎ๐ซ ๐ญ๐š๐ฑ ๐ฉ๐ฅ๐š๐ง๐ง๐ž๐ซ๐ฌ ๐š๐ซ๐ž ๐ก๐ž๐ซ๐ž ๐ญ๐จ ๐ก๐ž๐ฅ๐ฉ.

Reach us at ๐Ÿ–๐Ÿ“๐Ÿ“-๐Ÿ‘๐Ÿ“๐Ÿ-๐Ÿ“๐Ÿ๐Ÿ—๐Ÿ, or ๐ฆ๐š๐œ๐ก๐š๐œ๐œ๐จ๐ฎ๐ง๐ญ๐ข๐ง๐ .๐œ๐จ๐ฆ/๐œ๐จ๐ง๐ญ๐š๐œ๐ญ

๐„๐ง๐ก๐š๐ง๐œ๐ž๐ ๐“๐ซ๐ฎ๐ฌ๐ญ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  & ๐„๐ฌ๐ญ๐š๐ญ๐ž ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ : ๐–๐ก๐š๐ญโ€™๐ฌ ๐‚๐ก๐š๐ง๐ ๐ข๐ง๐ Recent legislative amendments expand trust reporting requirem...
03/14/2026

๐„๐ง๐ก๐š๐ง๐œ๐ž๐ ๐“๐ซ๐ฎ๐ฌ๐ญ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  & ๐„๐ฌ๐ญ๐š๐ญ๐ž ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ : ๐–๐ก๐š๐ญโ€™๐ฌ ๐‚๐ก๐š๐ง๐ ๐ข๐ง๐ 

Recent legislative amendments expand trust reporting requirements, particularly for bare and express trusts. If you hold or administer trust assets, understanding these rules is essential to avoid penalties and to optimise your estate plan.

๐Š๐ž๐ฒ ๐…๐š๐œ๐ญ๐ฌ

โ€ข For taxation years ending after 30 December 2023, most trusts must file a T3 return and disclose detailed information on trustees, beneficiaries and settlors.
โ€ข Proposed amendments exempt trusts with individual trustees and beneficiaries related to the trustees where assets are under $250,000 and consist only of cash, securities and certain personal use property.
โ€ข Small trusts with total assets under $50,000 gain relief from the enhanced reporting requirements.
โ€ข Bare trusts remain exempt for 2024 but will be caught under new โ€œdeemed trustโ€ rules from 2025 onward.

๐€๐œ๐ญ๐ข๐จ๐ง๐š๐›๐ฅ๐ž ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ

โ€ข Identify whether you are acting as a trustee or hold property as a bare trustee โ€” if so, gather information about all involved parties now.
โ€ข Review the fair market value of trust assets: if theyโ€™re under $250,000 and beneficiaries are related, you may qualify for an exemption.
โ€ข Consult with professionals to update your estate plan and trust structures before the 2025 โ€œdeemed trustโ€ regime takes effect.
โ€ข MACH Accounting works with legal advisors to ensure your trusts are compliant and structured for tax efficiency.

๐๐š๐ฏ๐ข๐ ๐š๐ญ๐ข๐ง๐  ๐ญ๐ซ๐ฎ๐ฌ๐ญ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  ๐œ๐š๐ง ๐›๐ž ๐œ๐จ๐ฆ๐ฉ๐ฅ๐ž๐ฑ โ€” ๐ฅ๐ž๐ญ ๐ฎ๐ฌ ๐ฌ๐ข๐ฆ๐ฉ๐ฅ๐ข๐Ÿ๐ฒ ๐ข๐ญ ๐Ÿ๐จ๐ซ ๐ฒ๐จ๐ฎ.

Reach us at ๐Ÿ–๐Ÿ“๐Ÿ“-๐Ÿ‘๐Ÿ“๐Ÿ-๐Ÿ“๐Ÿ๐Ÿ—๐Ÿ, or ๐ฆ๐š๐œ๐ก๐š๐œ๐œ๐จ๐ฎ๐ง๐ญ๐ข๐ง๐ .๐œ๐จ๐ฆ/๐œ๐จ๐ง๐ญ๐š๐œ๐ญ

๐Ÿ๐ŸŽ๐Ÿ๐Ÿ” ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐œ๐ž ๐‚๐š๐ฅ๐ž๐ง๐๐š๐ซ ๐Ÿ๐จ๐ซ ๐๐จ๐งโ€‘๐๐ซ๐จ๐Ÿ๐ข๐ญ๐ฌ ๐š๐ง๐ ๐‚๐ก๐š๐ซ๐ข๐ญ๐ข๐ž๐ฌStaying compliant is crucial for maintaining your organisationโ€™s c...
03/13/2026

๐Ÿ๐ŸŽ๐Ÿ๐Ÿ” ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐œ๐ž ๐‚๐š๐ฅ๐ž๐ง๐๐š๐ซ ๐Ÿ๐จ๐ซ ๐๐จ๐งโ€‘๐๐ซ๐จ๐Ÿ๐ข๐ญ๐ฌ ๐š๐ง๐ ๐‚๐ก๐š๐ซ๐ข๐ญ๐ข๐ž๐ฌ

Staying compliant is crucial for maintaining your organisationโ€™s charitable status and reputation. Hereโ€™s a snapshot of the key federal and provincial filings you should mark on your calendar for 2026.

๐Š๐ž๐ฒ ๐…๐š๐œ๐ญ๐ฌ

โ€ข T4 slips and GST/HST returns for quarterly filers are due 31 January 2026; T4A slips are due 28 February.
โ€ข Annual GST/HST returns for most charities and nonprofits are due by 31 March 2026.
โ€ข Registered charities must file the T3010 within six months of fiscal yearโ€‘end; nonโ€‘charitable nonprofits may need to file T2 or T1044 returns depending on their income and activities.
โ€ข Yearโ€‘end financial statements may require an audit or review depending on your organisationโ€™s revenue and bylaws.

๐€๐œ๐ญ๐ข๐จ๐ง๐š๐›๐ฅ๐ž ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ

โ€ข Create a compliance calendar with reminders 30 days before each due date to avoid lateโ€‘filing penalties.
โ€ข Maintain detailed books and records throughout the year so your T3010, T2, T1044 and GST/HST returns are easier to prepare.
โ€ข Clarify whether your board must appoint an auditor or reviewer โ€” requirements vary by province and revenue thresholds.
โ€ข Consider engaging MACH Accounting for training or outsourcing so your team can focus on missionโ€‘critical work.

๐–๐ž ๐ก๐ž๐ฅ๐ฉ ๐ง๐จ๐ง๐ฉ๐ซ๐จ๐Ÿ๐ข๐ญ๐ฌ ๐ฌ๐ญ๐š๐ฒ ๐œ๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐ญ ๐š๐ง๐ ๐ž๐Ÿ๐Ÿ๐ข๐œ๐ข๐ž๐ง๐ญ โ€” ๐ซ๐ž๐š๐œ๐ก ๐จ๐ฎ๐ญ ๐ญ๐จ ๐ฅ๐ž๐š๐ซ๐ง ๐ก๐จ๐ฐ.

Reach us at ๐Ÿ–๐Ÿ“๐Ÿ“-๐Ÿ‘๐Ÿ“๐Ÿ-๐Ÿ“๐Ÿ๐Ÿ—๐Ÿ, or ๐ฆ๐š๐œ๐ก๐š๐œ๐œ๐จ๐ฎ๐ง๐ญ๐ข๐ง๐ .๐œ๐จ๐ฆ/๐œ๐จ๐ง๐ญ๐š๐œ๐ญ

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