Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues.
July 2025 - Akler Browning LLP
Latest news and regulations from the financial world.
While most Canadians are familiar with the obligation to file an annual tax return and to pay income taxes owed by the end of April each year, there are in fact many more tax filing and payment deadlines imposed on individuals or businesses throughout the calendar year. Fortunately, the rate of compliance with those requirements is high, as most Canadian taxpayers meet their tax obligations, consistently filing returns and making any required payments on a timely basis. Where such tax filing or payment obligations aren’t met, however, the Canada Revenue Agency has the authority to impose both penalties and interest charges.
The current trade and tariff dispute between Canada and the United States has affected individuals and businesses in virtually all provinces and industries. On an individual level, those most affected are often employees who work in industries (like steel and aluminum) for which the US tariff barriers are especially high, or those in businesses which import their raw materials from, or export a large percentage of their finished products to, the US. In such industries and businesses, layoffs and even business closures can be the result.
The work-from-home arrangements which were ubiquitous throughout the pandemic and, to a lesser degree, for a couple of years afterwards, are now largely a thing of the past for most Canadians. One of the consequences of the return to the office was the need for parents who work outside the home to arrange for (and pay for) child care – sometimes for the after-school period and sometimes for the entire day.
As of the end of May 2025, there were just under 202,000 properties listed for sale on the Canadian Real Estate Association’s Multiple Listing Service. While each of those properties and each property sale is different, all of them involve a move to a new location – sometimes a move up to a bigger and better property in the same town or city, sometimes a downsizing move, and sometimes a move to a new city or even another province. As well, earlier this year thousands of university and college students made the annual trek from their university or college residences or apartments to move back to the family home for the summer.