Newsletter Archives - Akler Browning LLP

November 27, 2025

In recent months, the housing market pendulum has swung more toward affordability for first-time home buyers than it has in several years, for two reasons. First, after years of price increases, the average cost of a home in Canada has (according to the Canadian Real Estate Association) declined by about 3.4% over the past year. At the same time, cuts made by the Bank of Canada in interest rates have resulted in lower mortgage lending costs. In July of 2023, the Bank Rate (from which all other lending rates are derived) stood at 5.25%; as of the end of October 2025, it was 2.5%. While getting into the position of being able to purchase a first home is still a formidable task, that goal is now somewhat more accessible than it has been for some time.

by Akmin

November 18, 2025

As the holiday season approaches, the year-round appeals for charitable donations which every Canadian receives will inevitably increase – and there’s no shortage of need, or of worthy causes which merit support, both domestically and internationally. Generally, those appeals are met, as Canadians have a well-deserved reputation for supporting charitable causes, through donations of both money and goods. Our tax system supports that generosity by providing both federal and provincial tax credits for qualifying donations made, and in all cases, in order to claim a credit for a donation in a particular tax year, that donation must be made by the end of that calendar year.

by Akmin

November 10, 2025

For most Canadians, tax planning for a year that hasn’t even started yet may seem premature. However, most Canadians will start paying their taxes for 2026 with the first paycheque they receive in January of 2026, less than two months from now. And while the overall rate of inflation has eased from the 8.1% high recorded in June 2022, the cost of necessities (especially groceries) continues to outpace the general rate of inflation. Managing cash flow and maximizing take-home (after tax) income continues to be a priority for all Canadians, especially families.

by Akmin

November 2, 2025

Even Canadians who have no more than a basic knowledge of our tax system are usually aware that the deadline for making registered retirement savings plan (RRSP) contributions is March 1, and that contributions to one’s tax-free savings account (TFSA) can be made at any time during the tax year. As well, most Canadians who have opened a registered retirement income fund (RRIF) are aware that they are required to withdraw a specified amount from that RRIF each year, with the percentage withdrawal amount based on the RRIF holder’s age – although few are aware of when and how that required withdrawal is calculated.

by Akmin

October 28, 2025

It’s an acknowledged fact that the cost of living has been on a steady upward trend for the past several years. Making that trend even more problematic is the reality that such cost increases have been greatest in areas where eliminating or cutting back on expenditures is hardest. Food prices, especially, have increased significantly. According to Statistics Canada’s research, “as of July 2025, Canadians were paying 27.1% more for food purchased from stores than they were in July 2020”.

by Akmin

October 18, 2025

Notwithstanding the fact that Canada has a publicly funded health care system, the reality is that each year millions of individual Canadians incur medical and para-medical expenses (like prescription drug costs) which can be significant and which are not covered by that public health care system. Absent a private health insurance plan which provides reimbursement for such expenses, they must be paid for on an out-of-pocket basis.

by Akmin

October 10, 2025

For individual Canadians, one of the few positive aspects of the recent pandemic was the opportunity it provided to work from home – first as a mandated public health necessity and later as a choice provided by employers. For most employees, working from home was a welcome option which provided better work-life balance and a break from the cost and aggravation of the daily commute. In addition, having a work-from-home arrangement allowed employees to claim a tax deduction for costs (like home heating and other utilities costs, internet access, etc.) which they would have had to incur in any event. For most employees, working from home was a win-win situation.

by Akmin

October 3, 2025

Canada’s tax system is what is known as a “self-assessing” one, in which taxpayers are expected (in fact, in most cases, required) to take the initiative to prepare and file an annual tax return by a specified deadline, to report all taxable income on that return, claim allowable deductions and credits, and pay any balance of income tax owed for the year.

by Akmin

September 26, 2025

As September approaches, students who are beginning post-secondary education this year have received one or more offers of admission and then chosen a college or university, have hopefully been offered a place in a university residence or have secured off-campus housing, and are making final plans to make the move away from the family home for the first time. While choosing courses for the upcoming fall semester and anticipating the independence of life on their own is undoubtedly exciting, the hard reality is that all such choices and decisions come with a price tag – sometimes a very steep one. Regardless of geographic location, housing arrangements, or program choices, post-secondary learning is expensive. There will be tuition bills, of course, but also the need to find housing and pay rent in what is, in most college or university locations, a very tight and very expensive rental market. Those who choose to live in a university residence and are able to secure a place will also face bills for that accommodation and, often, for a meal plan.

by Akmin

September 19, 2025

The process of adopting a child is often a lengthy one, in which a myriad of requirements must be met and legal processes followed. Where the adoption is an international one, the process can be even lengthier and more complex, as often the legal requirements of more than one government must be satisfied, and international travel is required.

Newsletter Archives - Akler Browning LLP

Buying a first home – the current rules on qualifying for a mortgage

Planning for charitable donation tax credit claims for 2025

Getting source deductions right in 2026

Year-end planning for your RRSP, RRIF, and TFSA

Accessing home equity in retirement

Maximizing the medical expense tax credit for 2025

When are home office expenses deductible in 2025?

CRA makes changes to the Voluntary Disclosures Program

Some tax breaks for the upcoming post-secondary school year

Claiming a tax credit for adoption expenses

Buying a first home – the current rules on qualifying for a mortgage

Planning for charitable donation tax credit claims for 2025

Getting source deductions right in 2026

Year-end planning for your RRSP, RRIF, and TFSA

Accessing home equity in retirement