Newsletter - Page 2 of 33 - Akler Browning LLP

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.

While it’s unlikely that they do so with any great degree of enthusiasm, the vast majority of Canadians prepare their annual tax return each spring and file that return on time. That’s necessary, because the Canadian tax system is a “self-assessing” one, in which the onus is completely on the taxpayer to ensure that a return in prescribed form is completed and provided to the tax authorities. On that return, the taxpayer provides a listing of income earned during the previous calendar year as well as any claims made for tax deductions and credits. The end result of that process is a determination of the amount of tax owed for the year; any such amount must then, of course, be paid on or before April 30.

By mid to late June 2025, most taxpayers have filed their tax return for the 2024 tax year and a Notice of Assessment has been issued by the Canada Revenue Agency outlining the Agency’s conclusions with respect to the taxpayer’s income, tax deduction, and tax credit claims and the amount of tax payable for 2024. Most taxpayers hope for (and in fact do receive) a refund while others are disappointed to find out that they owe additional taxes for 2024 and therefore have a tax bill (on which interest may be accumulating) to pay.

Regardless of their particular circumstances, Canadians who act as unpaid caregivers for disabled, elderly, or chronically ill relatives carry a heavy physical and emotional burden. The weight of those responsibilities is often made greater by financial stresses, particularly where the situation requires full-time caregiving, to the extent that the caregiver is unable to work outside the home in paid employment. In addition, caring for someone who is disabled or chronically ill often means incurring additional out-of-pocket expenses, whether for medical supplies or equipment, or for making alterations to a home in order to make it possible for the individual being cared for to stay in that home.