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.
