Impact of tariffs on Canadian businesses
Tax AlertPrime Minister Mark Carney announces support for Canada’s lumber industry citing heavy reliance on US exports and vulnerability to trade policies.

Several accounting standards and tax regulations are now on the cusp of change, some of which have remained unchanged for almost 30 years. For bankers, this may result in confusion, questions and concerns from clients—along with the need to revisit some of your processes and agreements. Advance preparation will be key to ensure your clients are well-informed and to effectively support their future growth and plans.
Prime Minister Mark Carney announces support for Canada’s lumber industry citing heavy reliance on US exports and vulnerability to trade policies.
Draft legislation effective Jan 29, 2026 expands NPO filing with CRA; smaller NPOs will file a new short-form return.
Amendments to the Select Luxury Items Tax Act were enacted on March 26, 2026 that remove the luxury tax on aircraft and vessels, effective November 5, 2025.
In its last update on August 12, 2024, the Department of Finance (Finance) released draft legislation that proposes changes to these rules, which were originally enacted on December 15, 2022. It’s critical that you determine your trust’s reporting requirements each tax year as the non-compliance penalties are significant.
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