. Tax Season Is Over…Now What?

For many of you, the tax season is over as you’ve now filed your taxes, paid your taxes owing or received a refund of your money from the government. The temptation now is to put this aside until this time next year.

No, No, No!! Not so quickly…

Now is the time to start planning so you can pay less tax next year, perhaps get a bigger refund, or have your money working much harder for you. And there is no better way to kickstart that plan than planning to attend our upcoming Tax-Efficient Wealth Summit taking place in Mississauga on Saturday, June 21, 2025! This event will be in-person from 10 AM to 2 PM. This event will focus on practical ways you can build wealth in a tax-efficient way. I will share some practical tips for managing cash flow in times of uncertainty, and my special guests will share on practical tips on how to manage your investments, taxes and take the leap from high income to wealth. To learn more and to register, Click Here.

2. Tax Relief: Support For Those Impacted by Tariffs

In response to the tariffs, the federal government has announced several measures to support businesses and individuals. In accordance with a March 21, 2025 Release from the Prime Minister, CRA will implement the following measures:

• deferring GST/HST remittances and corporate income tax payments from April 2 to June 30, 2025;
• waiving interest on GST/HST and T2 instalment and arrears payments required to be paid between April 2 and June 30, 2025; and
• providing interest relief on existing GST/HST and T2 balances between April 2 and June 30, 2025.

Interest will resume starting July 1, 2025. CRA also reminded that taxpayers must continue to file GST/HST returns and T2 returns by their due dates to remain compliant with filing requirements. You can get all the details in our Q2 2025 tax newsletter here.

3. Dog Breeding vs. Rental Properties: When CRA Allows Business Losses

Not all losses are created equal. In one tax case, a couple’s dog-breeding operation lost nearly $1 million over 20 years and was deemed a hobby, not a business. However, their short-term rental venture, though initially unprofitable, was allowed because it was well-researched, marketed, and run like a business.

Lesson: If you want to deduct losses, make sure your activity is run in a commercially reasonable and organized manner. This is especially critical for those operating side hustles or those managing rental properties.

You can get all the details in our Q2 2025 tax newsletter here.

4. Focus on Value…

We live in a society where the temptation to impress is so pervasive. We see it everywhere, particularly in social media. Sometimes, we become so obsessed with the idea of impressing others that we often end up living above our means and taking on so much debt. This quote by James Clear points us in a different direction to instead focus on providing value to others rather than on impressing them:

“Focus on what provides value to others, not what impresses others.

Other people spend about as much time thinking about your lifestyle and accomplishments as you spend thinking about their lifestyle and accomplishments. Which is to say, not much time at all.

The things we do to impress others rarely impress them for longer than five minutes. But the things we do to provide value for others can last a lifetime. In the long run, one of the most impressive things you can do is provide exceptional value.”

James Clear, author of Atomic Habits, shares insightful quotes like this weekly. Consider subscribing to his weekly emails for tips on cultivating winning habits. Check it out here.

5. The Type Of Income You Earn Matters…Do You Know Why?

When it comes to taxes, the term “income” isn’t quite as straightforward as you might think. In Canada, there are four main distinct groups of income you may have as an individual with a variety of different tax implications. In some cases, you may have sources of income with zero tax! So, understanding this and arranging your affairs accordingly will enable you to enjoy tax breaks that most people don’t know about. You can read and learn more about this here.

Don’t Forget: Join Me June 21st! Tax-Efficient Wealth Summit – Mississauga (In-Person). If you haven’t registered yet, our annual Tax-Efficient Wealth Summit is happening Saturday, June 21st. I’ll be joined by Aravind and Wesley as we break down actionable strategies to build and protect wealth, reduce taxes, and master your money. EARLY BIRD registration is open now. Bring a friend, build your network, and take your wealth strategy to the next level.
Get details here → Event Page