This year’s tax changes weren’t defined by headline-grabbing rate hikes or sweeping reforms. But for investors, business owners and families planning ahead, understanding what tax requirements did change – and what didn’t – can mean the difference between proactive planning and avoidable surprises in 2026.
That’s why this month, Genus Client Relationship Manager Thomas Irwin sits down with Yogesh Bhathella, Tax Partner at Doane Grant Thornton LLP, to discuss tax strategies for 2026 that will help investors, business owners and families optimize tax planning and make informed financial decisions for the year ahead.
Here’s a look at some of the topics they’ll cover. You can register to join them here or watch the recording.
Minor changes to personal tax rates, but more moves toward transparency in reporting
While tax rate changes were fairly minor this year, the most consequential shift toward higher taxes for Canadians in 2026 is about transparency.
Governments are requiring more detailed disclosure around who owns assets and how structures – ranging from corporations and partnerships to trusts and real estate – are organized. “It’s not any different than what we have seen happening around the world,” Bhathella says.
Reporting now extends beyond the immediate entity to include beneficial owners and controlling parties, sometimes several layers deep. That means structures that once required less disclosure are now subject to increased reporting requirements, making documentation and informed planning more important than ever.
What counts as qualified investments has changed for registered accounts
This year, while there are no structural changes to registered account limits, which continue to rise with inflation, there has been a tightening around what can be held inside RRSPs, TFSAs and other registered accounts such as the First Home Savings Account (FHSA).
Historically, more flexibility around private or alternative investments held within specific registered plans was allowed, but that gap is closing. The government has moved toward a more consistent definition of ‘qualified investments,’ reducing the ability to use different types of registered accounts as shelters for assets that fall outside traditional public markets. “In some cases, you were able to make alternative investments in certain types of accounts,” says Bhathella. “Not anymore. All of these registered accounts are going to have the same ability to invest in what we call ‘qualified investments.’”
Registered accounts remain powerful planning tools, but they now require a clearer understanding of what can and cannot be held inside them.
Timing considerations are becoming increasingly important in strategic tax planning
For many Canadians, tax outcomes are less about what they earn and more about when income is recognized. That’s especially true for those with significant assets, private businesses or large registered balances.
One increasingly important consideration is managing registered withdrawals earlier and more deliberately. Allowing RRSPs to grow untouched until mandatory conversion can result in higher forced withdrawals later – often at peak marginal tax rates. In some cases, converting to a RRIF earlier or drawing down registered assets strategically may help manage lifetime tax exposure, depending on individual circumstances. “Many people don’t know that you can convert your RRSP to a RRIF at any age,” Bhathella says. “And that may be something to start thinking about before retirement.”
Timing also matters for liquidity. Taxes are often triggered by events – selling a business, disposing of real estate or transferring assets on death – rather than by cash flow. Without planning, tax liabilities can arrive before liquid capital is available. Anticipating these moments and structuring withdrawals, dividends or dispositions accordingly is a core part of effective planning.
A few common tax misconceptions that trip people up
Despite more information than ever, a few common tax myths persist, and these can lead to misinformed decisions.
One common misunderstanding is around gifting. While Canada does not tax gifts themselves, transferring appreciated assets can still trigger capital gains for the giver. Similarly, many assume taxes are paid by beneficiaries, when in many cases, tax liabilities are settled at the estate level before assets are distributed.
Another frequent source of confusion, Bhathella says, comes from applying U.S.-based tax concepts to Canadian tax and estate planning. For example, Canada does not have an inheritance tax or a broad wealth tax, and assumptions based on foreign systems can create unnecessary concern – or worse, inappropriate planning decisions.
For Canadians with complex financial situations, the difference between an optimal outcome and an expensive one often comes down to having all the information, trustworthy guidance and the right timing. After all, taxes may be inevitable, but surprises are not for those who plan ahead.
For more information on tax strategies for 2026, register for our webinar.
Références :
- Coste, C. (2024, March 16). Beneficial ownership: increasing transparency in a simple way for entrepreneurs. Blogs de la Banque mondiale. https://blogs.worldbank.org/en/developmenttalk/beneficial-ownership-increasing-transparency-simple-way-entrepreneurs
Ce document est fourni à titre d'information générale uniquement et ne remplace pas les conseils d'un professionnel. Il ne constitue pas un conseil ou une recommandation en matière d'investissement, de droit, de comptabilité, de fiscalité ou autre, et ne doit pas servir de base à une quelconque décision. Les lecteurs doivent demander des conseils professionnels spécifiques avant de prendre des décisions financières ou d'investissement. Certaines informations sont basées sur des sources tierces jugées fiables, mais leur exactitude et leur exhaustivité ne sont pas garanties. Les performances passées ne garantissent pas les résultats futurs.
