Market Intelligence

Most commentary on Canada (National Revenue) v KPMG Canada LLP, 2026 FC 793, is addressed to the taxpayer whose records are being sought. This article is addressed to the accountant who received the requirement for information.

For businesses that sell, lease, or license goods, services, digital offerings, or other products across Canada, charging the incorrect amount of federal goods and services tax/harmonized sales tax (“GST/HST”) and/or failing to charge the correct amount of provincial sales tax can lead to costly reassessments.

A common misconception is that First Nations people in Canada are broadly exempt from paying taxes. Section 87 of the Indian Act, however, creates a much narrower exemption. It does not provide a general tax exemption based simply on First Nations identity or Indian status.

If you hold cryptocurrency, NFTs or other blockchain assets in someone else’s wallet, or hold assets in your own wallet for someone else, the arrangement is very likely a bare trust. Until recently, that carried almost no compliance consequence. It now carries three reporting obligations to track: the T3 filing for 2026, the T1135, and the proposed Crypto-Asset Reporting Framework from 2027.

Founders often prioritize funding rounds and product launches over estate planning, but as startups grow, personal estates become increasingly complex. Understanding how to protect family members, preserve business value, and reduce uncertainty through strategic estate planning at each stage of growth—from pre-seed through Series B and beyond—can make the difference between seamless succession and disruptive complications.

The 2024 alternative minimum tax reforms have transformed AMT from a niche concern into a critical planning consideration for wealth management strategies. With expanded tax bases, higher rates, and limited deductions for investment expenses, transactions involving capital gains, leveraged investments, and family trusts now warrant careful AMT analysis to avoid unexpected permanent tax costs.