Canada: Accounting Standards

Discovering previously unreported offshore assets or foreign income can instantly trigger significant financial and legal anxiety for Canadian taxpayers.

The Federal Court’s June 12, 2026 decision in Minister of National Revenue v KPMG Canada LLP, T-139-26, is a significant ruling on the limits of privilege assertions by third-party tax advisors in the context of CRA audits.

The British Columbia Supreme Court decision in Lewis v. WestJet Airlines Ltd. (2025 BCSC 1565) clarifies the circumstances under which accountants' work may be protected by legal privilege.

La Colombie-Britannique a récemment proposé d’étendre l’application de la taxe de vente provinciale de 7 % (la « TVP de la C.-B. ») aux services professionnels autres que les services juridiques. Si cette mesure est adoptée, la TVP de la C.-B. s’appliquera aux services professionnels suivants à compter du 1er octobre 2026

Taxable accounting services include preparing accounting records, providing assurance services, bookkeeping, billing, account reconciliation, and cost, financial, forensic, management, or tax accounting services.

Join Heather Barnhouse, Partner in our Edmonton office, as she explores women in leadership and entrepreneurship, and the ecosystem that supports them. In episode 95, Heather welcomes Alicia Fowler...

The Quebec government is rolling back its planned ban on the sale of new gasoline-powered vehicles in 2035. Instead of requiring 100 per cent zero-emission vehicle (ZEV) sales by that date, the province has lowered...

This information that follows is taken from sources including The Car Connection, Autoweek, Green Car Reports, and other industry sources.

As of June 16, 2025, the CRA will begin sending most correspondence to existing and new business owners electronically via My Business Account.