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Expert Filing Solutions

One stop solution for all your financial queries. We Handle Everything From Tax Preparation To Tax Filing For Individuals, Families, Self-Employed & Businesses.

03/07/2026

Trust Return Season Is Here

Many trusts were created during important financial events such as estate freezes, business reorganizations, or family planning strategies. While these structures were carefully designed at the time, tax rules and personal circumstances often change over the years.

With new reporting requirements and recent tax rule changes, it is important to review whether a trust still aligns with its original purpose and overall financial strategy.

Trusts remain valuable planning tools, but they should be reviewed regularly to ensure they continue to work effectively.

If you have a trust in place, trust return season is a good reminder to revisit its structure and long-term objectives.

Expert Filing Solutions

📧 Email: [email protected]
🌐 Website: https://expertfilingsolutions.com/
📞 Phone: 647-954-4498

03/05/2026

Big Tax Update for Limited Partners

The Fifth Circuit Court ruled that limited partners may not have to pay self-employment tax on their share of partnership profits, even if they work in the business.

• Guaranteed payments for services are still taxable
• The ruling currently applies to Texas, Louisiana, and Mississippi

Key takeaway: The exact wording in the tax code matters, and business structures should be reviewed carefully.

📧 [email protected]
🌐 https://expertfilingsolutions.com
📞 647-954-4498

02/19/2026

CRA Update Alert!

The Canada Revenue Agency (CRA) has quietly made navigating client accounts easier for tax professionals and it could benefit you too!

On the “Access Client Information” screen, two new account types are now available:

✅ NR Accounts (Non-Resident) – For clients outside Canada with withholding tax matters
✅ RP Accounts (Registered Plans) – Covers RRSPs, TFSAs, FHSA, RPPs, DPSPs, and more

What this means for you:
•Faster access to notices and CRA correspondence
•Simpler management of non-resident and registered plan accounts
•Another step toward CRA’s digital-first approach

This is a welcome change, making it easier for firms like ours to serve clients efficiently.

📧 [email protected]
🌐 expertfilingsolutions.com
📞 647-954-4498

02/07/2026

New U.S. Tax Deduction to Watch:
Car Loan Interest May Now Be Deductible

A lesser-known provision in the 2025 tax updates under the Build Back Better (BBB) framework could benefit certain U.S. taxpayers: car loan interest may now be deductible—subject to specific conditions.

Here’s what we know so far:

✔️ Deduction capped at $10,000
✔️ Applies to vehicles assembled in the U.S., purchased or financed in 2025 or later
✔️ Income phase-out begins at $200,000 (expected to be AGI; final IRS guidance pending)
✔️ Dealerships must issue Form 1098 to report interest paid

Why this matters

Historically, interest on personal vehicle loans has not been deductible unless the vehicle was used for business purposes. This provision marks a notable change and may create a meaningful tax opportunity for eligible taxpayers.

What to watch out for

As with many new tax rules, implementation may come with challenges:
•Dealerships will be responsible for accurate Form 1098 reporting
•Many taxpayers may be unaware they qualify
•A learning curve is expected for both preparers and lenders

EFS recommendation:

If you are a U.S. resident and purchased or financed a vehicle in 2025, particularly a U.S.-assembled model, speak with your tax advisor before filing. This may be one of the most overlooked deductions of the upcoming tax season.

📧 [email protected]
🌐 expertfilingsolutions.com
📞 647-954-4498

02/02/2026

Take a look at the Benefits Payment Dates for February, 2026!

Share this post with friends and family to help keep everyone informed.

🔗See the full 2026 benefits payment calendar here: http://bit.ly/4emJUdg

Expert Filing Solutions

02/01/2026

The new Canada Groceries and Essentials Benefit aims to help low-income Canadians
but at what cost?

Maximum Payments:
•Single Person: $950 in 2026-27 → $683/year next 4 years
•Married Couple + 2 Kids: $1,890 in 2026-27 → $1,357/year next 4 years

Key Facts:
•Phases out after $46,300 of family income (losing 5¢ per $1 earned)
•Groceries are already tax-free
•May discourage work, especially for second earners
•Program costs $11.7B over 5 years

Expert Filing Solutions

📧 [email protected]
🌐 expertfilingsolutions.com
📞 647-954-4498

01/20/2026

Confused About Employment Status? The CRA Has You Covered!

Determining whether someone is an employee or self-employed can be tricky—for workers and employers alike. To help clarify, the (CRA) has put together comprehensive resources, including examples, legislation, and court cases, to guide you through these decisions.

Whether you’re unsure of your own status, or that of your employees or contractors, these resources are invaluable:

🔹 Employment Status: Employee or Self-Employed?
Get clarity on your classification and its implications: https://lnkd.in/g_jBGFsT

🔹 Request a CPP/EI Ruling
Need an official determination? Request a ruling directly from the CRA: https://lnkd.in/g96hPpUe

🔹 If You Receive a CPP/EI Ruling
Learn what to do once your ruling is issued: https://lnkd.in/g8ksEQM7

These resources are essential for anyone navigating the complexities of employment classification and related CPP/EI considerations.

Staying informed can save you from potential compliance issues and ensure accurate contributions.

01/16/2026

January Reminder: 2026 Contribution Room is Here!

It’s a new year and that means new opportunities to grow your savings! For 2026, here’s what’s available:
•TFSA: +$7,000 for anyone 18+ with TFSA eligibility
•FHSA: +$8,000 for eligible first-time home buyers (lifetime maximum: $40,000)
•RRSP: New room based on 18% of your 2025 earned income (up to the annual maximum)
•RESP: No annual contribution limit, but $2,500 per child qualifies for the CESG each year (lifetime max: $50,000 per child)

With new contribution room, it’s the perfect time to plan ahead:
✅ Align contributions with your tax situation
✅ Decide between lump-sum or gradual contributions
✅ Make sure your plan fits your cash flow

Start 2026 with a strategy for your registered accounts—it’s never too early to make your money work for you!

📧 [email protected]
🌐 expertfilingsolutions.com
📞 647-954-4498

01/15/2026

2026 Contribution Room

TFSA (Tax-Free Savings Account)
Grow your investments tax-free and withdraw anytime without penalties. Contribution room for 2026: $7,000.

🔹 FHSA (First Home Savings Account)
Saving for your first home? Enjoy tax-free growth and tax deductible contributions. 2026 contribution room: $8,000.

🔹 RRSP (Registered Retirement Savings Plan)
Plan for retirement with tax-deductible contributions and tax-deferred growth. Contribution limit: 18% of your income, up to $33,810 in 2026.

🔹 RESP (Registered Education Savings Plan)
Save for your child’s future with tax-free growth and don’t miss the government grant! Contribute at least $2,500 in 2026 to get a $500 grant.

Expert Filing Solutions

Expertfilingsolutions.com

01/09/2026

RRSP Contribution Deadline – 2025 Tax Year

When is the deadline?
For most Canadians, the last day to contribute to your RRSP for the 2025 tax year is March 2, 2026.

RRSP contributions are tax-deductible, meaning contributions made before this date can reduce your taxable income for 2025.
Any unused RRSP room carries forward and can be used in future years.

⚠️ Important exception:
If you turned 71 in 2025, your final RRSP contribution deadline is December 31, 2025. After that, your RRSP must be converted to a retirement income option (such as a RRIF).

Planning ahead can help lower your taxes and grow your retirement savings.

📧 Email: [email protected]

🌐 Website: expertfilingsolutions.com

📞 Phone: 647-954-4498

12/25/2025

Happy Holidays! 🎄

We are sincerely grateful for our valued clients and partners. Thank you for your continued trust and support throughout the year. Wishing you a season filled with peace, good health, and continued financial success in the year ahead.

12/23/2025

Important CRA Service Outage Notice
The Canada Revenue Agency (CRA) will be shutting down several online filing services for scheduled maintenance:
🕒 Shutdown: 3:00 a.m. ET on December 23
🕕 Reopening: 6:00 a.m. ET on January 12, 2026
Services impacted include:
Internet File Transfer (XML)
Web Forms
File a Return (via My Business Account)

👉 Action required:
If you have any information returns due in the next two weeks, make sure to file them today to avoid delays or penalties.

For full details on the impacted services, visit:
🔗 https://lnkd.in/gHk34MmZ

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