Lenora Timmons CPA Inc.

VERY IMPORTANT -- new Trust reporting rules took effect January 1, 2026, and these rules may affect you.

For example, if you have a fishing corporation that carries on its' books a fishing license, a fishing boat, or a fishing truck where that corporation doesn't hold title, then you have a bare trust arrangement, and you MUST file a T3 return and schedule 15 --- which is due on March 31, 2027.

FAILURE TO FILE THE T3 RETURN AND SCHEDULE 15 BY THE DUE DATE WILL RESULT IN A $2,500 LATE FILING FEE.

If you are a client and you think you are affected by these new filing requirements, call the office to schedule an appointment.

Updates to the trucking industry that do NOT favour the self-employed trucker nor the corporation that engages a self-employed trucker.

Note the following developments that apply for 2025:

- T4A issuance now mandatory (no more relief of penalties when non-filing a T4A)
https://www.canada.ca/en/revenue-agency/news/2025/12/cra-strengthens-compliance-in-trucking-sector-by-lifting-the-moratorium-on-t4a-penalties.html

- Compliance requirements for the trucking industry
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/requirements-trucking-industry.html

Happy New Year!

Compliance requirements for the trucking industry - Canada.ca The Canada Revenue Agency (CRA) has lifted the moratorium on the penalties for failure to report fees for service transactions in the trucking industry starting with the 2025 tax year. Trucking businesses will now face penalties if they fail to report payments over $500 in a calendar year made to Ca...