TaxTron - Canada's Tax Software

Good news for Canadian families!

The Government of Canada has increased the Canada Child Benefit (CCB) for the 2026–27 benefit year to help families keep up with the rising cost of living.

Starting this month, eligible families can receive:
👶 Up to $8,157 per year for each child under 6
🧒 Up to $6,883 per year for each child aged 6–17

This increase means families could receive up to $160 more per child under 6 and up to $135 more per child aged 6–17 compared to last year.

The tax-free CCB continues to support millions of Canadian families by helping cover everyday expenses like groceries, clothing, and child care.

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🇨🇦 U.S. Income on Your Canadian T1? Yes, You Must Report It. 🇺🇸

One of the biggest tax myths is:
“I already paid U.S. tax, so I don’t need to report it in Canada.”

❌ That’s incorrect.

If you’re a Canadian tax resident, you generally need to report your worldwide income on your Canadian T1 return—even if tax was already paid in the U.S. The good news? You may be eligible to claim a Foreign Tax Credit to help avoid double taxation.

Before filing, make sure you:
✅ Review all U.S. tax slips
✅ Claim the Foreign Tax Credit correctly
✅ Report income on the appropriate T1 lines
✅ Determine whether Form T1135 applies
✅ Use the correct exchange rate

Want to know how to report your U.S. income correctly or learn more about cross-border tax reporting?

👉 Visit our website, register yourself, and join our upcoming webinar to gain expert insights and file with confidence.

ForeignTaxCredit TaxEducation CRA TaxProfessionals TaxTraining CanadaTax

🚨 Want to stay audit-ready and maximize every eligible tax benefit?
Join our upcoming webinar designed for tax professionals who want to strengthen their knowledge of U.S. income reporting on T1 returns and prepare clients for CRA audits with confidence.
📅 Date: July 23, 2026
🕑 Time: 2:00 PM – 4:00 PM EST
🎓 PD Credits: 2
What you’ll learn:
✅ U.S. Income on T1 Returns
✅ Foreign Tax Credit
✅ Business Write-offs
✅ GST/HST Best Practices
✅ Home Office & Vehicle Expenses
✅ Audit-Proof Record Keeping
Don’t miss this opportunity to gain practical insights that you can apply immediately.
Register today and take the next step toward becoming audit-ready!
CPA TaxEducation ProfessionalDevelopment GSTHST AuditReady TaxPlanning

Proudly Canadian. Proudly Supporting Canadian Tax Professionals.
This Canada Day, we’re celebrating the people who keep Canada’s businesses moving forward—from entrepreneurs and accountants to tax professionals and business owners.
At TaxTron, we’re proud to build Canadian tax software that helps professionals save time, stay compliant, and focus on what matters most: serving their clients.
Thank you for trusting us to be part of your journey.
🍁 Happy Canada Day from all of us at TaxTron!
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⚠️ Attention Corporations & Trusts: Important CRA Guidance Just Released
The CRA has released updated guidance and filing instructions related to the Excessive Interest and Financing Expenses Limitation (EIFEL) rules.
Key updates include:
✔️ New guidance for election forms when group members use different tax reporting currencies
✔️ Updated filing instructions reflecting legislative amendments under Bill C-15
✔️ Clarification on the inclusion of certain amounts in Interest and Financing Expenses (IFE) and Interest and Financing Revenues (IFR)
These changes may impact corporations, trusts, and corporate groups subject to the EIFEL rules. Reviewing your reporting and filing requirements now can help ensure compliance and avoid potential issues down the road.
Need help understanding how these updates affect your organization? Our team is here to help.
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