Canada: Accounting Standards

When the Canada Revenue Agency (CRA) concludes that a GST/HST registrant’s books and records do not provide a complete or reliable picture of its taxable sales, it may reconstruct those sales using an alternative or indirect audit method.

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.

A CRA tax audit can be stressful under any circumstances. The situation becomes even more challenging when a taxpayer has suffered a serious injury, faces a substantial tax reassessment based on a CRA net worth audit, and discovers that important procedural opportunities were missed during the early stages of a tax dispute.

Thorburn v The King, 2026 TCC 108, is a practical reminder that employee expense deductions are not allowed simply because an expense appears useful, income-producing, or supported by a Form T2200.

Our 2025 Federal Budget article highlights the matters most relevant to the majority of our business owner clients.

Many suppliers are losing pricing leverage with customers at a perilous moment as tariff pressures and electric vehicle program delays squeeze profits. "Suppliers are kind of stuck between a rock and a hard place...

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