Federal

CRA encouraging a move to digital access

CRA is encouraging all taxpayers to move to digital access. If you have not yet registered for online access to your CRA account, (My Account), we encourage you to do so.

Document verification service – It’s easier than ever to register for a CRA account! The document verification service allows you to verify your identity and get immediate access to your online account. Using this feature means you will not need to wait to receive a CRA security code by mail.

The My Account service can be useful – you can find RRSP limits, notices of assessment and any letters or other communication there. It is less useful for TFSA information (often out of date and not reliable).

We don’t recommend using the chat feature within My Account. Instead, if you are a client, we strongly suggest you reach out to our office with any questions.

Digital News Credit – Cancelled. No longer available.

Bare Trust Filing Requirements

You may remember the disaster of the spring of 2024, when CRA announced that bare trusts would have to file returns for the first time, but did not notify stakeholders in a timely fashion, resulting in widespread confusion. At the 11th hour, CRA announced they were suspending the requirement for filing for 2024.

Then in late breaking news in December 2025: CRA announced they will not require filing for bare trusts for 2025. The requirement has been pushed ahead for another year. We anticipate filing 2026 returns in the spring of 2027. Unless there is another delay…

TFSAs – The contribution limit for 2025 and 2026 is $7,000.

Canada Dental Benefit

The Canada Dental Care Plan is now open to all qualifying individuals.

Highlights:

To qualify:

• Individual or family (if married or common-law, with or without children) adjusted net income must be under $90,000.
• You must not have access to dental insurance through employment benefits, a professional or student organization, or through an employer pension plan.
• You MUST have filed a prior tax return.

Sun Life is managing the program for the federal government. If you qualify, and apply online with CRA, they will forward your information to Sun Life, and you will receive a welcome package with details about your coverage.

Existing coverage must be renewed each year, before June 30th.

More details can be found here.

Old Age Security (OAS)

For those collecting OAS: For the 2025 tax year, if your taxable income was over $93,454, you will need to repay some of your OAS in the recovery period from July 2026 to June 2027. If you’re 65 to 74 and your taxable income was over $152,062, or you are 75 or over and your taxable income was $157,923 or more, as reported on your 2025 income tax return, you will not receive any OAS payments in the OAS payment period for 2026.