I was in Downtown Toronto this week with some of our team members at GMS. We attended the Xero Roadshow event, an event for accountants and business advisors serving small businesses. It was a fun day of learning and networking with new and existing contacts. One highlight for me was the fast pace of AI-driven initiatives in our industry and how we can use this to enhance advice and service to our clients. At GMS, AI adoption is a priority initiative for us as we invest in our team and AI tools to automate certain parts of our processes so we can serve you better. Enjoy this issue where I share some key insights on taxes and personal finance, as well as an upcoming workshop we’re hosting for Not-for-profit leaders. Please remember to share this with everyone in your network:

1. Have You Registered for the Financial Governance Workshop?

It’s only two weeks away…so if you’ve not yet registered for this hands-on workshop for financial leaders in the Not-for-profit space, hurry and do so now before it is sold out. This workshop is tailored for small not-for-profit organizations that do not have a robust financial reporting system. If you’re an Executive Directors, a Board Treasurer, or involved in the preparation of financial statements for your not-for-profit organization, then this workshop is for you.

This full-day workshop is designed to fix the systems behind your finances and also provide you with tips on grant writing.

Date: October 24th, 2025

Time: 10 AM – 5 PM

Location: Artistic Decor Venue; 66 Jutland Rd unit #43, Etobicoke, ON M8Z 2G6

Includes: Lunch + practical tools

Cost: $450 +HST per person

This workshop is not a lecture. It’s a hands-on, practical workshop where you’ll learn, apply, and walk away with systems you can use immediately. To learn more and to register, click here.

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2. Transferring Property from Your Corporation? Watch Out for Taxable Benefits

A recent Federal Court of Appeal case (May 2025) highlights the tax risks of transferring property from a corporation to a shareholder. In this case, a building valued at $430,000 was transferred from a corporation to its shareholders. CRA reassessed one of them, adding $215,000 as a taxable benefit. The taxpayer argued that taking over the mortgages counted as consideration—but the court disagreed, ruling she hadn’t personally assumed the debt..

✅ Lesson: If you plan to transfer assets out of your corporation, I can help. Proper structuring and documentation are essential to avoid unintended taxable benefits.

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3. Canada Carbon Rebates for Small Businesses Now Tax-Free

The federal government confirmed that Canada carbon rebates for small businesses will not be taxable, retroactive to the start of the program. CRA will provide guidance on amending past corporate returns where rebates were already included in taxable income.

✅ Takeaway: If your business received these rebates, you may be eligible for a refund once the legislation is passed.

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4. A Simple Equation for Success

In many ways, success does not come easily. It’s anything but simple. However, when you stick to a formula or habit or established patterns for showing up consistently, you will find success. I agree it won’t be easy, but the formula for getting there is simple. The hard part is using the formula and using it consistently. In his email this week, James Clear writes about how you can achieve competence using this simple equation:

"Failure + reflection + another rep = competence."

James Clear, author of Atomic Habits, shares insightful quotes like this weekly. Consider subscribing to his weekly emails for tips on cultivating winning habits. Check it out here.

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5. Nine Ways to Break the Feeling of Lack

Often, we live a life overwhelmed by a feeling of lack. A big reason for this is because we don’t know what is enough for us. According to Vicki Robin, author of the brilliant book, Your Money or Your Life, financial independence has nothing to do with being rich. It is the experience of having enough. Enough is when you get to the peak of your fulfillment curve. In other words, you have enough money to survive and get all the comfort and luxuries you require to experience fulfillment in life. It is quantifiable and achievable. I share more on this in this article, including 9 ways to break this feeling of lack.