We’ve now come to the unofficial end of summer as kids return to school and most people return from summer holidays. It’s now back to business as usual for us! It has been a busy and fun summer with trips, conferences, the FIFA world cup and other fun activities. I trust you all had a great summer as well. We resume our weekly chess club meetings this Tuesday so if you’re looking for a fun extracurricular activity for your young ones, check out the details in this issue. Enjoy this issue where I share key tax and financial planning tips to help you navigate both simple and complex tax situations. Please remember to share this with your network:

1. The Oakville Chess Club Resumes this Tuesday, September 15th

Looking to sharpen your strategic thinking, connect with the local community, or find a rewarding weekly hobby this fall?

The Oakville Chess Club is officially reopening for the 2026–2027 season on Tuesday, September 15th!

Whether you are a seasoned player looking for rated competition, a beginner wanting to learn the game, or a parent looking for an engaging program for your child, our doors are open to players of all skill levels.

Try Your First Meeting for FREE We believe the best way to see if our club is the right fit for you is to experience it firsthand. You can come test the waters at your first meeting with zero cost and zero obligation.

Season Highlights:

• Weekly Tuesday evening play (September through June)
• Casual games, structured tournaments, and community events
• Rate Lock Guarantee: Register before October 1st to lock in our current $295/year annual membership fee for life before rates increase.

Join us this Tuesday, September 15th, and see what our chess community is all about.

🌐 View our full schedule and details here.

2. Long Commute to Work? CRA Says Your Travel Costs Are Still Personal

With flexible and hybrid work arrangements becoming common, many Canadians commute long distances or rent temporary lodging near their workplace. In a Tax Court decision from June 23, 2026, a taxpayer driving over five hours from home to his employer's office attempted to deduct vehicle, lodging, hydro, and internet expenses.

The court upheld CRA’s denial of all these deductions.

• The Rule: Travel from your personal residence to your regular place of work is strictly considered personal travel, regardless of whether you live 10 minutes or 5 hours away.
• The Catch on Home Expenses: Even if you perform some work from a rented apartment or home office, your employer must explicitly require on Form T2200 that you incur those specific costs (like hydro or internet). Additionally, you must be able to strictly separate personal use from employment use.

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​ 3. Are your family business dividends falling into the CRA’s 54%+ tax trap?

If you own a private corporation in Canada and split income with your spouse, adult children, or other family members, you need to carefully navigate TOSI (Tax on Split Income) under Section 120.4 of the Income Tax Act.

Get it wrong, and the CRA automatically taxes those dividends at the highest marginal tax rate in your province—regardless of what your family member actually earns.

In this quick 2-minute video breakdown, I cover the critical safe harbors every business owner and tax advisor needs to know:

🔹 The 20-Hour Rule (Excluded Business): How active engagement exempts family members (including the 5-year historical golden ticket).

🔹 Excluded Shares (Age 25+): The strict 10% votes & value test and service income restrictions.

🔹 The Age-65 Spouse Exemption: How corporate dividend splitting can safely mirror pension splitting in retirement.

👇 Watch the 2-minute explainer video here!

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​ 4. Moving to the U.S.? What You Need to Know About Your Family's RESP

Planning a move across the border? While RESPs enjoy tax-free growth in Canada, the U.S. Internal Revenue Service (IRS) does not offer tax-sheltered status for RESPs.

• The Tax Impact: Once you become a U.S. tax resident, annual growth and income inside the RESP become subject to U.S. income tax. On top of that, complex IRS foreign trust reporting forms are required to avoid steep penalties.
• Pro Tip: Before moving, consider transferring subscriber ownership of the RESP to a Canadian resident (such as a grandparent) to simplify tax administration while keeping accumulated CESG grants intact in Canada.

5. Have You Seen the Podcast Episode?

Recently, I was a guest at Tobi Adekeye’s Wealth on Your Terms podcast where we discussed different ideas on how to minimize taxes and accelerate your wealth. If you’ve not seen it yet, you can watch it here and while you’re there, remember to subscribe to my YouTube Channel to get more valuable content that will help you live a tax-efficient life.

Looking to Optimize Your Taxes and Build Wealth in 2026?

Whether you’re dealing with real estate, corporate structuring, or looking for ways to lower your personal tax bill, having a proactive tax plan is critical. If you'd like to review your current tax strategy or explore ways we can help you keep more of what you earn, feel free to book a no-cost consultation call with me here.