Dear Clients and Friends,
As we move into December, I hope you’re enjoying the cozy autumn glow – the crisp air, colorful leaves – and beginning to feel that gentle holiday spirit. With the year wrapping up, it’s a good moment to breathe, reflect, and plan ahead.
What November Brought
Last month I attended AccountEx Canada, an accounting industry exhibition where new tools, apps and best-practice ideas were shared. One lecture that truly struck me — about taxes after death – reminded me how important it is to have a proper will in place. If you don’t have one yet, or haven’t updated it recently, I urge you to consider doing so. If you’d like, I can refer you to a lawyer who specializes in estate planning.
On a personal note: I had a challenging time in November – my mother in law was hospitalized, which brought worry and many sleepless nights. That experience reinforced for me just how fragile life can be, and how important it is to get our affairs in order.
Despite that, I kept up with tax education – and the 2025 federal budget brought a few changes that might affect you or your business. Below are the highlights.
Key Takeaways from the 2025 Federal Budget (What It Means for You)
Here are some of the main points from the new federal budget that may matter to you this year or next:
If you fall into lower or middle income brackets — this change could lower your overall tax burden slightly. It’s a good moment to review your withholding, installments, or deductions for the coming year.
RRSP — A Good Moment to Review or Contribute
With these tax changes in mind, December is also a good time to consider contributing to your RRSP (Registered Retirement Savings Plan). RRSP contributions remain a powerful way to reduce taxable income and save for the future.
- For the 2025 tax year, any contributions made between January 1, 2026 and March 1, 2026 are eligible for deduction.
If you’d like a quick estimate of how much you could save with RRSP contributions – and how that fits with your 2025 tax planning -I’d be happy to help. Just let me know and we’ll book a short meeting.
Year-End Payroll & Tax Planning Reminder
- We are heading into the final payroll periods of 2025. If you plan to pay a bonus or a special year-end wage, please contact us soon so we can prepare accurate estimates and ensure correct remittance.
- Remember, final remittance for 2025 payroll must be submitted by January 15, 2026.
We’ll also be doing internal payroll reconciliations to make sure everything is clean for your 2025 T4 filings.
Training & Learning Opportunities
I’m happy to share that I recently completed and led a 5 day intensive course for Russian-speaking bookkeepers who are learning how to adapt to Canadian bookkeeping norms. The feedback was wonderful.
Inspired by that, I’m launching a QuickBooks Online Intensive in January 2026 – designed to help bookkeepers (or small business owners) use QBO more efficiently. If you’re interested (or know someone who might benefit), let me know – spaces are limited.
Warm regards,
Elena
