May 5, 2026

May 2026 - Canada Groceries and Essentials Benefit – Payment Dates | In-Person Payments at Financial Institutions | Correcting a Past Error – Is It Required? | Voluntary Disclosures Program – Voluntary Application? | Objection Deadlines | US Renunciation

Note: Late-Breaking Update - May 13, 2026. See full show notes. May’s episode is now live!What happens if a prior tax return is incorrect? Is the taxpayer required to fix it? And when does CRA contact eliminate access to the Voluntary Disclosures Program (VDP)?These are practical questions with real client implications.In this month’s episode, Joe, Caitlin and Hugh break down these issues and more, highlighting what tax professionals should be watching right now.Take 10 minutes to get current after a busy season.This fast-paced episode covers:Canada Groceries and Essentials Benefit – Payment Dates: Confirmed timing may prompt client questions on eligibilityIn-Person Payments at Financial Institutions: Teller-based tax payments end December 2026, requiring process changesLate-Breaking News: On a May 13, 2026 post on CPA Canada's Tax360 portal, Ryan Minor stated that CRA had advised CPA Canada that payments to them are an exception from this change. We will include any relevant additional updates in June’s Life in the Tax Lane. Correcting a Past Error – Is It Required?: No clear obligation to amend, but risks remainVoluntary Disclosures Program – Voluntary Application?: Prior CRA contact may disqualify VDP access despite newer guidanceObjection Deadlines: Strict timelines apply, with limited extension relief requiring clear and timely requestsUS Renunciation Fees: Fee reduction may renew interest in relinquishing US citizenshipWhether a Business Exists – Research and Experimentation: Early R&D; activity may support business statusDirector Liability – Which Director to Assess: CRA may pursue any director for remittance failures, emphasizing due diligenceSources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-may-2026Program Recorded: April 22, 2026Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information, visit videotax.com/disclaimer. ©Video Tax News Inc. 2026, All Rights Reserved.

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