How the Liberals’ re-election impacts RRIFs, taxes and more + MORE May 7th

One of the most vexatious—and most audited—provisions on your income tax return is the claim for automobile expenses. Why? Keeping an auto log is necessary to identify the personal versus business use of the vehicle, if you use it for both purposes. Here’s how to be ready for that inevitable day when a Canada Revenue Agency (CRA) request for justification comes along. 

Who can make a claim for auto expense deductions?

Self-employed individuals who file a T1 return as proprietors or unincorporated business owners, employees who negotiate contracts on behalf of their employers, and employed commissioned salespeople can claim a deduction for auto expenses.  

What form do you use?

The self-employed use Form T2125 Statement of Business or Professional Activities to claim automobile expenses. Employees, including commissioned salespeople, will need two forms: 

T2200 Declaration of Conditions of Employment—the employer must complete this form.

T777 Statement of Employment Expenses—the employee completes this one…

The Liberals held on to power in the recent federal election, and this has tax implications for Canada’s seniors and other taxpayers—in particular, for retirees and their strategies for their registered retirement income fund (RRIF) this year and possibly in the future.

Reduced RRIF minimum withdrawals

The Liberals’ primary RRIF proposal is to decrease the minimum withdrawal that is required for 2025. The party announced on April 7, 2025, its intention to “protect retirement savings by reducing the minimum amount that must be withdrawn from a Registered Retirement Income Fund (RRIF) by 25% for one year. This will allow Canadian seniors more flexibility in choosing when to draw from their retirement savings.”

This proposal was made in response to U.S. tariffs, which have created economic uncertainty and triggered stock market volatility in recent weeks. Reducing RRIF minimum withdrawals is a measure to “help Canadian seniors and retirement savings weather this storm…

Amidst volatile financial markets and economic uncertainty caused by the trade war, many Canadians are exploring different strategies to protect their savings. If you’re among them, knowledge about different registered accounts you’re saving in can influence how effectively you use them to secure your future. Offering incentives like deferred tax payments, tax-free growth or tax deductions, registered accounts can help you build wealth faster—and keep it growing.

The benefits aren’t limited to more money, either. Canadians who are saving in registered accounts feel greater financial confidence and emotional stability, according to a recent EQ Bank survey. It found that 71% of Canadians saving in a registered account are proud of their financial goals and their ability to achieve them, compared to just 37% of those without registered accounts.

While most Canadians are familiar with registered accounts such as the tax-free savings account (TFSA), registered retirement savings plan (RRSP) and first home savings account (FHSA), many aren’t familiar with the full spectrum of benefits…