Compliance
A Compliance Checklist for Canadian Corporations in Light of Recent Amendments
With new technical amendments and reliefs introduced, corporations must update compliance practices to avoid penalties and ensure eligibility for tax credits.
By NomadicTax Research Team • 5-8 min read • September 9, 2026
## Recent Legislative Amendments Affecting Corporations
- As of 2026, **corporations are no longer required to file a completion certificate with the CRA** for filing claims after February 16, 2026. One example: simple agreements for future equity (SAFEs) are now recognized as eligible investment instruments. ([canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/whats-new-corporations.html?utm_source=openai))
- Draft legislative proposals released in July 2026 include: expanding eligibility and clarifying rules for Disability Tax Credit, apprenticeship bonuses, and investment tax credits for carbon capture, and adjusting rules related to **hybrid mismatch arrangements** and foreign affiliate income. ([canada.ca](https://www.canada.ca/en/department-finance/news/2026/07/government-launches-consultation-on-draft-legislation-for-various-tax-measures.html?utm_source=openai))
## Key Compliance Steps for Corporate Taxpayers
- **Review your investment instruments**: If your corporation holds SAFEs or similar, ensure they qualify under updated eligibility rules. Recognize when certain instruments become qualified investments.
- **Ensure you meet documentation deadlines and registrations**: With changes to definitions and requirements coming in 2027, keep track of prescribed forms and registration-application procedures.
- **Engage in consultations and review draft proposals**: Some measures are still in draft; corporates should participate or monitor consultation processes to prepare for enacted changes. Notably on measures like apprenticeship bonuses and CCUS tax credits.
## Practical Example
Imagine an energy company investing in carbon capture technologies. Under proposals, storing CO₂ through **enhanced oil recovery** could qualify for the CCUS investment tax credit, albeit at half the credit rate of dedicated geological storage. If the company’s project falls under enhanced oil recovery, its credit potential changes — this influences project financing and return estimates. ([canada.ca](https://www.canada.ca/en/department-finance/news/2026/07/government-launches-consultation-on-draft-legislation-for-various-tax-measures.html?utm_source=openai))
## Actionable Checklist
1. **Audit your investments and equity instruments** for eligibility under updated “qualified investment” rules.
2. **Update your corporate accounting and tax policies**, especially in areas of foreign affiliates or hybrid mismatch, to account for tighter rules and avoid unintended exposure.
3. **Monitor CRA guidance and Finance consultations** for technical amendments; even draft legislative proposals may eventually affect year-end reporting or law application dates.
4. **Ensure registration of eligible plans and claims** meet revised procedural and prescribed manner requirements.
## Bottom Line
With recent amendments and proposals affecting qualified investments, reporting requirements, and eligibility for credits, corporations must proactively align compliance frameworks. Early review, documentation, and awareness of upcoming 2027 effective dates are essential to avoiding risks and unlocking benefits.