Each week I pull together accounting, tax, and AI news that matters to small business owners and individuals in Canada and the US, in plain English, with links to the original sources. Here is what happened in the week of October 26, 2026.
Canada
1. Businesses can now manage CRA debts online in My Business Account
For Small Business Week (October 19 to 25), the CRA expanded its Manage balance service to My Business Account. Business owners, including directors and officers, can now deal with outstanding payroll, GST/HST, and corporate income tax (T2) balances online without calling a collections officer. The service lets you make a payment, set up a payment arrangement based on your business's financial situation, or request a call back from the CRA. One important limit: the service is not available through Represent a Client, so accountants, bookkeepers, and other authorized representatives cannot use it for their clients. If your business owes a balance, you will need to log in yourself.
Source: Canada Revenue Agency (October 20, 2026)
2. CRA adds Apple Pay, Google Pay, and Konek as payment options
As of October 9, 2026, you can pay the CRA with Apple Pay, Google Pay, or Konek. Apple Pay and Google Pay support debit cards, including Visa Debit and Debit Mastercard, from participating financial institutions and credit unions. Konek offers Interac Direct payments from chequing, savings, or line of credit accounts, as well as Visa Debit and Debit Mastercard. These options are available through the CRA's My Payment service. As always, keep the confirmation number for every payment you make.
Source: CRA Businesses Tax Information Newsletter, Edition 2026-06 (October 21, 2026)
3. CRA large business audits now cover two years at once
According to reporting from a recent industry roundtable, auditors in the CRA's International and Large Business Directorate may now work from two-year audit workplans, requesting records for two taxation years at the same time where similar issues repeat, starting with the 2023 and 2024 years. That directorate handles businesses with more than $250 million in gross revenue, so most small businesses are not directly affected. Still, CRA reviews of smaller businesses, especially for HST, often reach across periods already. The practical lesson for any business: treat recurring items such as management fees, owner draws, and intercompany charges consistently from year to year, and write a short note at the time whenever you change how an item is treated.
Source: Canadian Accountant (October 25, 2026)
4. BC's PST on accounting services is paused, not repealed
British Columbia had planned to start charging provincial sales tax on accounting and bookkeeping services, along with architectural, engineering, security, and non-residential real estate services, on October 1, 2026. On September 18 the Province paused the expansion with no new start date. If you operate in BC, do not add PST to invoices for these services, refund or remit any PST charged in error after October 1, and check that your billing software has not started adding it automatically. Because the tax could return, longer fixed-fee contracts may need a clause covering sales tax that becomes payable later.
Source: Canadian Accountant (October 18, 2026)
United States
5. IRS updates its retirement plan correction program and creates one for IRAs
Treasury and the IRS issued two revenue procedures on October 22. Revenue Procedure 2026-34 updates the Employee Plans Compliance Resolution System (EPCRS), which lets sponsors of qualified plans, 403(b) plans, SEP arrangements, and SIMPLE IRA plans fix plan errors, and it takes effect immediately. Revenue Procedure 2026-33 creates a new IRA Compliance Resolution System (ICRS), effective May 1, 2027, which lets IRA custodians and owners request correction of certain inadvertent errors caused by service providers. It will also handle requests to waive the 60-day rollover deadline, which until now required a private letter ruling. If you hold US retirement accounts and something went wrong with a rollover, this may give you a simpler route.
Source: IRS, IR-2026-126
6. IRS urges early preparation for the 2027 filing season
In two reminders this week, the IRS encouraged taxpayers to check their withholding with the Tax Withholding Estimator, make quarterly estimated payments if they have self-employment or other income without withholding, and keep W-2s, 1099s, digital asset records, and IRS letters together as they arrive. It also recommended protecting your IRS Individual Online Account credentials and getting an Identity Protection PIN (IP PIN), which helps stop someone else from filing a return in your name. If you file a US return, now is a good time to set up a simple folder for 2026 documents.
Sources: IRS, IR-2026-128; IRS, IR-2026-127
AI in Accounting and Finance
7. CPA Canada survey: most CPAs now use AI every week
A new CPA Canada survey found that 74% of Canadian CPAs use AI at least weekly, including 40% who use it daily. The most common uses are research, drafting and summarizing, data analysis, and tax research. The top concerns are accuracy and reliability (68%) and privacy and confidentiality (55%), while only 14% are worried about job loss. CPA Canada also noted that policies, training, and oversight are not keeping pace with adoption. For business owners, the takeaway is to ask how your advisers use AI and how they protect your information.
Source: Canadian Accountant (October 18, 2026)
8. AI assistants can now work directly inside practice management software
Financial Cents, a practice management platform used by accounting and bookkeeping firms, launched a connection that lets AI assistants such as Claude, ChatGPT, and Gemini read and update a firm's task and billing data in plain English, for example "What is overdue this week?" The company says the assistant confirms before making changes, every action is logged, deleting data is not allowed, and access can be revoked in one click. It is a good example of the controls to look for before connecting any AI tool to your business systems.
Source: CPA Practice Advisor
What this means for you
- Does your business owe the CRA? You can now set up a payment arrangement yourself in My Business Account, but your accountant cannot do it for you.
- Paying the CRA? Apple Pay, Google Pay, and Konek are now options through My Payment. Keep every confirmation number.
- Recurring items in your books? Treat them consistently each year and document any change when you make it.
- Doing business in BC? Do not charge PST on accounting and the other paused services, and check your invoicing software.
- Filing in the US? Check your withholding, get an IP PIN, and start a folder for your 2026 tax documents.
- Using AI tools? Check how they handle accuracy, confidentiality, and permissions before you rely on them.
Questions about how these changes affect you?
Milinchuk CPA helps small businesses, corporations, and individuals in Toronto and across Ontario with bookkeeping, corporate and personal tax, and advisory. I serve clients in English and Russian.
Disclaimer: This post is general information, not professional advice. Tax rules and proposals change, and your situation may differ. Please consult a qualified professional before acting on anything in this article.