Truckers Beware: CRA Audits Coming

Effective December 4, 2025, the CRA has officially lifted the moratorium it has extended in the transportation industry and intends on levying penalties for failure to report fees paid for services for the 2025 tax year and subsequent tax years.  Here’s what you need to know:

When a commissioned salesperson receives a T2200 form from their employer, it opens the door to deducting employment expenses that are typically off-limits to salaried employees. But what happens when that employer goes bankrupt and the salesperson pivots to self-employment? This article explores the tax treatment of such a transition, using a realistic scenario to illustrate the rules and opportunities available under Canadian tax law.

Charitable giving is a meaningful way to support causes you care about—and in Canada, it can also be a strategic financial decision. While cash donations are common, gifting appreciated securities or valuable personal property such as jewelry can provide enhanced tax advantages. Donating these assets directly to a registered charity allows individuals to avoid capital gains tax and claim a charitable donation tax credit based on the fair market value of the gift.  But they might be surprised by the AMT - Alternative Minimum Tax.  That’s where a tax specialist and a great income tax calculator comes in.

As Canadian businesses prepare for another demanding tax season, leaders are facing a familiar challenge: sourcing skilled, confident staff who can handle increasingly complex personal and corporate tax filings. Whether you employ seasonal rookies, returning preparers, or full-time financial specialists, the need for structured, up-to-date tax training has never been higher, and there are some important educational opportunities coming up from Knowledge Bureau.

“Do you believe the November 4 Federal Budget addressed the key financial issues your clients need to see from their Finance Department and the CRA?”  That’s the question we asked Knowledge Bureau Report readers last month.   Over 86% of the respondents said the government got it wrong.    Some comments about what was missing below.  Also, now’s the time to weigh in on the final poll question for 2025. 

Available Tomorrow!  The Special Report on the 2025 Acuity Conference for Distinguished Advisors (DAC) captures the key learning, insights, and highlights from the 2025 Acuity Conference for Distinguished Advisors in Puerto Vallarta. The reviews from delegates, like Jane’s below,  were amazing and so were the pictures, the gorgeous vistas and above all, the “A” game the outstanding speakers brought to their current and relevant topics!

It costs a lot more to go to work these days.  Should the Canada Employment Credit of $1501 for 2026 be raised higher to account for this?