November 2025 Poll
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?Help Clients Recover Millions
Are your clients owed money by CRA? As of March 31, 2025, the CRA holds about 10.2 million uncashed cheques totalling $1.7 billion. In your view, why is this happening? We put that question to our readers last months and as usual, their comments were insightful:
Tax Filing is for Everyone – So is a Tax Prep Starter Course
Periodically the Canada Revenue Agency (CRA) will embark upon a campaign with slogans to the effect that tax filing is simple. With over 20 years of experience in professional personal tax preparation - and still learning more every year – that’s perplexing as the majority of tax returns are far from simple. But completing an introductory tax prep course is foundational for everyone. It will maximize the relationship between the tax filer and the CRA, their financial pros and their investment decisions. Fortunately help is here, now.
New! CE Master Micro-Credentials: Specialized CE for Experienced Pros
Today’s most successful advisors and tax professionals know that ongoing education is not just about compliance—it’s about leadership, specialization, and delivering better client outcomes. For practitioners who seek to diversify their knowledge across multiple financial disciplines, Knowledge Bureau’s CE Master Micro-Credentials offer a focused, practical path to sharpen expertise and stand out in an increasingly competitive and regulated industry. . .at a special introductory offer for the month of July.
Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.
The PIT Cut Arrives July 1. . .But Will You Notice?
It’s here! The Personal Income Tax (PIT) relief offer to Canadians in the form of a 1% change in the lowest federal marginal personal income tax rate (PIT) takes effect on July 1. . .so it is half of a percent for 2025 and this rate will also apply to reduce the value of most non refundable tax credits. That makes it complex and hard to quantify. Just how much will you get? Canada’s Parliamentary Budget Officer, Yves Giroux, has broken down the impact of this 1% shift. The results are not as impressive as first presented to Canadians.
Tax Primer: Who Needs to Register to Remit GST/HST
Navigating the complexities of tax compliance is a critical part of running a business in Canada—and understanding the Goods and Services/Harmonized Sales Tax (GST/HST) is a key component. While not all provinces participate in the HST system (those who don’t remit GST only), every business owner should understand what it is, how it works, and whether they are required to register.
