CRA Data Breeches Put Taxpayer Information at Risk

An important deadline is coming up, around the same time that Canadians get ready to file their 2026 tax returns at the start of tax season 2027. Since 2020, more than 42,000 data breaches have occurred at the CRA. A class action lawsuit was launched in 2020 and a $8.76 million settlement was reached.  Eligible Canadians affected by these security incidents can now submit claims through the KPMG Claims Portal until February 3, 2027.  

Like all employer-paid expenses, the concept is that, if the employer is the primary beneficiary of the payment, the payment is not taxable to the employee.  But, if the employee is the primary beneficiary, then the benefit is taxable.  For cell phones and cell phone service, the same concept applies, but the details can become confusing.

We find ourselves in an unusual situation with higher-than-normal inflation while simultaneously seeing signs of either an ongoing or approaching recession.  It’s not a time for knee-jerk overreactions.  Rather, the current cloud gathering should come as a reminder that long-term wealth is built by well-researched investments constructed around the realities of fluctuating economic circumstances.

Have you agreed to be an executor for a loved one?  If so, I just know you want to be ready and informed about what to do when the time comes.  When it is time to ‘be’ the executor, over and above the additional tasks you have to do, you could be also faced with the emotions of your loss.  For that reason, amongst others, the time to check into what is involved is NOW! 

National Financial Education Institute Knowledge Bureau is pleased to announce the launch of its new virtual campus: learn.knowledgebureau.com.  The mission of the second campus, which complements the Specialized Credentials offered through www.knowledgebureau.com, will focus on an expanded curriculum of short professional courses available by subscription, especially designed for entrepreneurial advisors in search of both technical and business education.

This year’s thought leaders will be taking the stage at DAC Acuity 2022, October 16-18 in Niagara Falls to discuss the theme “Velocity: How to Gain Momentum in the New Economy”, and this is your unique opportunity to grow your business with innovative insight from the top Canadian Knowledge experts in tax, accounting and finance. We invite you to join us for a combination of great networking, and the serious work of understanding the trends and strategies that lead to sound decision-making with your clients in the current environment. RSVP now, and take advantage of early-bird tuition rates – only until August 31.

Owing money to CRA has just gotten a lot more expensive.  If you owe, you’ll pay interest at a rate of 7% effective October to December.   This represents an additional 1% increase over the July to August quarter which was, in turn, a 1% increase over the rate for the previous quarter.