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.  

Just over four months after the April 7th Budget, the Government released a large package of draft legislative proposals on August 9th.  They include details on the following provisions, which will be discussed in detail at the September 21st CE Summits. 

The 2021 Census has pointed to a growing new demographic advisors must take note of or risk losing a client base that can have significant lifetime value.  How well you embrace the transgender or non-binary demographic can make a big difference but it requires unique practice management changes.  Here’s what you need to know:

Join us for an exclusive night out with Knowledge Bureau President Evelyn Jacks and Chef Massimo Capra on October 15th in beautiful Niagara Falls.  This dinner is limited to 20 guests, so confirm your attendance at DAC and your reservation as soon as possible.  Here are the details of the delicious extravaganza; plus, check out the outstanding agenda too!

What matters is what you keep.  There is no doubt your clients are  interested in knowing how to inflation-proof and recession-proof their wealth and navigate successfully through emerging risks from the CRA.  To accomplish the former, advisors must have broader knowledge in tax on upcoming tax changes and how astute investment planning in a very new economic environment can help clients maximize after-tax income and reduce capital erosion.  But there are other risks, too, and these topical issues will be the subject of a deep dive for pros at the September 21 CE Summits.

There are six key reasons, you will want to mark your calendar to attend the next Meeting of the Minds Event, presented by the Society of Real Wealth Managers™ on August 17, 11:00 – 12:00 PM CST. It’s a complimentary event, and it could be one of the most informative hours of your summer.  Consider:

With the Bank of Canada recently announcing another 100 bps increase in the overnight rate to 2.5%, clients are asking more and more about how this will affect their mortgages, the impact to their cash flow, and ultimately the impact to their overall financial plans.