October 1 - Important Changes Coming to VDP

Effective October 1, 2025, important changes will be made to the Voluntary Disclosures Program (VDP) at the CRA in order to make it easier for taxpayers to correct unintentional filing errors or omissions. The details on how the changes will affect your clients are being discussed in the CE Summit held September 17 and this course is now available for online enrolment and CE accreditation, after the virtual event. Here are some highlights of the changes.

The federal government has changed its mind: at least some of the self-employed people who received the Canada Emergency Response Benefit (CERB) based on erroneous instructions from CRA no longer have to repay the benefits. But the heavy audit response following the pandemic emergency provisions has resulted in a tax quagmire for many. Tax specialists can help.

Kudos to the CRA. They may just have heard your feedback on our January poll where the vast majority of advisors suggested that the CRA should cut people some slack.  Yesterday they did, with the announcement that interest relief would be available for taxpayers who made under $75,000 and received pandemic support benefits in 2020. There is more good news, too, for refundable tax credit recipients.

It appears that $2 a day adds up to millions of dollars in tax costs for the government.  The Parliamentary Budget Officer (PBO) released the costs of the new simplified home workspace expenses on February 4, now estimated at $260 million. The costing provides some interesting insight on expense filing by employees.

The CRA has introduced several new rules for filing employment expenses in 2020 which in reality, have complicated rather than simplified, employment deduction claims. Four employment filing profiles have emerged, as well as a new little-known calculation for home office space common area use. Details and a tip sheet follow.

Tax is a trigger for affluent families, especially now, when higher taxes may loom in the future. Tax and financial advisors ultimately need to be able to expertly calculate capital gains and losses on the disposition of assets and properly report income transactions along the way. But, it is in the planning for tax efficiency that differentiates a “great” advisor from the rest. This newly updated course is here to provide help during these turbulent times.

Our Valentine’s Day Special is a seasonal tax training package, at a price you’ll love. Take any 3 suggested courses for $1,995 - save 25%. This is a great opportunity for business owners looking to increase revenues this tax season, or for people looking to earn extra income. Visit the Virtual Registrar to enrol by the February 28 deadline, and check out our suggested training options for individuals and firms.