Auditor General Report Rips into CRA

CRA call centres received more than 10 million calls in the 2024-2025 fiscal year and deflected some 8.6 million of them! Further, responses to general individual-tax questions were accurate only 17% of the time, and wait times for speaking with an agent averaged about 31 minutes - twice as long as a year earlier. These are amongst the findings of the significant shortcomings articulated in the AG's report today. That's all pretty bad. But here's why it's also unacceptable.

Join Knowledge Bureau President, Evelyn Jacks and Special Guest Instructors at the next Virtual CE Summit on November 18. This comprehensive virtual workshop also features a thorough online course:  everything you need to know to thoroughly understand the opportunities for tax, investment and estate planning both inside and outside the small business corporation.

Did you know that we give you the option to try out online courses before you enrol? Get a feel for our curriculum by enrolling in a free course trial.

Much to the relief of small business owners, the New Canada Emergency Rent Subsidy, announced 9 days after October rent payments were due, brought rent and mortgage support directly into the hands of business tenants. There was more good news, too. A new forgivable loan for businesses affected by the second wave of this pandemic was also introduced.  Here are the details:

Good news on the labor front in Canada:  the unemployment rate dropped to 9.0% in September, down from a high of 13.7% in May.  Further, the September Labour Force Survey released October 9 for the week of September 13 to 19, reported fewer people receiving the Canada Emergency Response Benefit (CERB) , EI or the Canada Emergency Student Benefit (13.5% down from 16.1%) and that the employment rate rose 2.1%.  So, what’s the bad news?   

The pandemic has changed the financial picture for a lot of Canadians. The good news?  Changes in income levels can produce tax savings few people have thought about. Reduced income, for example, may change the taxpayer’s requirement to make their December 15 instalment payment.  Or they may qualify now to collect tax benefits they would otherwise not be entitled to. Check out this true-to-life example:

 “There is nothing government can give you that it hasn’t taken from you in the first place.”- Sir Winston Churchill, Prime Minister of the UK 1940-1945 and 1951-1955.