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.CRA Departure: Elections Require Hard Copy
Most people would rather have teeth removed than face a tax audit. But, just what has to be kept for back-up purposes in a digital relationship with the CRA? It’s an important question because CRA generally doesn’t want to see any receipts when the return is filed. Yet, certain tax documents are required to be filed in writing and that includes special elections. Do you know what they are?
Tax Evasion Deterrent: Jail and Penalties
It’s not unusual for the CRA to distribute information about tax evasion at the start of the tax season; after all it’s a great reminder of the stiff consequences for those who intentionally defraud the government, like a West Vancouver resident recently did.
The Pros Weigh In: Are Canadians Focusing on Retirement Savings?
In your opinion, do Canadians feel they have to revise their retirement savings plans as a result of the pandemic? Last month, advisors from across Canada weighed in on this question and the results may surprise you!
Fill Your Knowledge Gaps: Women and Finance
March 8 is International Women’s Day and one of the many things to celebrate is that women are becoming far more financially active. This is a positive trend which enables better conversations about tax, retirement and estate planning, But advisors who fail to engage women, may well find themselves failing.
It’s Your Lucky Month if You’re Still Training Tax Staff!
Is March your lucky month? Traditionally, leprechauns celebrate pots of gold at the end of rainbows this month. But, it was Buddha who really put the concept of luck into perspective, “Being deeply learned and skilled, being well trained and using well spoken words: this is good luck.” That strategy has better odds of success, too. That’s why we are offering you some of each: the opportunity to be more skilled and a bit of the pot of gold.
IT’S OFFICIAL! Tax Season Has Begun
Tax season is officially underway and those expecting a refund are understandably anxious to file early and put that money the government has been holding onto – which averages $1,850 – to good use. But information from CRA about filing accurately has been released very late and there is a lot to know... including new information about electronic signatures which was only out yesterday.
