Truckers Beware: CRA Audits Coming

Effective December 4, 2025, the CRA has officially lifted the moratorium it has extended in the transportation industry and intends on levying penalties for failure to report fees paid for services for the 2025 tax year and subsequent tax years.  Here’s what you need to know:

A Special Knowledge Bureau Report: Buried at the height of summer holidays, the Finance Department has released a significantly complex and potentially punitive proposal to change the integration of the personal and corporate taxation system for private enterprises and provided a mere 75 days to provide feedback. 

The proposed changes to the taxation of private business income and equity, released on July 18, 2017, will affect the income paid to family members who are not actively engaged in the business, as well as limit their access to the Capital Gains Exemption.

The Finance Department is proposing alternatives to the taxation of passive income earned in a private corporation. This will dramatically alter after-tax income results, essentially taxing the income earned by corporate investing at the top marginal rates and then taxing distributions once more at personal tax rates. 

Day trading is effective for RRSPs and RRIFs accounts but not for TFSA investing activities. This doesn’t seem to be a logical strategy on CRA’s part, seeing as it is currently looking for millions in penalties and interest from investors who didn’t understand the rules.

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”  —Steve Jobs

Be sure to make room on your calendar to join us this fall in Kelowna, November 5-8, for the absolute best educational experience of the year, packed with cutting-edge programs.