Downsizing Your CRA Tax Files?

Happy New Year! If one of your resolutions for 2026 is to downsize, or at least sort through all that stuff you don’t need anymore, you may inevitably run across those tax files you’ve been keeping for decades. Just how long do you have to keep them? Do you need permission to destroy them? From whom? Read on to learn more. 

On June 16, the Auditor General rapped CRA’s knuckles, stating that their response to income tax appeals and objections is too slow. And since 65% of them are settled in favor of the taxpayer, the CRA needs to work harder at finding ways to solve issues before they go the appeals route.

Are you planning to sell a personal residence, such as your cottage, in 2017? If so, refresh your tax compliance requirements by making an appointment with a tax specialist before you sell. 

Summer is here and patio season is in full swing, but it’s the numbers, not the ambiance that ultimately tell the success story! If you have clients who own a restaurant, remind them that they need to take time to pay attention to the numbers side of the business and make sure that staffing up with temporary summer help includes some instruction on reporting their tips to CRA.

It seemed like such a simple question: Do you think Canadian provinces should raise the minimum wage to $15? But our June poll sparked a lively debate and more votes and comments than most. Over 500 of you weighed in and were closely divided on the topic, with 42% saying yes and 58% saying no.

"The height of cleverness is to be able to conceal it." - François, Duc de La Rochefoucauld

Imagine you have a client who is five or six years away from retirement, manages a small yet successful consulting firm with ten employees, and is married with two grown-up kids. He’s thought about retirement and the idea of finding a successor for his business, but overall, he’s been pretty non-committal.