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.Anything But Simple: Morneau’s Income Sprinkling Rules Start January 1
It’s official, family income sprinkling rules will take effect January 1, 2018, and, unless a family member can show active participation under still-complicated reasonableness tests, distributions of income from private family businesses will be taxed at top tax rates, with none of the progressivity in tax rates available to individuals. This will require an immediate rethinking of resources available to the economic unit known as the family business.
It’s Better to Give…Before the First-Time Charitable Donor’s Super Credit Disappears
In the spirit of the season, it’s heartwarming to know that the vast majority of Canadians are lending a helping hand to those in need. And what goes around comes around: be sure to inform your clients about tax credits they may qualify for, thanks to their generosity.
Focus on RRSP: Six More Year-End Tax Tips
There is still time to consider your own unique RRSP tax strategy to reduce income and taxes and increase refundable tax credits for your financial gain in 2018. The RRSP contribution deadline is March 1, 2018. Following is the last of our series of a dozen tips to consider as the holidays begin and before this year ends:
Choosing Your 2018 Career Path as an Employee or Entrepreneur
When setting your career-related New Year’s resolutions, it’s important to ask yourself a key question: “Do I see myself as an employee or an entrepreneur?”
People in the News: Barbara Schuster
Congratulations to Barbara Schuster from Investors Group who just graduated from Knowledge Bureau’s Advanced Tax-Efficient Retirement Income Planning self-study course, and had the following comments about her experiences:
Spotlight on the RRSP: 12 Year-End Tax Tips
The RRSP can play a prominent role in many of the year end tax strategies still available to pay less tax in the 2017 tax year. The RRSP contribution deadline is March 1, 2018. Following are the first six of a dozen tips to consider as the holidays begin and before this year ends:
