October 1 - Important Changes Coming to VDP

Effective October 1, 2025, important changes will be made to the Voluntary Disclosures Program (VDP) at the CRA in order to make it easier for taxpayers to correct unintentional filing errors or omissions. The details on how the changes will affect your clients are being discussed in the CE Summit held September 17 and this course is now available for online enrolment and CE accreditation, after the virtual event. Here are some highlights of the changes.

Do you know how to prepare a T2 corporate return for your small business clients?  Knowledge Bureau’s T2 Corporate Tax Preparation for Micro Businesses course is an excellent solution for financial advisors who want deep practical knowledge on small business tax issues.

"You are never too old to set another goal or to dream a new dream." C. S. Lewis

The annual TFSA contribution room is indexed to the consumer price index (CPI), but the contribution limit is increased only in increments of $500.

Indexation has increased the capital gains exemption available on the sale of qualified small business shares in 2017 by an additional $11,540, to $835,716. The capital gains exemption on the sale of qualified farm or fishing property remains at $1,000,000.

If December is moving month for you, three pieces of advice:  tax a deep breath, treat yourself to some extra eggnog, and keep those moving expense receipts handy.  They will be worth a lot of money when  you file your tax return.

Knowledge Bureau’s November poll was a no-doubter. An overwhelming majority of 87% answered yes to the question: “Do you agree that the new reporting changes for 2016 will result in significant audit activity on the disposition of principal residences?”