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.

It’s unclear whether Canadians are really getting more from their Canada Child Benefit in 2016 over the Universal Child Care Benefit and family income splitting. That’s the subject of our October poll. However, at this time of the year there is lots a tax specialist can do to make sure your family maximizes the credit.

The 27th Actuarial Report on the Canada Pension Plan provides some fascinating reading about Canada’s demographics and economy over the next 75 years, to 2090.

Year-end tax planning is important in 2016, especially in light of Finance Canada’s release of its Annual Financial Report of the Government of Canada for Fiscal Year 2015–16 on October 7, 2016.

A Notice of Ways and Means Motion to Amend the Income Tax Act was introduced to enact changes to the Canada Pension Plan on October 6, 2016. 

There are lots of changes coming to retirement income planning, together with a whole new focus on how much is enough. . . a question being asked by all generations in the family.  That’s why retirement planning is really about multi-generational planning.

There are so many tax planning changes being introduced for 2016 – 2017 that tax, bookkeeping or financial services professionals may have trouble keeping up with answers to their clients’ complex questions this year.