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:

Global wealth has increased by 1.4%, but net worth per adult has remained relatively unchanged in 2016, according to a new Global Wealth Report, by the Credit Suisse Research Institute. The net worth per adult has risen 67% since 2000; however, this growth rate flattened out in the period 2008 to 2016.

The Auditor General for Canada has recently issued a report on CRA’s appeal process, focusing on whether CRA has been efficient in managing income tax objections.

Highly qualified tax advisors are in high demand, not only by their clients but by financial advisors who seek their services and advice.  But, especially if your clients are Boomers, it’s important to move past basic tax preparation knowledge to confidently address the complicated year-end tax planning issues they may face on their investments and properties.

Knowledge Bureau’s highly engaging Annual Personal Tax Bootcamp is coming soon, January 17-25, 2017, in six cities across Canada. Registrants are urged to reserve their spots early as seating is limited, and to take advantage of early-bird tuition reductions until January 10.

Assistants to wealth managers will gather for the first ever Assistants’ Conference in Toronto on December 5.  Knowledge Bureau President, Evelyn Jacks, will be a guest speaker, presenting on How to Ramp Up Your Communications Skills. She will also introduce a new online diploma program designed especially for wealth advisors’ assistants: the Professional Financial Assistant Diploma Program™.

The theme of DAC 2017 is Canada 150: Financial Advice at the Crossroads of Change.  Plan on enjoying the wisdoms of some of Canada’s most prolific educators, financial leaders, writers and motivational speakers.