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.Interest Deductibility Varies on Investment Activities
When can you claim the interest on investment loans? It’s a common question but the answer depends on the investment for which you are borrowing money. In order to claim the interest when you borrow money to invest, your loan must meet three criteria.
Close to 90% Call for Raise in Allowable Auto Claim Restrictions
It was almost unanimous: 89% of responders to January’s Knowledge Bureau Report poll question agreed—the $30,000 cap on claiming luxury vehicles has long required a raise to reflect more accurately the price of cars this century. Here are the significant comments that accompanied the vote:
Tax Tips: What Expenses Can Employees Claim on The Tax Return?
There are over 28 million tax filers and two-thirds of them pay income taxes, on average at a rate of 16% of total income. The vast majority of those taxes - 70% in fact - come from employees, whose earnings are subject to tax withholdings with every paycheque.
Business Survival: It Begins with Cash Flow Management
According to Industry Canada, as of December 2012, there were nearly 1.2 million small businesses in Canada (businesses with at least one employee on payroll). But many don’t make it—even though they were profitable at the time of closure. Tax and business services specialists can help these businesses survive.
DAC 2017: Addressing Financial Adversity And Diversity
After an eventful two weeks in global politics and economics, the theme for the 2017 Distinguished Advisor Conference (DAC) appears to be squarely on point: Financial Advice at the Crossroads of Change.
NEW: T2 Tax Preparation for Professional Practices
If your goal is to shore up your corporate tax preparation knowledge on preparing returns for professional corporations, you will want to enrol in this new online certificate course from Knowledge Bureau, which has a special focus on the needs of clients who are financial advisors and medical practitioners.
