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:

Application forms for the 2016 DAC Young Advisors Award are now being accepted from young advisors, their clients, employers or mentors and can be found on the Knowledge Bureau website at the Conference tab at www.knowledgebureau.com. The application process will close on May 31 and selection will be announced on June 15, 2016.

“Do not value money for any more nor any less than its worth; it is a good servant but a bad master.” Alexander Dumas

Do you know what one of the most missed credits on the personal tax return is?  It’s the Disability Tax Amount, a substantial non-refundable tax credit valued at $7899 in the 2015 tax year; 8001 in 2016.  It can be claimed by someone who is markedly restricted in the activities of daily living on a permanent basis, or by their supporting individual.

Dividends of taxable Canadian corporations enjoy preferred tax rates, but some complexities in reporting can plague unsuspecting filers. Here are some tips for last-minute filers:

Income splitting is an excellent strategy to reduce a family’s tax load and it is even easier when you are self employed. Consider Steve, who currently makes $84,000 in his small unincorporated business in B.C. He wants to pay his new wife, Carin, half this amount, as they work together in the business. Can he do it? How much can he save?

Statistics Canada released new unemployment numbers for February on April 21, 2016, and unfortunately, on a year-over-year basis, there were close to 35,000 more EI beneficiaries this February than there were in the same month a year ago—an increase of 6.7%.