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:

“Far away there in the sunshine, are my highest aspirations. I may not reach them, but I can look up and see their beauty, believe in them, and try to follow where they lead.” -Louisa May Alcott

We all know people who immediately capture our attention.  I’m not referring to people whose physique or loud voice is overpowering and intimidating, keeping us at a distance, but those who have that distinct magnetism that draws us closer.

In Information Circular, IC 98-1R5 Collections Policies, issued on February 3, 2013, CRA clearly outlines the consequences that will follow if you make the bad decision to ignore their requests for payment.  Tax and financial advisors have an important role to play in advising their clients to stay out of this kind of trouble, because the consequences can be swift and financially brutal.

Did you know that in Canada every individual can earn over $950 a month completely tax free?  You’ll want to pay particular attention to the “tax credits” you may be entitled to, and how to benefit from them, as you get ready to file your tax return. 

R&D Pro-Innovation Inc. v The Queen (2015 TCC 186)

Knowledge Bureau and Manulife Investments, title sponsor of the Distinguished Advisor Conference and co-sponsor of the DAC Young Advisors Award, were delighted to announce last week the inaugural winners of this prestigious award.