New Consultations: Modernizing Tax Rules for Charities
As the last remnants of a scrumptious Thanksgiving weekend subside, it is appropriate to take a look at the health and issues surrounding the charitable sector in Canada. Serendipitously, the federal government is seeking your views on how the tax rules for registered charities and the Canada Revenue Agency’s (CRA) administration of these rules could be modernized. A new consultation was launched on October 8 and here’s what the government wants to know, by December 3, 2026:CRA Audit Defence: Know the Process and Prepare for AI Audits
High-net-worth investors, business owners and transitioning family businesses can face complex CRA audits, raising important questions for the professionals who represent them. What powers does CRA have during an audit? What information must be supplied to avoid penalties up to $25,000?
Standards of Accountability: Distinguished Advice Poised for a New Economy
At the Opening Reception of the 2026 Acuity Conference for Distinguished Advisors (DAC), November 22-24, Knowledge Bureau President Evelyn Jacks will be joined by Carol Bellringer, FCPA, ICD.D., former Auditor General for the provinces of Manitoba and British Columbia, for a powerful keynote discussion on Standards of Accountability, sponsored by Johnston Group.
Trade Wars: Why Income Tax Filings Matter More Now
It’s hard not to get caught up in the trade wars saga, and of course it has serious economic repercussions. In times like these, our tax system can help. The federal government has indicated three pillars of support will be enacted, details of which are to come shortly:
The T1 Adjustment Problem
What’s the holdup? Nearly a year after the Canada Revenue Agency was given 100 days to improve its service, delays in T1 adjustments continue. This has been a thorn in the side of the tax accounting industry as CRA sits on millions of dollars in dispute. No doubt, it’s a financially unhealthy state for tax filers as well. But the degree to which the edict to improve the service has failed, may surprise you. To weigh in with your thoughts, there are two important survey deadlines to consider. Here’s the lowdown:
High-Risk CRA Audits: Five Areas Under the Microscope
Small business owners and high-net-worth investors are being audited differently as CRA focuses its attention on several higher-risk areas. COVID-19 subsidies and benefits, cryptocurrency, real estate transactions, cash-intensive businesses, and the gig economy and small business are among the key targets. Ruth Horst will examine these five areas at the September 23 CE Savvy Summit: Audit Defence Management, including what’s involved and what tax and financial advisors should know when helping clients defend their filings.
Knowledge Bureau Distinguished Designates Gather for Focus Group
Knowledge Bureau hosted its second quarterly gathering of its designates on August 12 in Toronto to continue the evolution of its national networking Society. The new mandate, name and logo of the Society of Distinguished Wealth Professionals™ was received with great enthusiasm. It was a vibrant, thoughtful meeting on the future of financial services industry that includes the transformational power of Agentic AI, with special guest thought leader, Tony Mahibir, RWM™, FDFS™ and CEO of CANFIN.
