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.  

Year end is a great time to reflect on your accomplishments: at work, in your family and in your personal life. For advisors, the power of the storytelling over eggnog and holiday treats can lead to important insights to help clients make the right decisions about their time and money; a key message recently delivered by Todd Hynes, Vice President of Sales at Ivari.

Knowledge Bureau is excited to introduce a new convenient, online learning opportunity:  continuing professional education on video – a great new way to earn 6 CE/CPD Credits.

The new T1135 Foreign Income Verification Statement was released last week, and it requires attention by clients who hold offshore assets. It will be discussed in detail at the Distinguished Advisor Workshops, being held January 20-25, 2016. However, cross-border issues in general present a significant opportunity for tax and financial advisors.

It’s more important than ever for Millennials and their Boomer parents to start discussions about multi-generation tax, retirement and financial planning, and after dinner story-telling over the holidays is a great way to start a new financial journey in 2016.  Just how do you build a Wealth Purpose with a Tax Strategy?  Evelyn Jacks’ Family Tax Essentials will provide you with some great new ideas!

Note our head office staff will be taking a well-deserved family break from noon December 24, returning bright and early on January 4.  We remind you to register for the Distinguished Advisor Workshops by December 31.  For personal assistance, call us this week.  But you can still register and study online throughout the month.

Perhaps it’s the Christmas spirit. Canadians appear to be putting the warnings to curtail their debt and prepare financially for tougher times on the back burner. This according to Statistics Canada, which just released the disconcerting news that the ratio of household credit market debt to disposable income rose to 163.7% in the third quarter of 2015. That’s up from 162.7% in the second quarter. Credit market debt includes consumer credit, mortgage loans, and non-mortgage loans.