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.Advisors in the News: Stay Up-To-Date to Give Great Financial Advice by Richard Yasinski
Richard Yasinski is a DFA-Tax Services Specialist and a Certified Financial Planner (CFP) who offers financial planning on the cutting edge. “What makes our firm unique is that we focus on not just financial planning, but tax planning, estate planning, education planning – all aspects of personal financial planning that I think everyone should be interested in.”
Prescribed Interest Rates Remain the Same – Except for PLOI
The prescribed interest rates for October 1 to December 31, 2015, remain unchanged on overdue taxes and tax overpayments, and for calculations of taxable benefits and shareholder loans. However, the interest rates on PLOI – Pertinent Loans or Indebtedness –have been reduced this quarter.
Seniors Get a Raise
Service Canada has just announced the fourth quarter rates for Old Age Security.
Working with Foreign Charities Requires Proper Records
Donor beware: A charity’s charitable status can be revoked if the charity does not maintain the direction and control of its assets when dealing with another foreign charity intermediary. This requirement was underscored in a recent case at the Federal Court of Appeal (FCA).
Refugee Crisis: Talking Philanthropy with Your Clients
Canadians donated close to $11 billion to charity in 2010 according to Statistics Canada. Becoming more philanthropic and giving more to causes that are important to them, like the current refugee crisis or environmental issues, should be top of mind in year-end tax planning conversations, given the significant tax rewards associated with giving.
From Transitions to Year-End Planning: Business Growth and Group Rates Featured at Fall DAW
Mark your calendar for the last week of October. Knowledge Bureau’s Fall Distinguished Advisor Workshop (DAW) promises some exciting and educational programming on issues your business clients commonly face.
