Elbows Up: The Time for Personal-Corporate Tax Reform is Now

One can’t avoid the messaging of the economic pain to come. Our deteriorating economic relationship with our biggest trading partner will require us to “pivot and prosper” in order to emerge “stronger and more resilient” says our Prime Minister. While exactly how we will do this is still unclear, there is one clear opportunity: for both federal and provincial governments to initiate a significant personal and corporate tax reform in the upcoming fall budget.

The Knowledge Bureau Report August Poll asked tax accountants and financial advisors to opine on how A.I. emerges to change the landscape in their industry; specifically, will it change how professionals create financial peace of mind in their communities?

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?

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.

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:

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:

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.