Tax Shock Adds to Family Heartbreak

Last month the sad story of an Ontario family who suddenly lost both parents in 2024 was shared in Burlington Today.  The tax outcomes were just as shocking as the two deaths from unrelated causes.  There was a cottage, a large RRSP and a big tax bill.   Some of the outcomes could have been mitigated with some planning.   I sat down with CTV’s Pat Foran to discuss the outcomes – with a message important to family planning.  

Arthur Godrey once said:  “I’m proud to pay taxes but I could be just as proud for half the amount.” Well, it wasn’t quite that generous but, effective July 1, Canadians did get a tax cut.  The problem is, it will also reduce the value of Canadians’ non-refundable tax credits.  This needs to be taken into account in year end planning.

On September 2, Finance Minister François-Philippe Champagne mandated the Canada Revenue Agency (CRA) to implement a 100-day plan to “strengthen services, improve access, and reduce delays.” The deadline for delivery is December 11, 2025. But do Knowledge Bureau Report readers believe this approach will work? Clearly, readers are skeptical, as 77% voted “no”. Many expressed frustrations with CRA’s performance and questioned whether such a short timeline could address deep, systemic issues. See what they have to say below!

Big news from Ottawa: the federal government has announced that the next Federal Budget will be tabled on November 4. For professionals in tax, accounting, and financial services, this is a critical moment to understand what’s changing and how to respond before year-end.

If you are a tax or financial advisor, Knowledge Bureau is offering numerous opportunities throughout 2025-2026 for you to shore up tax knowledge and important CE accreditation for licensing for KB Designations, Professional Designations in the accounting sector as well as CIRO, MDSA, AIC and Insurance Councils. Mark your calendar for the live/virtual event milestones below and see the links for online program options as well.

At the 2025 Acuity Conference for Distinguished Advisors, attendees will benefit from two dynamic sessions sponsored by Gold Sponsor Franklin Templeton, offering both global and practice management perspectives for today’s advisors.

CRA is hoping that two million taxpayers will opt to use their new “SimpleFile” services - by phone, by mail or digitally – to have their tax returns filed “automatically by the Canada Revenue Agency (CRA). The goals is to help more vulnerable people receive access to over $3 Billion in tax credits and benefits. Unfortunately, however, using the system is anything but simple. It may in fact be a very stressful and frustrating exercise. However, CRA believes that will improve exponentially. Check out what’s to know about SimpleFile: