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.  

The 2022 Distinguished New Advisor of the Future Award Winner is a 35-year veteran of the financial services industry who has re-engineered his practice to epitomize what it takes to pivot and become the advisor of the future.  Doug Buss, of Winnipeg, has 6 staff members at YourStyle Financial and plans to double his assets under management over the next 5 years. 

CRA has announced the fourth quarter prescribed interest rates and as expected, they rose again.  It is now very expensive to owe money to the CRA, and any taxpayer who does, is well advised to pay off that debt as soon as possible. The prescribed interest rates for October 1 to December 31 are as follows:

Inflation continues to be top of mind for most of us as we see prices increase at the grocery store, gas station, and pretty much everywhere else.  Advisors and clients can build out defensive strategies with a better understanding of inflation in today’s context; the subject of this, the first of a three-part series.

By definition, payroll remittances are mandatory statutory deductions withheld from an employee’s pay by an employer for the purposes of funding government programs.  But are they a tax? The answer is yes, and this is why:

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On Monday Oct 17 at DAC 2022, join Judith Chambers, an Investment Advisor at TD,  on a panel discussion led by Christine Logan, Head of Marketing (Americas) for Franklin Templeton and co-panelist, Saijal Patel, host of Strictly Money.