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.RSVP Now: Knowledge Bureau Grad Ceremony at DAC 2019
A special gala event will honour Knowledge Bureau’s 2018/2019 designates at the Distinguished Advisor Conference November 10-13 in beautiful Puerto Vallarta, Mexico. Sponsored by Cadesky Tax, this gala event will honour those who complete their designation programs by August 15. Conference registration fees conference will be waived for this year’s designates. Those who finish their diploma programs (marking the halfway point in the designation pathway) tuition fees for the conference will be 50% off.
Avoid Student Debt: Use Your EAPs
Just over 2 Million Canadians are enrolled in post-secondary schools in Canada and about half of them incur debt to get through school. This, according to a recent survey by Maclean’s magazine, which also noted that nearly 2/3 of students don’t have an RESP. That means they have no Education Assistance Payments (EAPs) to fund education costs. Here’s how they work.
Students in the News – Kelly Malloy – Undergraduate
If you are a student at Knowledge Bureau, Kelly Malloy is a name that may sound familiar. She’s with you (literally!) as an undergraduate in the MFA™- Executive Business Growth Specialist designation program. Kelly, who is also the newest member of Knowledge Bureau’s team of Relationship Managers, helps students make decisions about courses and programs to accomplish their career goals; all while she’s enhancing her own training and knowledge.
CRA Updates the Tax Treatment of Cryptocurrency
On May 17, the finance department presented draft legislation to amend the Excise Tax Act to begin to treat cryptocurrencies in a manner similar to legal tender. The changes are deemed to have taken place on May 18, 2019 and introduce a new term: the virtual payment instrument.
Tax Freedom Day Comes Sooner When You Work with a Tax Pro
Tax Freedom Day is coming soon! That’s the day you start working for yourself instead of government. In fact, in Canada, we spend a lot more time working for government than our neighbors to the south do.
Tax Audits: Both the CRA and Taxpayers Have Rights
What are the taxpayer’s rights, and what are the rights of CRA during a tax audit? These answers can be found in the Income Tax Act S. 231.1. While surprise visits are unusual - a letter requesting certain files for inspection is more routine - an authorized person employed by CRA may actually visit, unannounced "at all reasonable times, for any purpose related to the administration or enforcement of this Act”. Here is what they can and cannot do:
