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.  

Here’s some good news to end the month: the IMF expects Canada to be the second-fastest growing G7 economy in 2019 (second to the United States), and it’s tied for the fastest growing in 2020. Canada’s labour force has also introduced 1 million new jobs, most of them full-time, driving the unemployment rate to its lowest levels in more than 40 years. But, there is more to the story.

It’s graduation time – such a wonderful moment of achievement for both the students and their parents! Share these essential tips and guidelines about the RESP with new families who are embarking on the savings journey towards a successful education outcome two decades from now. These are excerpted from the newly released Essential Tax Facts, 2019 edition.

Amy is a graduate of the MFA™-Retirement and Succession Services Specialist program in Ontario. Amy had a special motivation for enhancing her education as part of her own succession planning. Her goal is to take over running her step dad’s tax and financial services business. Here’s her story:

Released on May 16, the Bank of Canada’s 2019 Financial System Review shows a shift in the economic issues that impact the financial future of Canadians. The good news is that household debt levels appear to be easing. However, there are new storm clouds on the horizon,  especially for businesses. The biggest threats: the economic impact of climate change and record-breaking non-financial corporate debt levels.

Investment counsel fees are amounts charged for advice on investments. Some of these fees for investment advice are eligible to be claimed as a carrying charge, a deduction on the personal tax return. However, this is not the case for all fees. Here are the guidelines for advisors to share with their investor clients.

New advisors have an opportunity to set the tone for a positive transformation in the financial services industry, despite fears that a new digital economy continues to replace certain positions. In fact, digital disruption offers up-and-coming millennial advisors a great advantage if they use their strong technical skills along with emerging technology to embellish on relationship building at a critical time of demographic change.