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.  

It’s almost unanimous among tax and financial advisors who strongly believe that Canada needs tax reform to create a fair, simple and certain tax system for people of all income levels.

There is a very bright future for the tax preparer who makes a great decision to become the Tax Services Specialist of the future. But, to offer the best advice in that regard, tax specialists must have more than precise technical skills.

Knowledge Bureau is pleased to announce that Kristin Ramlal, B. Comm (Hons.), PFP, CIM, FCSI, Securities Specialist and Qtrade Advisor with Great-West Life and London Life, has been selected as the 2018 winner of the DAC Young Advisor Award. The award will be presented at the Opening Ceremonies of the Distinguished Advisor Conference (DAC) in Quebec City, November 11 - 14.

The NAFTA stalemate is important. Should Canada fail to forge a favourable deal that addresses these issues, the nation’s slow economic growth is likely to face further decline, and Canadians are going to feel the pinch on their pocket books and may, in fact, lose jobs. So what’s holding back a new NAFTA deal? How can you help investors in the meantime?

The Canadian Association of Gift Planners (CAGP), Knowledge Bureau and Spire Philanthropy are pleased to announce their collaboration to introduce a new professional designation for the financial services sector. The MFA™ Strategic Philanthropic Services Specialist designation will denote specialized professional credentials to develop plans for individuals and families interested in strategic philanthropy.

With Canada’s complex tax system, tax and financial advisors who exercise additional diligence to ensure immigrants and emigrants remain tax compliant can offer valuable advice. What tax deductions, credits and filing requirements should you make sure they don’t miss?