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.  

 In today's rapidly evolving job market, continuous learning has become essential for career advancement and being competitive. Whether it is acquiring new technical skills, pivoting into a different field, or upgrading qualifications, returning to school can significantly enhance an individual's career prospects. However, the cost of further education can be an obstacle. Fortunately, the Government of Canada offers a solution through the Lifelong Learning Plan (LLP) — a program that allows individuals to withdraw funds from their Registered Retirement Savings Plan (RRSP) to finance full-time training or education.

When a person dies in Canada there are hundreds of decisions which must be made. That’s why getting one’s affairs in order is so important, long before the event. In this second in our series on death and taxes in Canada, we’ll consider the highlights for discussions to be had with clients about reporting requirements at death of a taxpayer. 

The 2025 tax filing year is shaping up to be one of the most challenging in recent memory, with penalties and interest costs on the rise and the CRA facing significant hurdles in managing information during peak filing season. Against this backdrop, the CE Savvy Summit on September 17, 2025 will host a critical session: New Trends in Tax Audit Defence and Appeals, led by Kim G.C. Moody, an experienced tax expert, who will unpack the implications of CRA’s expanding audit powers.

In a market where clients demand more from their advisors, the ability to provide specialized, high-level advice has never been more important. The Professional Practitioner Diploma (PPD) equips financial professionals with the advanced knowledge and credentials needed to differentiate themselves, build client trust, and compete effectively in a crowded financial services landscape.

At Acuity 2025, Larry Frostiak, FCPA, FCA, CFP, TEP, RWM™, FDFS™, will lead a session titled “Year-End Planning 2025: How Young Entrepreneurs Can Build Wealth Tax Efficiently,” focusing on strategies for Canada’s emerging business leaders. Young entrepreneurs often dream of independence, but unpredictable income, evolving tax rules, and the demands of balancing business growth with family can make building wealth seem daunting.

Did you know that 61% of Canadians are afraid of running out of money during retirement? According to a new CPP Investments survey, that fear is widespread. Yet surprisingly few people understand even the basics of public pension planning. For example, Canadians are not obliged to begin OAS or CPP at age 65. By delaying, they can significantly boost after-tax income and improve retirement security.