Downsizing Your CRA Tax Files?

Happy New Year! If one of your resolutions for 2026 is to downsize, or at least sort through all that stuff you don’t need anymore, you may inevitably run across those tax files you’ve been keeping for decades. Just how long do you have to keep them? Do you need permission to destroy them? From whom? Read on to learn more. 

Mark your calendar for Knowledge Bureau’s annual, comprehensive personal tax update, being delivered in our Distinguished Advisor Workshop (DAW) series, January 17-25, 2017. The DAW winter session will take place in six cities, including new events in Edmonton and Ottawa. This day-long certificate workshop will “shake out the cobwebs” for new and returning tax practitioners in tax, bookkeeping, accounting and financial services offices.

Take a moment to witness the inhaling of the fragrance of wood, the passionate dimensions of gratitude and the history of finding one’s voice . . . in Leonard Cohen’s own words. So much to learn from a grand poet: https://youtu.be/VIR5ps8usuo. R.I.P., Leonard.

"Life's like a movie, write your own ending. Keep believing, keep pretending." Jim Henson

There is still plenty of time to look for year-end planning strategies to reduce taxes in 2016 and start 2017 out on a tax-efficient foot. Tax and financial advisors who make time for a planning discussion with families at this time of year may wish to use this checklist of money savers:

The CRA has announced the maximum CPP pensionable earnings for 2017: $55,300, up from $54,900 in 2016.  The employer-employee contribution to the plan is now $5128.20 when maximum contributory earnings are reached.

The Canada Revenue Agency (CRA) is taking its fight against non-compliance by offshore tax evaders to a new level, as 85 Canadians are investigated and 60 tax audits have been initiated, as reported by news media this week.   This is the result of searching millions of files and identifying 2600 Canadians with a link to the abuse.