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.  

In Gibson v. The Queen 2014 TCC 236, appellant Joan Gibson was forced to go through lengthy litigation, despite her severe fatigue syndrome to fight the tax man, but she prevailed.

The 2014 T4 slip is now available and contains a couple of changes of note.

Do you have red-tape reduction ideas that will assist businesses in their dealings with CRA? 

Tax and financial advisors should make an effort to review their clients adjusted cost base records as part of the annual Year-End Tax Planning routines now 'til the end of the year, especially if the family owns a taxable cottage property. 

Learn how to expertly advise business owners about year-end tax planning and the best way to manage after-tax family income and the investment in the family business to meet future goals at the Year-End and Business Succession Planning Bootcamp this November.

Fall is the perfect time to focus on professional development. Take advantage of a number of upcoming live events and earn valuable CE credits with Knowledge Bureau.