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.  

Starting in 2017 the annual EI premium rate will set at a seven year break-even rate.

Year end tax planning has a new bright spot for Ontario farmers, but its real dollar benefit will depend on whether or not the farming enterprise is incorporated.

Income splitting and higher limits to TFSAs could make a big difference in Real Wealth Management™ for Canadians families, reducing tax on income both today and in the future when retirement income is drawn completely tax free. 

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.

Employment and Social Development Canada announced today the quarterly amounts for Old Age Security (OAS) benefits for October to December 2014 will increase from $558.71 to $563.74 for each of October, November and December, bringing the total OAS benefit for the year up to $6,676.59. 

October 1 is National Seniors Day and tax and financial advisors can help in a significant way by inviting seniors to their offices to review specific provisions they may be missing on their tax returns, like the Disability Amount.