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.  

The Finance Minister of Canada, Joe Oliver and the finance ministers of British Columbia, Ontario, Saskatchewan, and New Brunswick have signed a Memorandum of Agreement on September 8 to jointly establish the terms and conditions of a Cooperative Capital Markets Regulatory System, and released draft provincial and federal legislation to harmonize current legislation. 

Many advisors have spent a good part of their lives building their business and have the bulk of their personal net worth tied up in it, making their practice their most valuable investment asset — the one they are counting on to help fund their lifestyle in retirement.

Although CRA will not make the official announcement until later this month, the prescribed annual interest rates for the fourth quarter will remain at the same rates as the prior three quarters. 

Subsection 227.1 of the Income Tax Act and subsection 323 of the Excise Tax Act provide that the directors of a corporation will be personally liable for their corporation’s failure to remit employee withholdings and GST.

Lots of people like to dabble in real estate when markets are hot. But there could be an unintended tax issue which could significantly erode wealth.

Joint tenants are often comforted by the doctrine of survivorship – the survivor(s) take the property absolutely upon the death of the other holder(s).