News Room

The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

Draft Legislation Released: Electronic Funds Transfers

Detailed draft legislative proposals and explanatory notes were released January 9 by Finance Canada to provide guidance on the proposed new rules. Public comment was invited, but must be submitted by February 10. Some highlights of the proposals follow...

Maximize After-Tax Income to Improve Future Income

Paying taxes is a sign of good fortune in Canada. You may be surprised to know that about one third of Canadians do not pay taxes, but of the two thirds that do, an average of 84% of income was left after taxes.

When is a Debt Bad for Tax Purposes?

In Coveley v. The Queen the Tax Court of Canada (TCC) had to decide whether certain allowable business investment losses (ABILs) claimed in the 2005 and 2006 taxation years by a couple who owned a business were correct. 

Evelyn Jacks: Gathering Documents a Pain, But It Sure Pays Off!

I was so glad to hear from Russ, in response to last week’s blog. He shared that he had read my book; realized he missed claiming moving expenses and then adjusted his prior filed returns. To his delight, he received a $6600 refund – found money!  Good for you Russ!

Grad Spotlight - Andre Tells Us Why the DFA-Tax Services Specialist Designation Has Been Valuable

Andre Yong Tit Kow successfully achieved his DFA-Tax Services Specialist designation from Knowledge Bureau in 2013. We are pleased to have Andre as one of our distinguished grads.

Claiming Refundable Tax Credits

No income? File a tax return anyway. You’ll need to do that to receive income supplements from the government, often paid monthly or quarterly, including federal tax credits like the Canada Child Tax Benefit, GST/HST credit or the Universal Child Care Benefit.
 
 
 
Knowledge Bureau Poll Question

Are your clients owed money by CRA? As of March 31, 2025, the CRA holds about 10.2 million uncashed cheques totalling $1.7 billion. In your view, why is this happening?

  • Yes
    12 votes
    60%
  • No
    8 votes
    40%