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.  

Investing on a pre-tax, tax deferred basis is powerful. See at a glance how your savings will accumulate over time with the Registered vs Non-Registered Savings Calculator.

Join us November 9-12 in beautiful Horseshoe Bay, Texas for our 11th annual Distinguished Advisor Conference. It will undoubtedly have you thinking BIG for the future. Receive best rates on pre-registration when you reserve your spot by February 15.

The Canada Revenue Agency (CRA) has released a new information package pertaining to the Home Buyer’s Plan and has included the required Form T1036.

Every six weeks the Bank of Canada announces its interest rate policy. Last week, the Bank of Canada maintained the benchmark interest rate at one percent, signaling the continuation of the longest span of inactivity on the issue ever.  

Traditionally, if a business venture was a fraud from beginning to end, the courts have held it is not possible for a business to exist and therefore can be no source of income from which expenses could be deducted for tax purposes.

When it comes to tax time, it always pays to do a good review of the tax changes from one year to the next and find those “dark horses”; the little-known tax facts that can make a big difference on tax filing outcomes.