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.Life Insurance Rules “Modernized”
The Income Tax Act contains rules pertaining to the taxation of income earned on the savings in a life insurance policy. The tax treatment differs depending on whether a policy is classified as an exempt supply or not.
CRA: Absolutely No Reprisals In Reporting Service Mistakes
On August 23, the Minister of National Revenue, the Honourable Kerry-Lynne D. Findlay, and the Taxpayers’ Ombudsman, J. Paul Dubé, met with local business owners in Edmonton to discuss, in large part, the addition of a new right announced in the Taxpayer Bill of Rights in June.
Evelyn Jacks: Professional Back to School Tax Savings Tips
Did you just drop a bundle on school supplies and performance-enhancing running shoes? Parental peer pressure from the mini-mes can be daunting this time of the year, especially if Mandarin lessons, dance, and hockey all appear on the agenda.
The Court’s Analysis: Should Costs of Funding Young Tennis Talent Be Allowed?
Last week Knowledge Bureau Report told you about Michel Bouchard (the “Appellant”) established a partnership known as the Tennis Mania Limited Partnership (“the Partnership”) in order to generate funding to support his daughter’s tennis development. At just 9 years of age, the Appellant was confident that his daughter was talented enough to make a career out of playing tennis. What did the Tax Court of Canada think of the arrangement?
Extension of the Electronic Filing Season
As part of its ongoing efforts to improve electronic filing processes, the Canada Revenue Agency (CRA) is pleased to announce the extension of the electronic filing season for 2012 T1 tax returns.
Is a Loss on My Personal Residence Deductible?
What are the tax consequences when you sell your home, a personal use property, for a loss or make a bundle on grandma’s antique silver goblets, a listed personal use property? Here are the rules.
