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.

It’s provincial budget season, with a federal election coming up soon. What should Finance Ministers in Canada be focusing on to try to meet the tariff winds head on and ensure the standards of living of Canadians going forward in a proactive way? The answer is to focus on economic growth. What is it, why is it important to consumers and voters and how do we measure that?

Medical expenses are the one out of pocket expenditure almost everyone has, and therefore it is the most commonly missed one as well.

Layoffs have started in Canada as a result of the tariff war with the U.S. This can be an incredibly emotional experience, aside from the fear associated with financial insecurity. This is a time for important decision-making and tax and financial advisors can be an important source of information, guidance and relief in these scenarios, both for tax and financial planning, in order to make the most of available income sources. There are three things that need to be discussed immediately when there is job loss: 

Bare trusts have been the subject of extensive filing controversies. They have been commonly used to hold family cottages and other properties, to avoid probate, or for privacy purposes. CRA will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2023 or 2024 tax year, unless they make a direct request. But, we are now in 2025 and professionals and their clients need to know the rules.

Statistics Canada has recently released statistics about the incredible opportunities for career starts and advancement in the tax preparation industry. 

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