Downsizing Your CRA Tax Files?

Happy New Year! If one of your resolutions for 2026 is to downsize, or at least sort through all that stuff you don’t need anymore, you may inevitably run across those tax files you’ve been keeping for decades. Just how long do you have to keep them? Do you need permission to destroy them? From whom? Read on to learn more. 

A recent CFIB survey revealed that 76% of pros already had significant concerns about worsening service levels and intimidation tactics at the CRA. Here’s what the April 2023 survey found:      

Managing the process around life events (before, during and after) with a multi-stakeholder team requires three important legal documents which must be anticipated and drafted in relation to a holistic retirement, disability and estate plan.  Learn how to advise your clients to think about these difficult topics in a more positive light with two important sessions from Philippe Richer LL.B at the May 24 Virtual CE Summit and bring peace of mind to family members who otherwise worry about how to avoid abusive or unintended circumstances.

Now’s the time to start building your arsenal for next tax season! The new KB Tax Tip Toolkit gives you fast answers to your tax questions and you’ll earn up to 30 CE credits using it, too! Receive three great solutions at one great price: professional tax research library, powerful tax planning calculators, and CE accreditation, register by May 15.

Become a world-class leader in financial education with turn-key learning solutions from Knowledge Bureau! Creating a learning culture is the #1 driver of great work culture and it’s great for business too, introduce our new micro-course collections to the professional development program at your firm: your team can grab an hour and be CE Savvy™ while meeting CE requirements.

Tax-Free First Home Savings Account (FHSA) is the newest in a series of tax-advantaged savings accounts critical to the building of wealth, and it’s already a month old!  The FHSA is a useful tool, not just for future homeowners but potentially for senior renters, business owners and others with limited RRSP room.  Here is a checklist of rules investors will want to discuss with their advisors.

The prescribed interest rate on overdue taxes is 9% for the second quarter. Will taxpayers now pay off tax debt sooner? Not according to 80% of tax and financial advisors who responded to our April poll. The pros say there are other factors to consider, including paying off other higher interest rate debt and they highlight that increases are only punitive when most taxpayers would pay off their CRA debt if they had the means to. Here are their comments: