October 1 - Important Changes Coming to VDP

Effective October 1, 2025, important changes will be made to the Voluntary Disclosures Program (VDP) at the CRA in order to make it easier for taxpayers to correct unintentional filing errors or omissions. The details on how the changes will affect your clients are being discussed in the CE Summit held September 17 and this course is now available for online enrolment and CE accreditation, after the virtual event. Here are some highlights of the changes.

The end of November marked the end of Financial Literacy month and with it our poll that asked: Putting focus on spending less than you earn is more important than earning more than you spend. Do you agree?

December is the month to supply employees with their 2014 TD1 Tax Credit returns, which determine how much tax will be withheld from periodic pay cheques throughout 2014. 

The Bank of Canada (the Bank) has warned Canadians that an unsolicited email scam has falsely claiming to originate from the Bank has been circulating.

Are you wealthy? How do you measure your answer? Many people don’t believe that word belongs to their situation until they sit down and actually map out their personal and family net worth – total assets less total debt. But wealth has a lot to do with your state of mind around financial decisions.

Canada announced in its 2013 federal budget that international tax evasion was at the top of the list of concerns for our nation and that capturing revenue from such sources would help alleviate the tax burdens on other citizens.

This is the first year I am required to withdraw some money from my RRIF account. However, that amount along with CPP and OAS will bump me up to almost $90K. I am probably not eligible to contribute to my spouse's RRSP, so are there any other ways to reduce my tax burden to CRA?