Caught in the Crosshairs of CRA: What Tax Reform Could Mean To Advisors

The enrolment deadline is September 10 for one of the most important CE/CPD Sessions you may attend this year. Canadian tax policy is shifting rapidly, and advisors need to be ready for the impact with sound and confident audit defence knowledge. At the CE Savvy Summit on September 17, 2025, featuring noted tax experts Evelyn Jacks, Kim Moody and Dr. Dean Smith, the Society of RWM Round Table Think Tank will also host a dynamic discussion: Caught in the Crosshairs of CRA.  Be sure to take part of this interactive session as we review recent changes to the tax system, promises to enhance service levels at CRA eliminate loopholes, and strengthen CRA enforcement through technology.

The Pier Report

At year-end, the T4 summary is completed and sent to the CRA.  The T4 forms are generated and sent to the employees before the end of February in the year following the payroll year.  If the employer is late in completing the T slip summary and remitting to the CRA, depending upon the number of slips to be completed, an employer could see a penalty of anywhere from $10 to $7,500.

Special Report on the April 7, 2022 Federal Budget

The Federal Budget of April 7, 2022 represents a much brighter economic outlook for Canada and contains a sprinkling of tax provisions that most importantly did not raise any tax rates or impose new capital gains taxes.  However, there is a warning that this could be on the horizon as early as this fall.

Compliance Credits Available! Take Privacy Principles in Business

Privacy of confidential financial data is an important issue to your clients and no wonder: Statistics Canada says that about 57% of Canadians online reported experiencing a security incident in 2018.  Do you know how to avoid privacy risks that may arise in your business?  A new online certificate course, Privacy Principles in Business addresses many of the security issues that concern business owners these days, and now you can earn 10 compliance credits from IIROC by completing this cutting-edge course.

The May 2022 CE Summit on Retirement and Estate Planning

We are excited to see you online on May 18, 2022 for the next Virtual CE Summit on Retirement and Estate Planning. Be sure to register by April 20 for early bird tuition fees for you and your team.  The CE Summits are a blended learning event.  What does this mean?  It’s just an outstanding comprehensive learning opportunity for you in multiple components:

Payroll Penalties You Need to Know About

When a business hires an employee, it is important for that employee to be “formally” hired, that is with a role description, a rate of pay or salary level and a statement of expectations that define the relationship between the employer and employee,  all well documented and filed in case of audit from the CRA. This is particularly important post-COVID, as CRA will be auditing the Canada Emergency Wage Supplement (CEWS) payments businesses received, right up to the end of 2023.   But it is also very important if you have hired family members.

Co-signer or Co-Borrower?

What’s the biggest difference between a co-borrower and a cosigner? It relates to the degree of investment in the loan. Here are the details:
 
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Knowledge Bureau Poll Question

On September 2, Finance Minister Champagne mandated CRA to implement a 100-day plan to “strengthen services, improve access, and reduce delays.” That’s by December 11, 2025. Do you believe this approach will help?

  • Yes
    7 votes
    26.92%
  • No
    19 votes
    73.08%