SilverCompass FP

03/05/2026

THINK BEFORE YOU CLICK. PLEASE!
Tax season is stressful enough and hasn't even started but an elderly client sent me into heart palpitations yesterday when she sent me a big thank you for getting her a large refund "per the text she received from CRA" Hint: 1) We have not even reviewed her return for 2025 yet 2) the client doesn't pay any tax so she never gets a refund 3) ) CRA does not text and 4)CRA will never ask for your banking info.
The only reason this nice senior did lose any money was that she could not find the CV on the back of her bank card when entering her banking info into the text reply. However, she did try to get the code by visiting her local bank branch. Please be on alert for yourself and for any seniors or family members that might not be aware that all day long someone is trying to get their money, their identity or their info. These scams can lead to financial loss, identity theft and lots of stress.
The only email you will get from CRA will be to tell you that there is a message in your CRA portal. The message will come from a legitimate domain like -ard.gc.ca The email will not provide a direct link to a payment page or ask for info. Don't have a CRA portal? You need one ASAP and I will rant about that tomorrow. 😀🇨🇦

02/04/2026

As if there are not enough issues to worry about these days, financial fraud is on the rise in Canada. According to the Canadian Anti-Fraud Centre over the past 2 years, Canadians have lost more than $1.18 billion to fraud. The real number is likely more because fraud and scams are chronically underreported. AI tools, will drive the growth of online fraud. That's why it's key to stay vigilant, educated and proactive to protect yourself. With this in mind, I've added a whole section related to fraud watch/resources to my website to help you stay alert to fraud. I hope you will find this new section of my website more helpful than depressing. 😀

Fraud Watch Educational Videos How to Protect Yourself Against Fraud

01/12/2026

What a year that was! 2025 brought us many changes and challenges, including significant domestic, global and technical shifts. Despite this, the markets remained positive. While uncertainty and volatility will likely persist in 2026, building resilient portfolios and a comprehensive financial plan are the best tools for building confidence and financial peace of mind. All the best for this brand new year 2026. 😀

As we wrap up 2025, it’s a good time to pause and reflect on what the year has brought—and more importantly, how to position ourselves for success in 2026. This year has been another reminder that global uncertainty is here to stay. Trade tensions, fluctuating interest rates, and uneven economic...

11/29/2025

Snow day!

10/22/2025

Just in case you missed it or skipped it all together, Canada Revenue Agency is currently in a rush to do better as they've been given a 100 day mandate by the government to make improvements because they are a mess (those are my words not the government's). The auditor general recently reported that only 18% of calls meet the 15 minute standard and when you do get through, only 17% of the time the answers received are accurate for individuals (54% for businesses) That's embarrassing & frustrating and not helpful. In response, CRA has decided they should update their technology! Here are 4 new ways that CRA hopes to lighten call volumes:
1) You can now "Register again" to regain access to your CRA account to avoid calling in to reset your access. This was a huge drain on the call lines because so many are locked out or have lost their info for accessing. (Important tip, always use your already established web banking credentials instead of a username and password)
2) You can now use a "manage balance" tool to set up payment arrangements, make payments, request a callback or connect with a collections officer instead of calling in
3) You can now check the status of disability tax credit approvals with a "call back" option
4) TFSA info for individuals is being updated because it's a source of confusion, frustration and major penalties when you exceed your contribution limit
CRA is reporting that call response rate improved to 77% in recent weeks up from 35% thanks to automation and digital upgrades. That seems remarkable but also frustrating at the same time if all the time and effort and screaming in recent YEARS might have been avoided if only the government had pushed CRA to do better earlier.

Changes tackle the burden of phone calls and service backlogs The Canada Revenue Agency (CRA) is in the middle of a 100-day service improvement plan, and the latest digital improvements reduce the need for taxpayers to pick up the phone to call the agency — a key aim of the plan.

10/09/2025

Later sunrises means more folks at the shore these days 😎🇨🇦

10/05/2025

10/02/2025

A huge loss for the planet yesterday. was a world renowned ethologist, conservationist and humanitarian. She was a champion of change, courage, conviction and conservation. She left the world at 91 years young with a challenge for us to make a difference for others especially the next generation. She was passionate about empowering young people to become involved in environmental and humanitarian projects. But Dr Jane was also an inspiration for longevity. She only got busier after age 65. She passed away after speaking last week at the conference about the climate crisis where she emphasized that change is still possible if we act with courage and hope

09/27/2025

Women’s shelter is looking for more riders and walkers for their annual next Sunday Oct 4th that starts/ends at Brackley Commons. Walk 2.5 or 5 KM walk OR Ride 10KM or 20KM.
This will be Ride #4 for me for Blooming House and it’s always an inspiring and fun day. It’s also a vital fundraiser for Blooming House which provides shelter, hope, safety and freedom for women experiencing homelessness in the Charlottetown area. 🇨🇦🇨🇦Learn more here: https://ride.w-ith.me/BrendaPhelan

09/19/2025

09/19/2025

I wrote a white paper for the Province of New Brunswick on the need for unclaimed property legislation a few years ago. Then I had a few conversations with the treasury department and VOILA. The Province of New Brunswick successfully implemented their program and have returned millions of hard earned dollars to legal owners.
If it was only that simple in Ontario which is the largest jurisdiction in North America without unclaimed property. legislation. Only Alberta, Quebec and more recently, New Brunswick have unclaimed property legislation in place. BC has a voluntary program in place.

Unclaimed property is an estimated $8 Billion problem in Canada that not a lot of folks know or worry about except me it seems. Financial institutions in particular across Canada are holding onto billions of dollars without an obligation to look for legal owners. Why would they if they are not obligated to find you? That's why we need unclaimed property legislation in place across Canada so that all unclaimed property (investment accounts, credit union accounts, life insurance policies, utility deposits, prepaid funeral deposits etc) can be found and returned to owners or their heirs. Canada should be able to do better for Canadians in this regard.
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