Silver Peak Accounting

07/14/2026

Tax-related issues can be stressful—even when you’ve done everything right.

A recent CBC News story highlights a taxpayer who has been waiting for more than $3,300 in tax refunds after returning a mistaken CRA deposit and later losing access to his account.

While situations like this are uncommon, they’re a reminder that tax matters can sometimes become complex and require careful documentation, communication, and follow-up.

✔️ Review deposits, notices, and account activity carefully.
✔️ Keep records of correspondence and transactions.
✔️ Follow up promptly if something doesn’t look right or you encounter an issue.

Our team provides support to help clients understand their options, communicate with the CRA, and determine the appropriate next steps.

07/10/2026

🚨 New to Canada? Don’t overlook foreign asset reporting requirements.

A recent CRA case is an important reminder for newcomers and Canadian residents with assets outside the country: certain foreign property may need to be reported, even if it generates little or no foreign income.

Foreign reporting requirements may apply to:
✅ Foreign bank accounts
✅ Non-registered foreign investments
✅ Shares of foreign corporations

These rules can be complex, making it important to understand your reporting responsibilities.

Our team is here to provide guidance and help you navigate your Canadian tax obligations with confidence.

📖 For more details on this case, see the full Financial Post article.

07/07/2026

📢 CRA Update: Changes to Disability Tax Credit (DTC) Applications

The CRA has introduced updates to help process DTC applications faster and reduce delays.

Key dates to remember:

✅ July 14, 2026: The “Submit documents” option in CRA My Account will no longer accept new DTC applications or related documents unless CRA requests additional information.

✅ September 8, 2026: Older versions of Form T2201 (before 2023) will no longer be accepted. Make sure you are using the latest form if applying by paper.

💻 Applying online through your CRA account is recommended, as it helps ensure your application is complete and up to date.

Planning to apply for the DTC? Review the updated requirements to help avoid unnecessary processing delays.

Learn more from the CRA: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2026/help-speed-up-your-disability-tax-credit-application.html

07/03/2026

😎 Enjoy the sunshine—but don't let your finances take a vacation!

Up-to-date records help you stay organized, make better business decisions, and avoid the year-end scramble.

If bookkeeping is taking up too much of your time, we can help. We provide reliable ongoing support so you can focus on running and growing your business.

☀️ Ready to take this off your to-do list? Get in touch today.

06/30/2026

🇨🇦 Happy Canada Day!

Please note that our office will be closed tomorrow, July 1. We'll reopen on July 2 during regular business hours.

Wishing everyone a safe and enjoyable holiday! 🍁

06/26/2026

📚 Student Loan Forgiveness: A Tax Win for Students

A recent Tax Court decision delivered good news for students and recent graduates.

The Court ruled that a Quebec student's loan forgiveness under the province's Loan Remission Program should not be taxed as income, rejecting the CRA's position that the forgiven amount was a taxable bursary.

The judge found that:
✔️ Loan forgiveness is not a bursary.
✔️ The amount was applied directly to the student's loan—not paid to the student.
✔️ Since the taxpayer had already completed her studies, the forgiven amount did not meet the legal definition of a bursary.

This case highlights the importance of understanding how student loan forgiveness is taxed—and when it may not be taxable.

📖 Read more in the Financial Post

06/23/2026

Have you filed your 2025 taxes yet? 👀

The CRA’s quarterly GST/HST credit is being renamed the Canada Groceries and Essentials Benefit (CGEB), effective July 3.
Keeping your tax return up to date helps ensure you continue receiving the benefit payments you may be entitled to.

Want a stress-free tax filing? Reach out today. 👍

📢 Starting July 3rd, the quarterly GST/HST credit will have a new name: the Canada Groceries and Essentials Benefit (CGEB).

💡Make sure you’ve done your 2025 taxes to get the payments you’re entitled to!

Check your eligibility now: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-groceries-essentials-benefit.html?utm_content=2026-06-08_2262

[Image description: A person shopping for groceries smells an orange.]

06/19/2026

⚖️ Employee or independent contractor?

It might seem like a simple label — but getting it wrong can lead to CRA reassessments, penalties, and unexpected payroll costs for your business.

In our latest blog post, we break down how the CRA determines worker classification, the key factors they look at, and common red flags businesses should be aware of.

🔗 Read the full article here: https://www.taxhelptoday.ca/post/employee-vs-contractor-in-canada-why-worker-classification-matters

👉 Not sure if your workers are classified correctly or want to optimize your payroll processes? Our team can help you stay compliant and confident with in-house payroll services and CRA compliance support.

06/16/2026

The first tax season under the CRA’s updated Voluntary Disclosures Program (VDP) highlights an important reminder: addressing past tax filing errors early can make a big difference.

The revised rules may provide relief from penalties and interest for eligible taxpayers who voluntarily come forward before any further CRA action.

If you’ve identified unreported income, filing omissions, or GST/HST errors, it may be worth reviewing your options with a tax professional.

📖 For full details, see the CTV News article.

06/12/2026

⏳ Waiting on a CRA tax adjustment? Some taxpayers are experiencing delays of up to 47 weeks for complex T1 adjustment requests.

The Office of the Taxpayers’ Ombudsperson has announced a systemic examination into CRA delays after receiving a consistently high volume of complaints related to T1 adjustment processing.

While the CRA's service standard for complex adjustments is 20 weeks, reported processing times have reached as high as 47 weeks in some cases.

If you need to:
✔️ Correct a previously filed tax return
✔️ Add missed income, deductions, or credits
✔️ Amend returns for prior years
✔️ Respond to CRA requests for additional information

Submitting complete and accurate information as early as possible can help reduce further delays.

📞 Need help with a tax return adjustment or CRA-related matter? Schedule a consultation with our team to discuss your situation and determine the best course of action.

Source: https://www.canada.ca/en/taxpayers-ombudsperson/news/2026/06/taxpayers-ombudsperson-announces-examination-into-canada-revenue-agency-delays-in-processing-complex-t1-adjustment-requests.html