K. van Delden & Associates Ltd

06/11/2025

A good article on 'Crushing your debt."

Crash diets are extreme and unhealthy, but the financial version might actually make sense.

05/01/2025

Well, that's another personal tax season in the books. Nothing quite like filing the last return at 11:55 pm, just before the deadline.
I thank God for all the tax returns we could do, although no one would complain if there were a few less next year...lol.

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04/21/2025

Tax season is difficult enough but CRA's system of downloading documents has created a lot more work and is generally a train-wreck this year.

From Cadesky Tax:

It’s the middle of April, and tax preparers are unable to use the CRA’s Auto-fill service with any confidence that the information is complete.

The CRA has acknowledged that the problem has come from a newly implemented system to validate information slips uploaded by organizations. They have also noted that the problems are “of concern to taxpayers”.

But don’t worry, “the CRA is actively working to address any outstanding issues”.

Until then, the CRA recommends that slips be entered manually but has not mentioned anything about a possible extension to the T1 filing deadline.

This means more work for tax preparers at a cost they may not be able to recover from their clients. There is also the distinct possibility of missing some information.

As much as none of us want to continue preparing tax returns into the spring, the CRA should be announcing an extension now for everyone, as opposed to their usual standard of waiting until the deadline is imminent.

Let us repeat this. The CRA acknowledges that their system is not working properly. They are telling people to input slips manually, and it is the middle of April. This imposes an extra burden on tax return preparers without any meaningful notice and will cost clients more.

At the time of writing, the CRA has not announced a general extension to the deadline for filing personal tax returns by April 30. There is an extension until June 2, 2025, for taxpayers who had capital gains transactions in 2024.

The challenges the CRA faced because of the proposed and withdrawn increase in the capital gains inclusion rate are understandable, and their solution is somewhat helpful.

They should be taking the same approach universally given that their system is the cause of the current problems.

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03/12/2025

Adam Smith wrote in his 1776 volume, The Wealth of Nations, “In every country, it always is and must be the interest of the great body of the people to buy whatever they want of those who sell it cheapest. The proposition is so very manifest that it seems ridiculous to take any pains to prove it.”
Of course, this is a simplistic view of tariffs especially when countries subsidize their goods to sell to other countries, but at the heart of the matter, is true.
No one wins when countries add tariff upon tariff. Economic efficiency hides behind the tariff wall.

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02/22/2025

Efile officially opens on February 24th, marking the start of filing taxes for 2024. Lots of tax changes and proposals in 2024, many seemingly off the cuff and then either pushed through with confusion or delayed.
Going to be a long two months to April 30th! I'm ready!

02/21/2025

A great way to get "revved up" for tax season. Wow. The glory of God just smacked me in face!

02/14/2025

Canada's in a weakened position to withstand the fall-out from Trump tariffs and Canada's retaliation because of what the National Post calls an "utter contempt for economic growth" led by the NDP/Liberal government's push for higher corporate, capital gains and individual taxes along with an anti-fossil fuel agenda that resulted in $176 billion in energy related projects cancelled but now Mr Singh's worried about economic fall-out from tariffs.
From Michael Campbell's "Money Talks."

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02/14/2025

Breakfast of champions. What a way to start the day...