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Canada’s Revised Voluntary Disclosures Program Signals a More Accessible Path for Taxpayers

The Canada Revenue Agency has introduced significant updates to its Voluntary Disclosures Program. The revisions make it easier for taxpayers to correct past non compliance and more appealing for advisors to recommend early disclosure. The policy shift reflects a practical response to rising interest rates, administrative bottlenecks, and a growing need for clarity in compliance expectations.

A More Generous Relief Structure

The previous VDP model operated with two categories: general and limited. The revised framework replaces these with two new tiers that provide broader access to relief.

Advisors note that clients often hesitated under the old regime because interest charges frequently outweighed penalties. The enhanced relief structure directly addresses this concern, incentivizing taxpayers to act sooner.

Clearer Rules on Voluntary Status

The CRA now interprets voluntary disclosure more broadly. A taxpayer who receives initial communication regarding non compliance may still qualify under the prompted category. However, cases involving audits, investigations, or intentional misconduct remain excluded. Determinations will continue to be made individually, anchored in documented communication patterns and compliance history.

Standardized Filing Requirements

The program now defines required disclosure periods:

• Ten years for foreign income or assets

• Six years for Canadian income or assets

Although the CRA may request earlier records, the clarified baseline reduces uncertainty and aligns more closely with the practical timelines commonly used by advisors.

Source- The Globe and Mail

How Alex Hormozi Builds a Hundred Million Dollar Talent Engine

A High Level Breakdown of His Hiring and Communication Playbook

In a recent My First Million episode, Sam Parr sat down with Alex Hormozi to dissect how he attracts elite performers and scales companies with speed and clarity. The conversation offers a concise blueprint for leaders who want sharper thinking and stronger teams.

Hiring for Intelligence and Long Term Trajectory

Hormozi prioritizes general intelligence, adaptability, and judgment over static credentials. He looks for people who learn quickly, think independently, and show a clear upward slope in their careers. Early A level hires create a snowball effect that lifts the entire organization.

Key principles:

• Hire for reasoning, not just experience

• Distinguish partners from employees by ownership mindset

• Become the type of leader great people want to follow

Execution Discipline

Hormozi’s approach is selective on the front end and decisive once people are hired. Slow to hire, fast to fire. His philosophy centers on macro patience with long term goals and micro speed in day to day execution.

Episode Snapshot

Source- My First Million

Fast Track Your Mortgage Payoff

A Strategic Guide to Reducing Your Amortization and Maximizing Long Term Savings

Most homeowners accept a 25 year mortgage as the default path. In reality, a structured approach with targeted repayment strategies can shorten your amortization dramatically. Cutting years off your mortgage is not complicated. It requires consistency, clarity, and intelligent financial planning.

1. The Impact of Additional Payments

Even small increases in repayment frequency create meaningful acceleration. One extra payment per year can remove several years from your term. Two extra payments can eliminate nearly a decade.

These gains come from faster principal reduction, which lowers interest and compresses the payoff curve.

2. Accelerated Biweekly Structure

A biweekly payment schedule quietly increases your annual repayment. You send half your monthly payment every two weeks. The calendar generates one extra full payment per year without requiring major lifestyle adjustments.

Benefits:

• Steady principal reduction

• Lower interest costs

• Built in acceleration without effort

This structure is widely considered one of the most efficient methods to shorten amortization.

3. High Impact Lump Sum Contributions

Directing bonuses, tax refunds, commissions, or irregular income toward the principal can significantly reshape your mortgage timeline. These contributions reduce outstanding balance immediately, creating compounding savings year after year.

Ideal sources include:
Bonuses, tax refunds, side income, financial windfalls.

4. Precision in Lender Communication

Extra payments work only when applied correctly. Always confirm that your lender allocates additional funds directly to the principal rather than future scheduled payments. This oversight ensures your strategy delivers full financial value.

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Federal Court Orders CRA to Restart Harassment Investigation After Serious Procedural Failures

A Refined Briefing for Compliance Leaders and HR Governance Professionals

The Federal Court has delivered a significant rebuke to the Canada Revenue Agency, ruling that its handling of a workplace harassment investigation fell short of fundamental fairness. The decision mandates a complete reinvestigation and signals heightened expectations for procedural integrity within federal workplaces.

Summary of Judicial Findings

Justice Love Saint Fleur concluded that the complainant, Xiujuan Qi, was denied essential rights when investigators failed to provide:

• Access to witness statements

• An opportunity to respond to evidence

• Visibility on preliminary findings

These omissions represented what the court described as a “fundamental breach of procedural fairness.”

Context of the Complaint

Qi’s allegations related to actions by a former team leader in the Strategic Engineering and Technology Integration unit. Her concerns included:
• Inconsistent and degrading performance feedback
• Offensive remarks during team interactions
• A poisoned work environment
• Misuse of a performance improvement plan

Deficiencies Identified in the Investigation

The final report addressed only one allegation and offered no rationale for dismissing the remaining three. The court found this incomplete analysis incompatible with fair process.

Court Directive

Ruling Implications

The court ordered a full restart of the investigation and reaffirmed a clear standard: employees must be able to review and challenge evidence before conclusions are drawn.

Source: HRReporter

Clarifying the Facts on CRA Bank Record Requests

In our latest video, we addressed a viral TikTok that incorrectly claimed the Canada Revenue Agency requires a court order to access bank records and that Canadians can sue their banks for complying. These assertions are not grounded in legislation and create unnecessary risk for taxpayers seeking reliable guidance.

@taxmechanic

There’s a lot of CRA content going viral lately, but most of it doesn’t match what the law actually says. Here’s what Canadians should kno... See more

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Clear procedures, documentation and informed strategy offer real protection. Online myths do not.

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