We’re into October, and the fall season is officially here! 🍂 This also means that the golf season is sadly coming to an end. I recently played at some charity golf events - Kerr Street Mission and the Black Physicians Association of Ontario golf events, all for great causes. It was great spending time on the golf course with the team, clients and friends. It’s even greater that my wife has now taken up golf. After just a few lessons, she had some great contacts with the ball on her first day on the golf course. I’m excited and I’m looking forward to more and more golf in the coming seasons. Now back to tax…with year-end tax planning just around the corner, it’s a good time to catch up on important changes that could affect your personal and business finances. Enjoy this issue where I share some of these updates as well as an upcoming workshop we’re hosting for Not-for-profit leaders. Please remember to share this with everyone in your network:

1. Lowest Tax Bracket Reduced to 14% (Effective July 1, 2025)

As you know, I love news of tax reductions and I will take it any day...Bill C-4 has officially reduced the lowest federal personal income tax rate from 15% to 14%. This means more money stays in your pocket—especially for low-to-middle-income earners. Employers have been asked to update payroll deductions for July onward so some of you may already have noticed this in your pay checks.

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2. Financial Governance Workshop for Not-for-Profit Organizations

We are excited to announce that registration is now open for this hands-on workshop for financial leaders in the Not-for-profit space. This workshop is tailored for small not-for-profit organizations that do not have a robust financial reporting system. If you’re an Executive Directors, a Board Treasurer, or involved in the preparation of financial statements for your not-for-profit organization, then this workshop is for you.

This full day workshop is designed to fix the systems behind your finances and also provide you with tips on grant writing.

Date: October 24th, 2025

Time: 10 AM – 5 PM

Location: Artistic Decor Venue; 66 Jutland Rd unit #43, Etobicoke, ON M8Z 2G6

Includes: Lunch + practical tools

Cost: $450 +HST per person

This workshop is not a lecture. It’s a hands-on, practical workshop where you’ll learn, apply, and walk away with systems you can use immediately. To learn more and to register, click here.

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3. CRA’s New Online Tool for Penalty & Interest Relief

If you’ve been late with your tax filings, you will agree that CRA’s penalties and interests can be significant. While CRA has relief for some of these interest and penalties, most taxpayers don’t know about it.

CRA launched a new self-evaluation and learning tool (SELT) to help taxpayers determine if they qualify for relief from penalties or interest due to financial hardship, extraordinary circumstances, or CRA errors. The tool guides you through eligibility, documentation, and next steps.

✅ Action: If you or your business faced late filings or payments, test eligibility with CRA’s new tool before filing a taxpayer relief application. This can potentially put some money back in your pockets.

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4. CRA’s $1.7 Billion in Uncashed Cheques – Are You Owed Money?

The CRA has reported over 10 million uncashed cheques dating back to 1998, with some worth over $100,000. These never expire and can be reissued. You can check for uncashed cheques directly in CRA My Account. As soon as you log into your CRA My Account, on the right hand side, just below “Tax information slips (T4 and more)”, you will see a section for “Uncashed cheques”. I just checked and unfortunately, I don’t have any. I know many of you will find some money here, so check it today!

✅ Quick Win: Log into your CRA account and check—you might find some forgotten cash waiting for you!

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5. What I’m currently Reading and Learning

I believe in lifelong learning. At our firm, I like to say that if you choose to work at GMS, you’ve inadvertently chosen a life of lifelong learning. One of the ways we learn is through the book club we run at the firm. Each week, as part of our firm-wide meeting, we discuss a book we’re all reading together. We’re currently reading Limitless by Jim Kwik. It’s a great book on how you can upgrade your brain, learn anything faster and unlock your exceptional life. I love the chapter on speed reading we discussed recently. In that chapter, Jim discussed why reading is important and how you can increase your reading focus and comprehension. As Jim noted in the book, studies show that there is a direct relationship between your ability to read and your success in life. Skilled readers enjoy better jobs, higher incomes, and greater opportunities for success in all realms of life. So, grab a great book and start reading today!