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RIF & LIF Review

RSP/LIRA account holders who will turn 71 years old before December 31, 2021

In accordance with the requirements of the Income Tax Act (ITA) requirements, all RRSP and LIRA accounts must be transferred to a Registered Retirement Income Fund (RRIF) or a Life Income Fund (LIF), by December 31 of the year during which the client turns 71.

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Efile Association of Canada

We have been a member of the association over the years, I served as a director for a few years, was a great experience. 




  • * Full roll out of Multi-factor Authentication (MFA) system with optional Passcode Grid;
  • * Ability to electronically file previous year returns is expanding, now current year plus previous four years (up from previous three years);
  • * Years available for Auto Fill My Return is expanding;
  • * Change to T1 and T2 default method of correspondence;
  • * EFiling of T3 Trust returns begins;
  • * Use of Electronic Signatures for T183 continues for 2022;
  • Confirm my Representative system rollout;
  • * EFile opens Feb 21, 2022

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Happy What !

Reflecting a bit, the other thing that bugs me, lol, really, lol , this woke agenda of being afraid to write or wish someone a Merry Christmas. I recommend that if you are going to take the day off, or buy a Christmas present, you should respect at least the name of the season. My recommendation is the following .... “ Wishing You a Merry Christmas , a Happy New Year and All The Best This Holiday Season ! “

Wrap that with a bow and it will be more uplifting and encouraging message of appreciation than Happy Holidays which is kind-a blah if you think about, assuming we/you are wishing to express a solid Christmas cheer, inline with the spirit of the season, and let us never forget the reason for the season, and yes Virginia, it's Jesus, .... Santa, time off work, meeting family, friends, rascals, turkey, pumpkin pie and making money are just along for the ride.



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KYP - Know Your Product


The industry is formalizing know-your-product processes


What to consider when assessing an investment

1. Structure and features such as complexity, transparency, uniqueness, basis of return, likelihood of achieving investment objectives, expected returns, time horizon, liquidity and use of leverage

2. Compensation or other conflicts

3. Risk

4. Initial and ongoing costs and their impact on performance

Source: Amendments to National Instrument 31-103


When it comes to products,

“You should be looking at all the benefits and features to make sure the investment you recommend is in the best interests of clients,” Rizi said.

“That’s what KYP is all about.”


In case your compliance cruising, full stop, see, read, digest disclosure




  • KYC
  • RISK
  • Best Practices


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Thanksgiving Always

I get a variety of greetings for various holiday's, I kinda like this one received yesterday from Elaine Froese, enjoy, reflect ! ~ Tim



Hi Tiimothy,

FCC’s Rooted in Strength…taking care of our families and ourselves resource has a short article by Dr. Georges Sabongui that describes 5 simple ways to boost serotonin. Serotonin is sometimes known as the happiness chemical, a neurotransmitter believed to help regulate mood, sleep, memory and more.

Sabongui suggests we can build resilience by maximizing our natural serotonin levels with good sleep, smiling, sports, social contact face to face, and spirituality. He suggests spirituality is a connection to something bigger than ourselves.

As a woman of faith, my connection to God is a key factor in building resilience. At this time of Thanksgiving, I would encourage everyone, regardless of your worldview, to practice gratitude.

It’s been a tough 20 months, and we don’t know when the Great Pause is going to be history. I do know that counting our blessings, even when farming has been disappointing and cash flows are tight, we can still find things to be grateful for.

I encourage you to find a few soybeans, peas, lentils or corn kernels to put on your supper plate. Have everyone at the table mention 2 things they are thankful for in the past year. If people are super uncomfortable about sharing they can pass, and someone else who is brave might like to add a few things to encourage the silent person. (Read More)


Even in hard time, there is lot's to be thankful for, it's a good time to let the song touch you, a few good memories percolate in, so I invite you to shed a tear with me ~ Tim 

#ImprovingFutures  #BeTheAdventure

Verse I:
In the morning you sing over me
I receive your mercy
Your faithfulness is clear to see
Constant everyday

Pre Chorus:
Every breath I breathe an invitation
To believe you are creating something good
Though this season doesn’t tell my story
I know you’ll move mountains for me
You’re just that good

So I’ll give thanks to God
When I don’t have enough
Cause He’s more than enough
And He knows what I need

Verse II:
In the silence i choose to believe
You’re working in the waiting
Though the future isn’t clear to me
I trust you anyway

Why do I worry x3
God knows what I need

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Section 85 Notes


Important Take Aways from Dale et al. v. The Queen

Tax results are sometimes determined by laws outside of the Income Tax Act or the findings of the Tax Court. How and whether a legal transaction is recognized for tax purposes often turns on the terms of any agreements and whether the common law and legislative provisions of the jurisdiction in which the transaction is made find the transaction to be valid. If the legal transaction is valid and properly documented under the laws under which it was affected, the CRA is required to also find the legal transaction valid unless it has statutory authority to find otherwise.

Implementing a Section 85 rollover does not require the share consideration to be issued at the time the property is transferred, or even within the same tax year. The rollover does require that there be sufficient evidence of the obligation to issue the shares and that the shares be issued within a reasonable period of time given the circumstances.

Lastly, this case is a reminder that previous errors are not always fatal to a taxpayer's situation. Depending on the nature of the error, our experienced Canadian tax lawyers can implement strategies to correct outstanding errors.

This situation may have turned out well for Bernard and Paul Dale, but getting that positive result required years of litigation, expense and stress which could have been avoided if the shares had been properly issued in 1985 as intended.

With over 30 years of experience as both a lawyer and chartered professional accountant, he has helped start-up businesses, cryptocurrency traders, resident and non-resident business owners and corporations with their tax planning, with will and estate planning, voluntary disclosures and tax dispute resolution including tax audit representation and tax litigation. Visit and email David at Read the original version of this article on 

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Moving Homes Emotions & Tips

Great article written by one of my highschool friends. 

Some great tips on how to handle some of the emotions or moving and best practices to make that move go smoothly. 

"Moving homes can be a very emotional experience for anyone, but for farm families, it’s doubly so. “When the family home is also the place of business, there is an interconnectedness in the heart of the family and the heart of the business,” says Boissevain, Man. farm family coach Elaine Froese.  Whether the next generation is taking over or if the farm is being sold to someone outside the family, stress levels can be high for all involved. Good communication is essential, notes Froese. “Love does not read minds.” 



In case your compliance cruising, full stop, see, read, digest disclosure




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Charting The Garden


This is a cool chart, ordered a few in, thinking might make a great gift for the business to help people with their gardens going forward. #ImprovingFutures




In case your compliance cruising, full stop, see, read, digest disclosure



Oct 26 , 2016, Gleaning at Tincap Berry Farm, with Cross Town Impact benefiting local Food Banks


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