The Globe and Mail reports in its Friday edition that the Canada Revenue Agency is monitoring the contents of registered plans such as tax-free savings accounts, registered retirement savings plans and registered retirement income funds more closely. The Globe's Alison MacAlpine writes that the tax agency began by targeting day trading and aggressive tax planning in TFSAs and, starting with the 2023 taxation year, it has brought RRSPs and RRIFs in line with TFSAs with a new requirement that financial institutions report the year-end fair market value of the property contained in these plans. With tax season in full swing, experts are interested to see what the CRA does with the new information. "We can imagine that they would be using this information much in the way that they did with the TFSA balances, and that it's a way of flagging individuals or cases for which they would be looking into having follow-up questions," says Nicole Ewing at TD Wealth in Ottawa. The 2022 federal budget, which announced the fair market value reporting requirement for RRSPs and RRIFs, said the information "would assist the Canada Revenue Agency in its risk-assessment activities regarding qualified investments held by RRSPs and RRIFs."