Description: The Halifax Chronicle Herald is one of Canada’s oldest continuously publishing newspapers, but its future may be in jeopardy following news that its parent company, the Saltwire Network, is seeking creditor protection. Saltwire owes about $94 million, with about one third of that on the books of its largest creditor, Fiera Private Debt. Stephen… Read more »
Posts Categorized: Accounting Careers
January Tough Month for Insolvencies
Description: Business insolvencies in January were about double of what they were in January 2023. One factor cited for the problem was the requirement to pay back loans of up to $60,000 under the Canada Emergency Business Account program by January 18. Simon Gaudreault of the Canadian Federation of Independent Business says that “Insolvencies are… Read more »
Working for Free February 29?
Description: Salaried workers may be wondering if they worked for free on February 29, the leap day. Since those on an annual salary receive the same pay whether the year has 365 days or 366, workers like Rohith Krishnan feel they are missing out for showing up for the extra day. Others, like Annie Boilard,… Read more »
Lynx Airlines Shuts Down
Description: Low-cost carrier Lynx Airlines announced it would be shutting down February 26. Lynx informed its passengers travelling on later dates that they should seek refunds through their credit card provider rather than from Lynx. The discount airline got off the ground in 2022, but it blames such forces as inflation, high fuel cost, exchange… Read more »
30 Seconds = $7 Million
Description: Interest was high in both the play on the field and in the advertisements between the action when the Super Bowl took place last Sunday. CNN rated the winners and losers among the commercials for the big game. With 30 seconds of commercial time costing advertisers $7 million – and additional millions for production… Read more »
Tavares and CRA in $8 million dispute
Description: John Tavares, captain of the Toronto Maple Leafs, is suing the Canada Revenue Agency in an $8 million dispute regarding a reassessment of his 2018 income tax return. The essence of the dispute relates to the taxation rate on his $15.25 million signing bonus. Tavares and his advisors believe the bonus should be taxed… Read more »
Debt Reduction?
Description: New Brunswick Crown utility NB Power has entered a sale-leaseback transaction for its two head office buildings with Forum Asset Management of Toronto. The $39 million transaction was spoken of as a debt-reduction initiative. Since NB Power will continue to lease the larger of the two buildings, however, it was not clear from the… Read more »
Weaker Market = Lower Earnings
Description: A report by TD Economics may be bad news for this spring’s graduates. In the current economic slowdown, TD Economics says new grads may take a lower starting salary than new entrants who may have graduated when unemployment was lower. The report offers it may take a decade for new employees to catch up,… Read more »
Ikea’s Cutting Prices!
Description: Furniture favourite Ikea is cutting prices on over 1,000 items. This is excellent news for Canadians battling rising prices, and perhaps particularly so for students struggling to furnish their apartments while off at university or college. One helpful move for students will see the BILLY Bookcase moving to $199 from its previous $249. And… Read more »
Gambling Sites and Money Laundering
Description: The Financial Transactions and Reports Analysis Centre of Canada – often referred to as Fintrac – is reporting that money from illegal activities is being laundered through online gambling. Fintrac uses “big data” searches of millions of transactions as part of its investigative toolkit. Fintrac’s report focuses on gambling online in Canada between 2016… Read more »