Description: McKinsey and Company, one of the world’s best known consulting firms, has been doing well in terms of its billings to the federal government in Ottawa. During Prime Minister Justin Trudeau’s time as prime minister, McKinsey earned roughly $66 million in revenue from the Canadian taxpayer, with close to half of that amount in… Read more »
Posts Categorized: Canadian Government
Phoenix Problems Persist
Description: Well, the good news is that only 28% of federal government employees had an error in their pay during the fiscal year ended 31 March 2022. According to the federal auditor general, that is down from 47% in the prior year, indicating that, although results have improved, the maligned Phoenix pay system is far… Read more »
What’s This New Tax?
Description: The latest federal government budget has announced a new 15% tax on bank profits over $1 billion. The way the government sees it, banks have done exceptionally well during the pandemic, a time when various federal programs assisted the economy. This special Canada Recovery Dividend could raise approximately $4 billion in government revenue, and… Read more »
Rogers-Shaw Deal Approved
Description: Rogers Communications has received approval from the Canadian Radio-television and Telecommunications Commission (CRTC) for its $26 billion plan to purchase Shaw Communications. As part of the approval, Rogers must provide over $27 million to support specific initiatives, including support for local news. Rogers must secure separate approval from the Competition Bureau and Innovation, Science… Read more »
Not the Best Timing for Lockout
Description: CP Rail has stated that it will lockout its engineers and conductors if they cannot reach an agreement with the Teamsters Union that represents its workers. This is not good news for a supply chain already struggling to recover from the SARS-CoV-2 pandemic. As well, the war in Ukraine has interrupted the grain supply… Read more »
Auto-file for Tax Returns?
Description: The C.D. Howe Institute released a report last week questioning the very idea that most Canadians should have to file an annual income tax return with the federal government. The report, Automatic Tax Filing: A Challenging Idea for Canada, compared our Canadian tax system to those of other OECD nations, looking at the feasibility… Read more »
Big Deficit: But Lower Than 2020’s
Description: The federal Department of Finance has reported the deficit for the first six months of this fiscal year is approximately $69 billion. Though this number is certainly high by normal standards, it is down from over $198 billion in the same six months a year ago. Big reductions in the Covid-19 relief payments such… Read more »
Payroll Burden
Description: With Canadians already facing a squeeze from rising prices, 2022 promises some additional trouble with the news that payroll burdens will rise. Both the rate and the yearly maximum contribution will be increasing for the Canada Pension Plan (CPP). And while Employment Insurance (EI) rate will not jump in 2022, the overall maximum contribution… Read more »
Pay now? Pay later?
Description: You can pay me now, or pay me later; so goes the old saying from the Fram oil filter commercial. https://www.youtube.com/watch?v=OHug0AIhVoQ Well, the Government of Canada appears to have chosen the pay me later approach with its latest budget, delivered last week by Finance Minister Chrystia Freeland. The budget did contain a few revenue… Read more »
RBC – “Take it easy Government”
Description: The CEO of Royal Bank, Dave McKay, is advising the government to take it easy on more stimulus spending. Even though the Covid-19 pandemic has meant tough times for many, bringing on federal spending like the CERB, other Canadians have bumped up their savings over the last year. Personal savings stand at roughly $180… Read more »
Burnley Understanding Financial Accounting, 3rd Canadian Edition
Kimmel Financial Accounting, 8th Canadian Edition
Weygandt Accounting Principles, 9th Canadian Edition
Kimmel Survey of Accounting, 2nd Edition
Kieso Intermediate Accounting, 13th Canadian Edition
Weygandt Managerial Accounting, 6th Canadian Edition
Farmer Cost Accounting, 1st Edition
Savage Accounting Information Systems, 1st Edition