CRA Gets a “D”

Posted by & filed under Accounting Careers, Personal Tax.

Description: The Canadian Federation of Independent Business (CFIB) doesn’t think the Canada Revenue Agency (CRA) is doing a very good job responding to inquiries from its members. The federation has given the CRA a “D” grade, observing the tax agency takes too long to respond, and, when it does, businesses often get incomplete information. The… Read more »

Check the Cheque Stub

Posted by & filed under Personal Tax.

Description: Things are changing in personal taxation for Canadians in 2020 and these changes will show up in various deductions on your paycheque stub. Finance Minister Bill Morneau had told Canadians to expect significant tax cuts to help the middle class. But financial planner Janet Gray says she would not count on people noticing any… Read more »

Western’s Benefactor Dies

Posted by & filed under Personal Tax, Student life.

Description: Richard Ivey, a well-known Canadian philanthropist, has died. Students may recognize the Ivey name for the Ivey Business School at Western University. The Ivey Foundation has donated over $100 million to various causes since it was founded by Richard Ivey’s father – also named Richard Ivey – in 1947. Date:  December 31, 2019 Source: … Read more »

Panama Papers Generate Tax$

Posted by & filed under Personal Tax.

Description:  Approximately $15 million: that’s the amount of tax revenue that the Canada Revenue Agency (CRA) has generated so far following the 2015 release of the Panama Papers. So far, the CRA has looked at 525 of the 894 Canadians identified in the Panama Papers. In 2016 CRA took a hard stance towards these Canadians,… Read more »

Check out line 449!

Posted by & filed under Personal Tax.

Description:   If you live in Ontario, New Brunswick, Manitoba or Saskatchewan, listen up. Because these four provinces have a federal carbon tax imposed, citizens are eligible for a tax rebate. In Ontario, the amount is estimated at around $300 for a family of four. The carbon tax does not actually start until 1 April 2019,… Read more »

The other side of the story

Posted by & filed under Canadian Government, Data security, Personal Tax.

Description: Last week this space featured a discussion of a request by Statistics Canada to obtain banking information of Canadians without having approached those Canadians first. Of course, the opposition parties in Parliament were quick to criticize this apparent breach of protocol, though Statistics Canada had made efforts to brief the press beforehand. This week… Read more »

Bouchard in Bahamas

Posted by & filed under Personal Tax.

Description:  Warm weather and beautiful beaches are among the top reasons a Canadian might want to set up residence in the Bahamas. But if you are a rich tennis star like Eugénie Bouchard, the fact that there is no income tax is another important consideration that may have prompted her to take up residence there. Her… Read more »

Taxing Bitcoin

Posted by & filed under Personal Tax.

Description:  Tax time is rolling around quickly for Canadians. And with all the 2017 hype over Bitcoin, some may be wondering what to do with any income earned in trading the cryptocurrency. The simplest answer: if you trade, keep records; if you make income, declare it. Date: April 13, 2018 Source:  cbc.ca Link: http://www.cbc.ca/news/canada/toronto/cryptocurrency-income-tax-canada-1.4626837 1) Do you… Read more »

Still listening?

Posted by & filed under Personal Tax.

Description: It was a beautiful day in Fredericton Saturday. But Federal Finance Minister Bill Morneau might have wished he was outdoors enjoying that sunny weather as opposed to being in front of an audience at the Canadian Chamber of Commerce, an audience upset about his Liberal government’s planned tax changes that will impact entrepreneurs, farmers… Read more »

Taxing times

Posted by & filed under Personal Tax.

Description: There has been considerable protest over the current federal government’s proposal to close tax loopholes for private corporations. Small business owners and professionals have been using various forms of ‘income sprinkling’ to lower their tax burden. One Liberal MP, Wayne Long, has broken ranks with his government colleagues, expressing his concern about the impact… Read more »