They Want to Pay More Tax?

Posted by & filed under Personal Tax.

Description: This seems like quite a surprise: a group of young and wealthy Canadians wants to pay more in taxes. There are approximately 200 of these Canadians in the so-called Resource Movement, and they are arguing for the government to tax them – and others in the 1% class – with higher rates or new… Read more »

On the Farm

Posted by & filed under Personal Tax, Student life.

Description: Canadian farmers are getting some help from the federal government to pay for foreign workers. Because the workers will have to be quarantined for 14 days after entering Canada, the government will provide farmers with up to $1,500 per worker to cover pay during the quarantine period. Each year about 40,000 of these agricultural… Read more »

Tax Breaks – of a Sort

Posted by & filed under Personal Tax.

Description: During this highly unusual situation with Canada dealing with COVID-19, the Canada Revenue Agency (CRA) is giving some valuable extension room to Canadians. For instance, the normal April 30 deadline for most Canadians has been extended to June 1. CRA has set up a webpage to help Canadians keep up to date with these… Read more »

Let CRA Do Your Taxes?

Posted by & filed under Fraud, Personal Tax.

Description: The Canada Revenue Agency (CRA) had said they would make income tax preparation easier for Canadians. Globe and Mail columnist Rita Trichur has noted an inconsistency in the plan though: CRA has doubled the size of the form from four to eight pages. As she says, “Folks, it’s hard to know whether to laugh… Read more »

The Cost of Promises

Posted by & filed under Personal Tax, Student life.

Description: During the recent federal election campaign, the Liberal party promised to increase the basic personal deduction on our income taxes, saying it would lift thousands of Canadians out of poverty. But, of course, somebody has to pay. And now the Parliamentary Budget Office is saying these deductions will cost the federal government $21 billion… Read more »

Raise Our Taxes Please

Posted by & filed under Personal Tax.

Description: Billionaires and mere millionaires head for Davos this time of year for the World Economic Forum. This year though, some of those members of the wealthy elites are making the rather unusual request that their taxes be raised. An American group called Patriotic Millionaires is seeking a form of global changes to help shrink… Read more »

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 »