Loblaws and taxes

Posted by & filed under Accounting Careers, Tax Planning.

Description:  Loblaws, a major Canadian grocer, was hit with a massive $368 million tax bill in a case held before the Tax Court of Canada. The case was not directed against the grocery business, but rather at a Bahamian banking subsidiary of the grocery chain. Although Loblaws intends to appeal the decision, officials announced that… Read more »

Protect that RRSP

Posted by & filed under Personal Tax, Tax Planning.

Description: When faced with a financial challenge or a big purchase, Canadians might look longingly towards the funds they have stored away in their RRSPs. But dipping into the RRSP probably should be a last resort. One exception might betaking advantage of the federal home buyers program to make a tax free withdrawal of up… Read more »

Waiting for tax changes

Posted by & filed under Personal Tax, Tax Planning.

Description: During the recent federal election  the Liberals, while supporting cuts in the small business tax rate, expressed concern about businesses being set up mainly to avoid paying higher rates of taxes. Now that the Liberals  are in office, some doctors and lawyers fear that the new government may alter the rules on Canadian controlled… Read more »

A taxing situation

Posted by & filed under Personal Tax, Tax Planning.

Description: The details of the tax situation are scant. But it appears negotiations have broken down between the federal Department of Justice and giant accounting firm KPMG regarding a tax haven program KPMG marketed to at least 25 wealthy Canadians. The KPMG plan appears to have offered their clients tax haven protection in the Isle of… Read more »

Richest tax on the rich

Posted by & filed under Accounting Principles, Advanced Accounting, Canadian Economy, Canadian governments, Personal Tax, Tax Planning.

Description: New Brunswick is in the midst of an election campaign, leading up to the September 22, 2014 general election. Some have also said the province is also in the midst of a fiscal crisis, with one popular book on the province’s future using the words “Fiscal Cliff” in its title. In an effort to… Read more »