Canadian banks and US tax cuts

Posted by & filed under Taxation & Planning.

Description:  Canadian banks already have had some pretty profitable years. But in the most recent year, the tax cuts in the United States have saved Canadian banks millions of dollars. The Bank of Montreal estimates the tax cut generated about $100 million in benefits in 2018. TD sees its own figures at roughly $60 million… Read more »

Tax on Apple: What about Starbucks and Amazon?

Posted by & filed under Taxation & Planning.

Description: Many of us have heard of the European Commission’s decision that Apple should repay over $14 billion in taxes and interest. The Commission ruled the Irish government’s arrangement with Apple was illegal state aid. This put new attention on the issue of global companies chasing favourable tax rates. Perhaps Austria’s Chancellor captured the feelings… Read more »

Do your homework before paying to get your taxes done

Posted by & filed under Accounting Careers, Taxation, Taxation & Planning.

From the time of my first job, I did my own taxes — first, with the guidance of my parents; then later on my own. I initially filed paper returns by mail and later joined the growing number of Canadians who use Netfile.  All that changed, however, about two years ago when my wife incorporated a business. We turned… Read more »

Corporate tax evasion ‘crackdown’ more bark than bite

Posted by & filed under Accounting Careers, Canadian Economy, Corporate Restructuring, Corporate Social Responsibility, Fraud, Fraud Accounting, Taxation, Taxation & Planning.

Global efforts to stop companies from eroding tax base by moving profits offshore have no teeth, experts say Tax Evasion Tactics In December 2012, demonstrators led a country-wide protest against Starbucks over the coffee chain’s tax evasion tactics. A Reuters investigation found that through the magic of profit shifting, the company had avoided paying any… Read more »

Investing puzzle a hard one to solve (Tax Free Savings Accounts)

Posted by & filed under Canadian Economy, Taxation, Taxation & Planning.

Increase in savings by Canadians Recent data indicate that Canadians are saving more. Statistics Canada reports that the Household Savings Rate is currently 5.4%, a 0.4% increase from the previous year. Likewise, a recent BMO Bank of Montreal study found that 48% of Canadians are now investing in Tax-Free Savings Accounts (TFSAs), a 23% increase… Read more »

Canadian’s firm used in huge Russian tax scandal, plus How the Rich hide their money!

Posted by & filed under Auditing, Corporate Restructuring, Corporate Social Responsibility, Fraud Accounting, International Accounting, Taxation, Taxation & Planning, Uncategorized.

Caribbean agency helped set up offshore companies connected to $230M scam It’s a tale with the cloak-and-dagger intrigue of a Hollywood thriller: a $230-million heist, corrupt Russian police and government officials, prison beatings, a dead lawyer, Kafkaesque trials and a diplomatic spat between international superpowers. And now, for the first time, secret files obtained exclusively… Read more »

Tax-free savings accounts (TFSA) are flexible, convenient but underused

Posted by & filed under Taxation, Taxation & Planning.

TFSAs can be used for everything from new car to 1st house The most popular alternative to an RRSP is probably the tax-free savings account, or TFSA, which the government introduced in 2009 and which many financial advisers say is the better option for middle- and low-income Canadians who want to put aside some of… Read more »

A modest proposal : Tax Haven

Posted by & filed under Corporate Restructuring, Corporate Social Responsibility, Taxation & Planning.

THE rampant use of tax havens by large companies to reduce their tax bills has been moving up political agendas. The G8 and G20 have called for action to curb the practice. They worry that the international network of treaties and rules designed to avoid the double taxation of multinationals has instead allowed them to… Read more »

Tax Planning Tips for Students year 2012

Posted by & filed under Taxation & Planning.

Tuition fees tax credit Tuition fees qualify for a non-refundable 15% federal tax credit for 2012 if you pay them for yourself. To be eligible for a credit, the fees must be paid to a Canadian university or college. Generally any fees you claim must total more than $100 per institution. Along with admission fees,… Read more »

Reducing tax complexity a key to economic recovery: CICA

Posted by & filed under Accounting Careers, Taxation & Planning.

Reducing tax complexity a key to economic recovery The Canadian Institute of Chartered Accountants (CICA) today (Oct. 23, 2012) in Ottawa outlined what it views as priorities for the next federal budget if the country is to experience economic growth, job creation and enhanced competitiveness. Gabe Hayos, the CICA’s vice-president of taxation, told the House… Read more »