G20 and the Minimum Tax

Posted by & filed under Taxation & Planning.

Description: Politicians meeting at the G20 conference Saturday have endorsed the notion of a minimum corporate tax. The countries of the G20 make up about 80% of the world’s economic output. The fact that leaders of these competing economies have agreed on this minimum corporate tax is part of an effort to prevent corporations from… Read more »

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 »

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 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 »