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 »
Posts Categorized: Taxation & Planning
Canada’s CEO Elite 100: The 0.01%
Occupy Montreal: Victoria Square, Montreal,Quebec if you’re looking for Canada’s richest 1%, the compensation tables in the proxy circulars of Canadian publicly listed corporations are a good place to start. Canada’s Richest If you’ve made it into Canada’s richest 1% club, you’re among the 246,000 prestigious few tax filers who made a minimum of $169,300… Read more »
Changes to the QST System in 2013
New method for calculating the QST As of January 1, 2013, the QST will be calculated on the selling price not including GST. However, to ensure the total taxes payable remain the same, the QST rate will be increased to 9.975%. Calculating the Taxes Currently, GST and QST are collected on most goods and services… Read more »
2012 Federal Budget Highlights
List of a few Budget Highlights Hiring credit for small business Last year’s budget introduced a temporary Hiring Credit for Small Business of up to $1,000 per employer. The 2012 budget proposes to extend this temporary credit for one year. In particular, a credit of up to $1,000 against a small employer’s increase in its… Read more »
Gambling losses aren’t tax writeoffs, court rules
Case: A Toronto man trying to write off casino and racetrack losses against his income tax bill has gambled and lost at Canada’s Federal Court of Appeal. Giuseppe Tarascio claims that gambling is how he earns the bulk of his income. He filed tax returns for several years, claiming both his wins and losses. By… Read more »
How do Accountants Add Value to a Small Medium Enterprise
To Some! CAs are dull and colourless, but to SMEs (Small Medium Enterprises), they are trusted advisers, valuable sources of information and providers of many services Not True! Bland, boring and colourless are just a few of the common stereotypes that spring to mind when describing an accountant. But these are just urban myths. In… Read more »
The Need for Tax Simplification – A Challenge and an Opportunity
Foreword: According to Benjamin Franklin, taxation was an absolute certainty in this world. Taxation continues to be an inescapable fact of life in our modern global world. For CGA-Canada and our members – business and accounting leaders across the country – taxation has always been a key area of interest and concern. On an international… Read more »
Benefits and Barriers to RESPs (Registered Education Savings Plan )
Tapping into opportunities for the students of tomorrow: Benefits of the RESP Under the program, both subscriber and government contributions can grow tax-free until the funds are withdrawn to attend an accredited post-secondary institution. Many employers recognize a post-secondary education (PSE) as a pre-requisite when hiring. Specialized educational achievements are seen as indicators of a… Read more »
Canada’s corporate income tax fight
To Lower or not to Lower Corporate Tax Rates? Let us look at a few conflicting arguments. We are presently in the mist of a Federal Election, and all the major parties have different arguments to increase or decrease taxes. All three parties basically seem to get the notion of corporate competitiveness and the link… Read more »
The advantages of staying small:For small businesses with minimal profit, incorporation is not worthwhile!
Beginning of Story Content When small business owners ask Diana Dolack whether they should incorporate, she often advises against it. “There’s not too many I advise to incorporate,” says Dolack, an H&R Block franchise owner in Biggar, Sask. “For farmers, especially, the rules are more beneficial to not being incorporated.” The formula for Dolack is… Read more »