Description: Development organization Oxfam has reported that the “1%” – the richest people in the world – have acquired 2/3 of the new wealth created since the pandemic. While the upper echelon is adding $2.7 billion to its wealth total each day – yes that does say billion with a “b” – people in less… Read more »
Posts Categorized: Taxation
What’s This New Tax?
Description: The latest federal government budget has announced a new 15% tax on bank profits over $1 billion. The way the government sees it, banks have done exceptionally well during the pandemic, a time when various federal programs assisted the economy. This special Canada Recovery Dividend could raise approximately $4 billion in government revenue, and… Read more »
The Cupcake Fraud?
Description: While delivering a verdict in a tax fraud case on Thursday, Nova Scotia Supreme Court Justice Robin Gogan said “What was being baked here was a scam of epic portions.” Four women from Cape Breton were found guilty of fraud and a variety of violations under the Excise Tax Act. The scheme consisted of… Read more »
Big Fine in Tax Case
Description: It doesn’t pay to not pay your taxes; at least not in this case. A Halifax hotelier and restaurant owner has been fined $113,223, the same amount as the sales tax he withheld from paying the Canada Revenue Agency (CRA). The businessman, Pantelis Panagiotis Giannoulis, will also have to repay the taxes he failed… Read more »
Missing: $247 Million
Description: Canada’s new Auditor General, Karen Hogan, appeared before Parliament’s Public Accounts Committee on Tuesday to discuss her Office’s 2019 report on e-commerce. In a nutshell, transactions with foreign vendors are not being taxed correctly. Not only has this placed Canadian vendors at a disadvantage, it has cost our public purse $247 million. Date: November… Read more »
Seinfeld and sales tax fraud
Description: A group of companies with no employees operating out of a house in rural Nova Scotia reported sales of $56 million. That might have been the first clue that something was wrong. But by claiming that one of its suppliers was “Vandalee Industries” the scheme may have come totally unravelled. A Canada Revenue Agency… Read more »
So much for stimulation by tax cuts
Description: According to the theory, the massive US tax cuts of last year were supposed to get the tech companies hiring lots of workers. But according to the Financial Times of London, five large American tech firms, including Apple and Alphabet, spent $115 billion on share buybacks. This could be setting up the companies for… Read more »
Fixing the tax system
Description: Tax reform in Canada is a topic in the air as Conservative Party candidates vie for the leadership post and talk of tax reform under U.S. President Trump spurs conversations around Canadian competitiveness. National Post columnist Andrew Coyne contends that it has been over 30 years since Canada has seen significant tax reform. Mr…. Read more »
The Taxman Cometh
Description: The Canada Revenue Agency (CRA) is coming; coming for taxes that is. CRA is expanding an audit program to ferret out wealthy individuals and companies that may have been avoiding taxation, particularly through offshore activities. The federal government has directed an additional $444 million over the next five years to help the CRA’s audit… Read more »
Will Apple face America First pressure?
Description: Donald Trump has put pressure on US automakers to keep manufacturing jobs in America. But what about Apple? The wealthy computer maker doesn’t actually make its devices in the United States. Globe and Mail columnist Eric Reguly points out that many of Apple’s products owe a debt to government funded technological advances, so perhaps… Read more »