Seinfeld and sales tax fraud

Posted by & filed under Taxation.

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

Posted by & filed under Canadian Economy, Taxation.

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

Posted by & filed under Accounting Careers, Taxation.

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

Posted by & filed under Accounting Careers, Taxation.

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?

Posted by & filed under International Business Operations, Public Finance, Taxation.

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 »

Looking for taxes

Posted by & filed under Accounting Careers, Taxation.

Description: The Canada Revenue Agency (CRA) is on the trail in British Columbia, trying to pursue millions in unpaid taxes. A court document indicates that an initial audit shows up to $17 million in unreported income may have been hidden by a Canadian company using offshore firms in the Caribbean and Hong Kong. This may… Read more »

Ford changes gears quickly

Posted by & filed under Accounting Careers, International Business Operations, Taxation.

Description: Ford Motor Company has changed gears on its plans to build a $1.6 billion plant in Mexico. In the face of incoming U.S. President Donald Trump’s threat to invoke a border tax, the auto builder decided to rethink its position. Canadians may be wondering about what all this means for the automakers’ plans to… Read more »

Nice work if you can get it!

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

Description: It probably doesn’t come as much of a surprise that CEOs are well compensated. But did you realize that shortly before noon hour on January 3, the second work day of the year, the CEOs at the top rung in Canada will have earned more than the average Canadian worker will earn for all… Read more »

Harris painting hits new heights

Posted by & filed under Accounting Principles, Accounting Theory, Taxation.

Description: This week art markets saw a new record auction price for a Canadian painting. Lawren Harris’s 1926 work, Mountain Forms, attracted a winning bid of $11.2 million, far more than the anticipated $3 million to $5 million. The buyer remains anonymous. Date: November 24, 2016 Source: cbc.ca Link: http://www.cbc.ca/news/entertainment/lawren-harris-mountain-forms-auction-1.3864470   Discussion Points: 1) The… Read more »

CRA and the Panama Papers

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

Description: Look out: the Canada Revenue Agency (CRA) is coming for you. That is, if you are one of the over 2,500 Canadians named in the Panama Papers. It’s too late for voluntary disclosure according to the CRA. This means that those investigated could face penalties if the results of audit indicate taxes are owing… Read more »