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 »

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 »

Budget transparency?

Posted by & filed under Canadian Government, Ethics, Taxation.

Description: Last year, the Liberals under Justin Trudeau latched onto the transparency theme. But last week the Parliamentary Budget Office (PBO) criticized the Trudeau government for what we might call a lack of transparency. The PBO said the latest federal budget contains some unrealistic forecasts, in particular one which underestimates the level of private sector… Read more »

Those Panama Papers

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

Description: It was hard to miss the news this past week of the so-called Panama Papers. This vast leak of over 12 million documents has provided lots of data on potential tax avoidance for journalists to sort through, and plenty of headaches for politicians and public figures forced to account for dealing with the Panamanian… Read more »