Canada to rethink tax policies after losing billions in corporate tax revenue

Canada plans to bolster its corporate tax collection effectiveness with increased funds for government auditors and greater corporate transparency enforcement, in the wake of two recent reports detailing how the Canada Revenue Agency (CRA) loses billions in tax revenue every year. Last month, the CRA published the Tax Gap and…

Saving Money Means Forming the Right Habits and Priorities

Monthly bills like car payments, rent, groceries, mortgages, and credit cards debt can leave very little left over for savings and investment. Even for Canadians with relatively high incomes, it can seem like there are always new expenses popping up that make planning and saving for the future nearly impossible.…

Carbon Tax Rebates Lower than Anticipated

As the federal Conservatives and provincial governments of Manitoba, Saskatchewan, and Ontario continue to fight the federal carbon tax, new data shows that the average carbon tax rebates were lower than forecasted. Carbon tax rebates were paid out based on earlier government estimates. When the government announced the program, they estimated that…

Canada’s complex tax system lost millions in revenue

As Canada’s tax system continues to grow in complexity, it may be losing its ability to function as intended. The country lost an estimated $169 million in potential tax revenue on foreign digital products and services in 2017, according to an Auditor General’s report released on May 7, 2019. The…

Real estate authorities build anti-money laundering network

On April 9, the two real estate regulators – the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Real Estate Council of British Columbia (RECBC) – announced that they have entered a memorandum of understanding (MOU) in an attempt to prevent money laundering in the real estate…

Canada’s economy might be in the “detour” longer than expected

The Canadian economy continues to struggle with its recent slowdown, and signs of recovery remain elusive. GDP fell once again in the fourth quarter of last year, in part due to a slowdown in the energy sector, which cut down on oil production. Other factors include lower household spending and…

Challenges continue for Canada’s economy

Canada continues its search for positive economic news as multiple trends across various economic sectors remain pointed in the wrong direction. The country’s economic foundation means that potential for growth continues to exist, although in the short term such a reversal seems elusive. Joy Thomas, CEO of Chartered Professional Accountants…

Challenges Facing Canadian Businesses in 2019

The end of 2018 brought mixed news to Canada’s economy, as some business sectors reported better than expected growth while others are facing a slowdown. Complicating the situation were many controversies involving the Canada, US and China. Canada’s arrest of Huawei CFO Meng Wanzhou brought to a head several underlying…

Reports Slam Canada’s Tax System

Chartered Professional Accountants of Canada (CPA Canada) has long criticized and called for an in depth review of the Canadian tax system to ensure competitiveness and fairness.  In their new report, Canada’s Tax System: What’s so Wrong and Why it Matters, CPA Canada criticized the current Canadian tax system for being ‘outdated and overly…

Some 270,000 Canadian veterans shortchanged over disability pension

The federal government has discovered a massive accounting blunder that has deprived more than 270,000 veterans of their disability payments. Veterans Affairs Canada has claimed that the CA $165 million shortchange is due to a miscalculation. After the Veterans Ombudsman’s office uncovered the massive shortfall, Veterans Affairs Minister Seamus O’Regan…