New Federal Budget Tax Measure Highlights

Monday saw the release of the first federal budget in two years with a few new tax measures that are expected to have an impact on various demographics. Canada’s wealthiest can expect to make bigger contributions to national coffers in the coming year following new plans to tax luxury purchases…

Accountants Call For Tax Deadline Extension Denied By The CRA

Over the last couple of weeks, Canadian accountants have circulated a petition appealing to the federal government to extend the tax filing deadline from April 30th to June 15th. Over 70,000 signatures have been registered from tax preparers and taxpayers. The campaign continues to attract signatures despite insistence from the…

Capital Gains Tax Talk Stirs Controversy

The federal government has confirmed that they will not be introducing a capital gains tax on primary residences. Minister of Families, Children and Social Development, Ahmed Hussen, has confirmed that a home equity tax is not under consideration by the current government and never has been. He reiterated that such…

Ontario Bureaucrat Charged with Fraud

An Ontario man and his family, previously accused of using fraud to collect over $11 million from the government, is now facing additional charges that he syphoned $30 million as part of an illegal kickback scheme for government contracts. The accused, Sanjay Madan, was an IT Manager for the Education…

Online Services Taxes Being Underestimated According To PBO

Parliamentary budget officer (PBO), Yves Giroux’s office, has released a report that indicates that the government could be underestimating the amount of revenue that may be collected from online service providers. Nicknamed by some the “Netflix Tax”, it is targeted at foreign-based providers that sell goods or services in Canada.…

Wealth Tax Finds Support Among Many Canadians

The NDP and the Green Party revived their proposition for a wealth tax after a Parliamentary Budget Officer report back in June stated 1% of the country’s highest earners possessed over 25% of the country’s total wealth. Although the Bloc Quebecois, Liberals, and Conservatives objected to the NDP motion for…

New Automatic File Tax Return System Promises Speed and Convenience

The federal government is introducing free automatic tax filing in an effort to help qualified Canadians complete simple tax returns more quickly and easily. Some government benefits are normally paid to those who file their taxes, but many with low or fixed incomes neglect this process – meaning that they…