Concern Grows Over Possible Recession

As the Bank of Canada raises interest rates to keep pace with spiralling inflation and the stock market performance dims as the economy runs out of room to grow, it appears a perfect storm is brewing for a recession to strike. The concern is that as the central banks raise…

Luxury Tax Expected to Lower Sales and Employment

In its 2021 budget, under bill C-19, the Liberal government announced plans to impose a luxury tax on the sale of new cars, boats and aircraft, bought for personal use. The tax is to be applied as the lesser of either 10% on the vehicle’s purchase price or 20% on…

PST Changes to Benefit Saskatchewan’s Farmers

Saskatchewan’s ministry of finance has announced several changes to its provincial sales tax (PST) regulations that are aimed at bringing better clarity, fairness, and consistency to the farming sector and its expenditure on goods. According to the Saskatchewan Cattlemen’s Association chair, Arnold Balicki, the changes, which are expected to cost…

Seniors Concerned Following T4A Tax Slip Delay

Tens of thousands of Canadian seniors have reportedly been unable to file their 2021 tax returns following an error made by Service Canada in regards to their federal tax slips. Taxpayers have a May 2, 2022 deadline to submit their tax returns. The CRA has not extended this deadline. Senior…

Calls To Suspend Carbon Tax Implementation Rise

As fuel prices continue to rise, there are growing calls for the Canadian government to put a freeze on the implementation of the carbon tax set to go into effect as of April 1. The planned increase will raise the federal carbon tax by 2.2 cents, pushing the total carbon…

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…