Tag: Tax

business

KPMG’s Finance Plus Brings Accounting Solutions Closer To Home For SMBs

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This week saw KPMG launch its Finance Plus cloud accounting product targeted at small to medium sized businesses (SMBs). It will help them to handle bookkeeping and financial reporting within the safety and convenience of the cloud. All that they update will be checked for correctness by an experienced KPMG…

New Federal Budget Tax Measure Highlights

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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

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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

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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…

Pandemic Creates Tax Filing Complications For Canadians

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Despite an April 30 deadline, 60% of Canadians are yet to file their 2020 returns. A survey by H&R Block Canada has found that a third of taxpayers are dreading this tax season and claim not to have the time to file. Another quarter indicated they were clueless on tax…

Missing revenue: How Canada gets short-changed on taxes

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Recent data sheds light on the vast amounts of money that Canada loses each year due to willful non-payment of personal taxes. Broadly speaking, the missing tax revenue falls into two categories: The illegal tax evasion that is uncovered by authorities, and the tax evasion that goes undiscovered or unpunished.…

Tax Cuts Proposed to Ease Pressure on Businesses

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In December, more businesses were forced to close shop temporarily due to pandemic restrictions. This decision likely contributed to the loss of 63,000 jobs nationwide over the course of the month. Several regions, such as Quebec and Ontario, were forced to comply with strict business closure rules, which significantly increased…