Canada Tax

Don't Even Think About Taxing Foreign Buyers In Toronto

YPNextHome | Posted 07.29.2016 | Canada Business

Now that B.C. has introduced a 15-per-cent foreign buyers' tax intended to calm real estate purchases by non-Canadian residents, speculation is rampant that similar legislation is on its to Ontario -- or more specifically, Toronto. Like their counterparts in Vancouver, realtors in Toronto want nothing to do with such action.

This Firm Avoids Taxes Abroad – And Ottawa Still Backs It

Yves Engler | Posted 06.28.2016 | Canada Business
Yves Engler

Twenty-first century "Canadian" corporate capitalism is quite the racket. Built with public subsidies, a Montréal firm can shift its "head office" to a tax haven and workforce abroad, but Ottawa will continue to use its diplomatic, economic and military might to advance the company's reactionary international interests.

3 Things You Should Do With Your Tax Return

Tea Nicola | Posted 05.10.2016 | Canada Business
Tea Nicola

By treating your refund like free money you aren't unlocking its value. Your refund is part of your paycheque, and at the end of the day if you're receiving one it's because you've overpaid your taxes.

Corporate Canada Poured More Than $270B In Tax Havens Last Year

CP | The Canadian Press | Posted 04.28.2016 | Canada Business

Barbados was the top destination.

Here's How Long It Takes To Receive Your Tax Refund

Jennifer Gorman | Posted 04.12.2016 | Canada Business
Jennifer Gorman

For many Canadians, the biggest single payment they receive all year is their tax refund cheque. How long you'll wait between filing and receiving your refund depends on a number of factors.

A Newlywed's Guide To Filing Taxes For The First Time

Jennifer Gorman | Posted 04.08.2016 | Canada Business
Jennifer Gorman

Saying "I do" has an impact on almost every aspect of your life including your tax return. If you've recently tied the knot or plan to in the near future, here are the answers to common newlywed tax questions.

Panama Papers Prove Ottawa Must Get Tougher On Tax Evasion

Nicholas Mizera | Posted 04.06.2016 | Canada Business
Nicholas Mizera

In the wake of the Panama Papers investigation, federal anti-money laundering agency Fintrac slapped an unnamed Canadian bank with a $1.1-million penalty for failing to report a suspicious transaction and various money transfers. Fintrac hopes the move sends a "strong message" to individuals attempting to short the country's coffers. How's that, exactly?

Canada's Outdated Income Tax Act Begs A Top-To-Bottom Review

Gabe Hayos, FCPA, FCA | Posted 04.06.2016 | Canada Business
Gabe Hayos, FCPA, FCA

By making it easier to navigate the tax rules and meet their obligations, Canadians will spend less time and less of their money on preparing their taxes, leaving more in their pockets. For Canadian businesses, productivity could improve as they spend less time, effort and capital dealing with tax compliance and red tape.

Filing Student Taxes For The First Time Is Simpler Than You Think

Jennifer Gorman | Posted 03.29.2016 | Canada Business
Jennifer Gorman

Whether you're a student or parent of a student in post-secondary studies, filing a student return for the first time may raise some questions -- but compared to studying for finals, writing research papers or adjusting to living on your own, filing taxes as a student is quite simple.

What You Need To Know About Filing Taxes In Tough Times

Caroline Battista | Posted 03.28.2016 | Canada Business
Caroline Battista

It's been a really tough year for a lot of my friends here in Western Canada. Towards the end of last year, news stories about job losses in Alberta were the most important newsmaker of the year. It's unfortunately a familiar story for a lot of employees who work in the oil patch.

How Do Charitable Tax Credits Help?

Marina Glogovac | Posted 03.07.2016 | Canada Business
Marina Glogovac

This desire to 'do good' without any financial reward might help explain why the number of Canadians taking advantage of charitable tax credits plummeted from 29.5 to 21.9 per cent from 1990 to 2013, and why under six million people claim the federal Charitable Donation Tax Credit each year despite the fact that about 24 million of us (about 85 per cent of Canadians) make an annual financial donation to charity.

How Marriage, Death and Other Family Changes Impact Your Taxes

Caroline Battista | Posted 02.10.2016 | Canada Business
Caroline Battista

Did you recently marry or have a child? Did you go through a divorce or the death of a spouse? Family status changes like these directly affect your tax return. Start now and make sure you understand how you will be affected and what credits or deductions may now be accessible to you.

5 Tax Tips Every Student Should Know

Maureen Donnelly | Posted 02.05.2016 | Canada Living
Maureen Donnelly

For students, the month of April is quickly approaching and with it comes not only the stress of final exams but also the deadline for filing your tax return. Of course you need to make sure you're paying what the law requires, but you also want to take advantage of some of the ways that students can reduce their tax bills.

Push Back Against B.C.'s MSP-Like Infrastructure Levies

Jordan Bateman | Posted 02.04.2016 | Canada Politics
Jordan Bateman

Road levy. Recreation and culture levy. Transportation for tomorrow tax. Dedicated road tax. Asset levy. Make no mistake: we want our cities to invest in infrastructure. Sewer, water, roads; these are core responsibilities of local government. But repackaging this spending with a new tax is a slap in the face.

What Cashing In On Sharing Apps Means For Your Taxes

Caroline Battista | Posted 02.03.2016 | Canada Business
Caroline Battista

Businesses have disrupted their respective industries by embracing the sharing platform, which creates new opportunities for those willing to get involved. Each day, there are new apps or programs popping up in cities across the country that make the sharing economy that much easier to operate in.

'Netflix Tax' Inevitable, Say Experts

CP | The Canadian Press | Posted 08.06.2016 | Canada Business

The three major federal political parties have rejected the idea of a so-called Netflix tax, but some experts say it may be inevitable.

The CRA Couldn't Collect $3 Billion - But It Can Still Go After You

Caroline Battista | Posted 07.31.2016 | Canada Business
Caroline Battista

Believe it or not, even the long arm of the taxman can come up empty-handed from time to time. According to the latest federal public accounts, the Canada Revenue Agency wrote off $3.4 billion in uncollectible tax debts from 2013 to 2014.

It's Time for a Comprehensive Review of Canada's Tax System

Gabe Hayos, FCPA, FCA | Posted 06.27.2015 | Canada Business
Gabe Hayos, FCPA, FCA

The Conservative budget's failure to initiate a process of comprehensive tax reform is a missed opportunity to lift Canada's prospects for long-term prosperity and growth. Tax reform and simplification would improve Canada's international competitiveness, productivity and economic growth, from both a personal and corporate perspective.

Fixing Canada Without Raising Taxes on (Most) Canadians

Dennis Howlett | Posted 05.19.2015 | Canada Politics
Dennis Howlett

The Harper Conservatives have done a lot of damage to Canada. It has been the proverbial death by a thousand cuts: health transfers, aboriginal education and health, child care, social and co-op housing. The list goes on. It has increased stress on ordinary Canadians and created a huge social, economic and environmental deficit. And it has increased unemployment and harmed economic growth. The big question will be: Can damage be undone without raising taxes on 90 per cent of middle and lower income Canadians? The answer is yes.

Looking For a Tax Break? Consider Borrowing a Child or Two

Caroline Battista | Posted 04.05.2015 | Canada Business
Caroline Battista

Children up to six years old will receive $160 per month or $1,920 for the year. Once they turn six, parents will receive $60 per month or $720 per year until the child turns 18. If you are a parent, it can make you excited about your taxes. However, it is not being paid out as part of your tax refund.

Harper's Family Tax Cut Credit Does Not Deliver True Income-Splitting

Caroline Battista | Posted 02.02.2015 | Canada Business
Caroline Battista

With a projected budget surplus in 2015, what the Conservative government announced is the Family Tax Cut. Although it sounds like the original campaign promise, the Family Tax Cut does not deliver true income-splitting. Rather, it is a lookalike offering.

How to Think About Taxes

Tim Paziuk | Posted 08.06.2014 | Canada Business
Tim Paziuk

Unlike the average Canadian, I consider myself a tax nerd. It's front and centre in my thoughts for most of my waking hours. Now you might find that boring and weird, but it's people like me who are trying to help people like you. Here's a simple example of how my brain thinks about taxes.

Four Reasons To Do Something Boring With Your Tax Refund

Peter Lewis | Posted 07.02.2014 | Canada Business
Peter Lewis

Investing in an RESP early on can give you peace of mind knowing that money is there to help fund your child's education. The earlier you start, the more your savings can benefit from the power of compounding. If you start investing $210 every month for your newborn, their RESP could be worth as much as $30,743 more than if you start when your child is five.

The Budget that Canada Should Really Be Worried About

Cameron Fenton | Posted 04.09.2014 | Canada Politics
Cameron Fenton

The ecological and physical consequences of blowing our carbon budget, from disappearing coastlines to a melting arctic, are stark but often hard for someone like Minister Flaherty to understand. This ignorance, willful or accidental, is dangerous because it is also obscuring major economic consequences.

A Junk Food Tax Belongs in the Junk Bin

Nadeem Esmail | Posted 09.14.2013 | Canada Politics
Nadeem Esmail

Health associations have long been calling for a "fat tax"; taxes on foods that some nutritionists and researchers don't want us to eat or drink. Unfortunately, the lack of sound thinking behind vilifying sugary drinks or less healthful snacks has not changed, nor has the blunt, imprecise, and unfair nature of a "junk food" or "sugary drink" tax. Overly simplistic solutions to obesity that vilify an industry or food product are bad public policy. The reality is that "junk food" taxes or sugary drink taxes are ineffective instruments that fail to recognize the complex and manifold causes of obesity. It's time we put the idea of such taxes in their rightful place: the junk bin.