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$5.3B In New Corporate Taxes Expected

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Two Parliamentary Budget Office (PBO) reports estimate that proposed new federal corporate taxes on banks and life insurance companies could reap the government about $5.3 billion over the next five years. $3 billion is estimated to be generated from a one-time 15% windfall tax, dubbed the Canada Recovery Dividend, that…

Alternative Payment Options Gain Traction Over Credit Cards

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A recent survey by J.D. Power indicates that Canadians are now spending, on average, $11 less on their monthly primary credit card use compared to a year ago. The survey polled 6,478 respondents that use credit cards, who were found to spend an average of $1,144 per month. When looking…

BOC Announces Fourth Consecutive Interest Rate Hike

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Bank of Canada (BOC) has announced its fourth consecutive interest rate hike to 3.25%, the highest level since early 2008. It has further boosted the bank rate to 3.5% and the deposit rate to 3.25%. the latest hike is again part of measures being used to control spiralling inflation that…

Prairie Livestock Producers to Benefit from Tax Relief

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It is good news for livestock producers struggling from the effect of extreme weather conditions as the government announced new tax relief measures under its Livestock Tax Deferral provision. This provision will permit livestock producers who are forced to sell off a significant portion of their breeding herd due to…

Northwest Territories Hike Tobacco Taxes

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Smokers in the Northwest Territories (N.W.T.) can expect to pay more to feed their habit after the territorial government decided to hike taxes on tobacco products. The tax on loose tobacco will rise by almost 74%, making a gram of loose tobacco increase by 21 cents. This means a 200-gram…

CRA Holding $1.4 Billion In Uncashed Cheques

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The Canada Revenue Agency (CRA) says that it has about $1.4 billion in funds from uncashed cheques sent out to taxpayers. These funds represent a mix of refunds and benefits. The payments can be sent out as cheques or through direct deposit. The CRA had launched a campaign in February…

BC EV Rebate Program Amended

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British Columbia’s (BC) electric vehicle (EV) rebate program has proven popular over the years. To the extent, it has severally run out of funds. However, this has prompted concern that perhaps the program has not been assisting ordinary citizens, but rather those that could have easily afforded such vehicles even…

New ESG Rules To Hit Small Canadian Businesses

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The International Financial Reporting Standards Foundation (IFRS) is proposing a new accounting standard to be imposed in Canada by the Intentional Sustainability Standards Board (ISSB). This standard is based on the environmental, social and governance (ESG) concept and is likely to hit Canadian SMEs hard. They have put forward a…

Canada’s Inflation Rate Hits 8.1percent

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Despite inflation setting the highest record since 1983 by reaching 8.1% in June, the outcome was better than what financial analysts expected. Their earlier predictions were that inflation would rise to 8.4%. Though gas prices were a key driver that saw consumers pay 6.2% more in June as compared to…

Canada’s Interest Rate Hike Surprise To Impact Homebuyers

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In a surprise move, the Bank of Canada (BOC) has announced a 100-basis points increase to its main interest rate. This means the policy rate has now risen from 1.5% to 2.5%, the biggest rate increase since 1998. This also means the central bank has raised its rates by a…