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Concern Grows Over Possible Recession

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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

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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

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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…

Buyer’s Remorse Climbs As Crypto Market Tumbles

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Over the past week, crypto investors have seen the value of their investments decline substantially as many cryptocurrencies went into free fall. Pundits estimate that just about anyone that invested in crypto from late last year and has yet to sell their stock is facing a serious loss in value.…

CRA Division Accused Of Wrongdoings

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A division of the CRA, the Competent Authority Services Division (CASD), responsible for undertaking tax enforcement on multinational firms has been accused of violating policy and exposing the authority to disrepute following revelations of a secret tax deal that was granted to a major corporation. Over 2,000 pages of highly…

Seniors Concerned Following T4A Tax Slip Delay

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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

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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…

Canada’s Inflation Rate Hits a Record High of 5.1 percent

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For the first time in three decades, Canada’s inflation rate has surpassed 5%. According to a Statistics Canada report recently released, the consumer price index hit the 5.1% mark in January due to supply chain problems that pushed up prices for transportation, shelter, food, alcohol, tobacco, and cannabis. Statistics Canada…

Record High Property Assessments In New Brunswick Instil Fear In Landlords

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The New Brunswick Apartment Owners Association (NBAOA) is reporting skyrocketing increases in property assessments. NBAOA represents an estimated 70% of rental properties in the province and indicates that the increases could result in over $50 million in additional property taxes each year. According to the association’s president, Willie Scholten, the…