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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…

Pressure Mounts on the Bank of Canada After Unemployment Falls Sharply

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The pandemic may not be over yet but nations around the world are beginning to show signs of recovery. Businesses are gradually beginning to open up again, hopefully permanently, while the overall mood and confidence is also lifting. Canada is no exception and the country saw a significant rise in…

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.…

Exam Misconduct Rises In Canadian Universities With Online Learning

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A management accounting class at the University of British Colombia’s Sauder School of Business has been notified that they will have to retake a midterm exam after some students were found to have cheated during their online examination. The February 10th exam was administered via online testing platform Wiley due…