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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…

Ontario Bureaucrat Charged with Fraud

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An Ontario man and his family, previously accused of using fraud to collect over $11 million from the government, is now facing additional charges that he syphoned $30 million as part of an illegal kickback scheme for government contracts. The accused, Sanjay Madan, was an IT Manager for the Education…

Acceleration Of Canada’s Annual Inflation Rate Threatens To Peak 3% In Spring

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Canada’s headline inflation reached 1% in January. This exceeded economists’ prediction of 0.9% and a year-over-year increase of 0.7% in December. Figures above 1% have not been recorded since a year ago when inflation rose 2.2% compared to February 2019. Canada’s provinces of Newfoundland, Labrador, Nova Scotia, Quebec, Ontario, and…

Online Services Taxes Being Underestimated According To PBO

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Parliamentary budget officer (PBO), Yves Giroux’s office, has released a report that indicates that the government could be underestimating the amount of revenue that may be collected from online service providers. Nicknamed by some the “Netflix Tax”, it is targeted at foreign-based providers that sell goods or services in Canada.…

Some CRA Scams Traced to Overseas Origins

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Recent CRA scams have reportedly originated from criminal elements both in Canada and overseas, with multiple suspects identified in recent weeks. One arrest was made in December as part of the RCMP’s Project OCTAVIA, launched in October 2018 to defend Canadians against scammers. Brampton resident Abhinav Bector was charged as…

Wealth Tax Finds Support Among Many Canadians

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The NDP and the Green Party revived their proposition for a wealth tax after a Parliamentary Budget Officer report back in June stated 1% of the country’s highest earners possessed over 25% of the country’s total wealth. Although the Bloc Quebecois, Liberals, and Conservatives objected to the NDP motion for…

Bank of Canada Says Digital Currency May Be Needed Due to Pandemic

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The public’s use of online services has increased during the pandemic, prompting the Bank of Canada to look into ways that a central bank digital product might be distributed and accepted quickly. The Bank of Canada’s Deputy Governor Tim Lane discussed the possible development of a CBDC (central bank digital…

New Westminster Residents Targeted in CRA-Related Scam

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A new CRA scam is on the rise around New Westminster. According to the NWPD, two people have fallen victim to this scam, costing them $23,000 and $1,600. The victims said they received calls from scammers claiming to be from the New Westminster Police Department and the Canada Revenue Agency,…

New Automatic File Tax Return System Promises Speed and Convenience

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The federal government is introducing free automatic tax filing in an effort to help qualified Canadians complete simple tax returns more quickly and easily. Some government benefits are normally paid to those who file their taxes, but many with low or fixed incomes neglect this process – meaning that they…