Blog

Canada Revenue Agency is Investigating Failed Cryptocurrency Exchange QuadrigaCX

Blog
The Canada Revenue Agency is auditing QuadrigaCX’s corporate tax returns, according to the bankruptcy trustee overseeing its case. The CRA sent a letter to bankruptcy trustee Ernst & Young announcing that it will be reviewing QuadrigaCX’s tax corporate tax returns ranging from 2015 to 2018. QuadrigaCX was Canada’s largest cryptocurrency…

Bank of Canada Holds Fast on 1.75% Interest Rate

Blog
As predicted by a majority of economists last month, the Bank of Canada did not change interest rates, even though the mounting tensions in the US-China trade war affected the global economy more than it predicted in July. For a seventh meeting in row, the central bank’s policy makers decided…

Canada to Rethink Tax Policies After Losing Billions in Corporate Tax Revenue

Blog
Canada plans to bolster its corporate tax collection effectiveness with increased funds for government auditors and greater corporate transparency enforcement, in the wake of two recent reports detailing how the Canada Revenue Agency (CRA) loses billions in tax revenue every year. Last month, the CRA published the Tax Gap and…

Saving Money Means Forming the Right Habits and Priorities

Blog
Monthly bills like car payments, rent, groceries, mortgages, and credit cards debt can leave very little left over for savings and investment. Even for Canadians with relatively high incomes, it can seem like there are always new expenses popping up that make planning and saving for the future nearly impossible.…

Canada’s Complex Tax System Lost Millions in Revenue

Blog
As Canada’s tax system continues to grow in complexity, it may be losing its ability to function as intended. The country lost an estimated $169 million in potential tax revenue on foreign digital products and services in 2017, according to an Auditor General’s report released on May 7, 2019. The…

Real Estate Authorities Build Anti-Money Laundering Network

Blog
On April 9, the two real estate regulators – the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Real Estate Council of British Columbia (RECBC) – announced that they have entered a memorandum of understanding (MOU) in an attempt to prevent money laundering in the real estate…

Canada’s Economy Might be in The “Detour” Longer Than Expected

Blog
The Canadian economy continues to struggle with its recent slowdown, and signs of recovery remain elusive. GDP fell once again in the fourth quarter of last year, in part due to a slowdown in the energy sector, which cut down on oil production. Other factors include lower household spending and…

Challenges continue for Canada’s economy

Blog
Canada continues its search for positive economic news as multiple trends across various economic sectors remain pointed in the wrong direction. The country’s economic foundation means that potential for growth continues to exist, although in the short term such a reversal seems elusive. Joy Thomas, CEO of Chartered Professional Accountants…