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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…

Canadian Wineries Get Federal Government Support

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With the recent return of a federal tax on domestic brands, Canadian wine prices are expected to rise by about 4%. This change comes after the government was able to resolve a dispute with Australia at the World Trade Organisation (WTO) that allowed for the repeal of an excise duty…

Why No Gas Tax Holiday Just Yet

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Statistics Canada is reporting that in May, pump prices rose by 48% as compared to the same period last year thanks to supply constraints and high crude oil prices. This surge was further exacerbated by the growing demand for fuel due to the easing of travel restrictions instituted during the…

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…