Tag: accounting

Accounting Firms Using Stay Interviews to Retain Employees

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Recent publicity over the shortage of accountants in the US has brought to light efforts that Canadian accounting firms can make to better retain their employees. Stay interviews have become a recommended option that has been highlighted by a recent publication in the Journal of Accountancy. With accounting having been…

N.B. Municipalities Asked to Cut Tax Rates

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Thanks to strong performance in the real estate market and new construction, property assessments in New Brunswick have risen to a total value of $81 billion. This is an increase of $8 billion or 10.9% since 2021. However, the impact of this performance is not quite good news for property…

BOC Announces Fourth Consecutive Interest Rate Hike

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Bank of Canada (BOC) has announced its fourth consecutive interest rate hike to 3.25%, the highest level since early 2008. It has further boosted the bank rate to 3.5% and the deposit rate to 3.25%. the latest hike is again part of measures being used to control spiralling inflation that…

CRA Holding $1.4 Billion In Uncashed Cheques

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The Canada Revenue Agency (CRA) says that it has about $1.4 billion in funds from uncashed cheques sent out to taxpayers. These funds represent a mix of refunds and benefits. The payments can be sent out as cheques or through direct deposit. The CRA had launched a campaign in February…

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…

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…

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…

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…

Controversy Simmers Over Canada’s First Soda Tax

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The Newfoundland and Labrador government is all set to implement the country’s first soda tax beginning September 2022. According to Finance Minister, Siobhan Coady, the new tax will see prices on drinks with added sugars increase by 20 cents per litre. This tax is expected to reap the province an…