Tag: Economy

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…

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…

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…

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…

Calls To Suspend Carbon Tax Implementation Rise

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As fuel prices continue to rise, there are growing calls for the Canadian government to put a freeze on the implementation of the carbon tax set to go into effect as of April 1. The planned increase will raise the federal carbon tax by 2.2 cents, pushing the total carbon…
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Banking Sector Braces for New Tax Following Liberal Minority Win

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Following Justin Trudeau’s Liberal Party win, big banks should expect changes that will see them pay more taxes. Having won just enough seats to form a minority government, the Liberals are expected to deliver on election promises that included a 3% surtax on profits exceeding $1 billion made by banks…

Cryptocurrency Trading Sees A Rise

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Cryptocurrency is finally stripping itself of its old title as a fad, and is seeing widespread adoption. Particularly a lot more investing is happening in Canada. A lot of speculation is normal surrounding a new concept, especially a digital currency that is separate from the government. However nowadays holding cryptocurrency…