Tag: Government

Canadians Finding Unclaimed Cheques on Canada Revenue Agency Website

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Many Canadians are finding uncashed government cheques worth hundreds – and in some cases thousands – of dollars through a little-known feature on the CRA website. The CRA recently introduced a tool in the My Account portal that allows users to collect and cash in on any unclaimed cheques, dating…

2020 Federal Tax Changes Offer A Measure of Relief

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Several tax changes effective this year are aimed at relieving Canadians’ financial burdens, in a development that many citizens will welcome as they prepare their tax statements. Early in January, finance Minister Bill Morneau declared that middle-income households will receive a slight reduction in federal income tax. Canadians had been…

Canada Revenue Agency is Investigating Failed Cryptocurrency Exchange QuadrigaCX

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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…

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

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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…

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

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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…

Reports Slam Canada’s Tax System

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Chartered Professional Accountants of Canada (CPA Canada) has long criticized and called for an in depth review of the Canadian tax system to ensure competitiveness and fairness.  In their new report, Canada’s Tax System: What’s so Wrong and Why it Matters, CPA Canada criticized the current Canadian tax system for being ‘outdated and overly…