Month: January 2017

Tax-News.com: Canada Urged To 'Modernize' Internet Advertising Tax Rules

Tax-News.com: Canada Urged To 'Modernize' Internet Advertising Tax Rules by Mike Godfrey, Tax-news.com, Washington 24 January 2017 A new report by advocacy group Friends of Canadian Broadcasting calls on the Government to close a loophole it says allows the tax deductibility of advertising expenses on for foreign internet-delivered media. The report argued that “advertising purchased

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Month: January 2017

Tax-News.com: Trump Unlikely To Follow Through With Trade Threats: IMF

Tax-News.com: Trump Unlikely To Follow Through With Trade Threats: IMF by Ulrika Lomas, Tax-News.com, Brussels 24 January 2017 The International Monetary Fund has said the US is unlikely to proceed with punitive trade taxes on Mexico, Canada, and China, due to the blow it would have on US economic output. Asked about the matter, the

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Month: January 2017

Tax-News.com: US Launches WTO Action Against Canadian Wine Sales

Tax-News.com: US Launches WTO Action Against Canadian Wine Sales by Mike Godfrey, Tax-news.com, Washington 23 January 2017 The US has requested WTO dispute consultations with Canada regarding regulations in British Columbia that it says discriminate against the sale of US wine in grocery stores. The US alleges that these measures discriminate against imported wine by

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Month: January 2017

Tax-News.com: Australia Disappointed By Trump's TPP Withdrawal

Tax-News.com: Australia Disappointed By Trump's TPP Withdrawal by Mary Swire, Tax-News.com, Hong Kong 23 January 2017 Australian Trade Minister Steven Ciobo has said that US President Donald Trump’s decision not to ratify the Trans-Pacific Partnership (TPP) is “disappointing, although not unexpected.” Ciobo said that he had “been speaking at length” with his counterparts in Japan,

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Month: January 2017

Tax-News.com: White House Confirms US Could Withdraw From NAFTA

Tax-News.com: White House Confirms US Could Withdraw From NAFTA by Scott Hamilton, Tax-News.com, Washington 23 January 2017 The White House website has indicated that the Trump Administration will renegotiate, and could withdraw from, the North American Free Trade Agreement (NAFTA) with Mexico and Canada, according to a list of six “issues” the new Administration has

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Month: January 2017

Help your immigrant client face the taxman

Help your immigrant client face the taxman Taxes can be confusing for anyone in Canada, and more so if you’re new to the country. Read: This chart shows where your next clients will come from But if your client is a newcomer, don’t let him put off the taxman. Your client must file a return

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Month: January 2017

CRA may be watching clients’ social media

CRA may be watching clients’ social media When your client shares information with family and friends on Facebook or Twitter, someone else might be watching: the Canada Revenue Agency. Read: CRA staff snooping on tax information To cut down on tax fraud, CRA has been scrutinizing “publicly available information” like social media posts, particularly for

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Month: January 2017

Top tax credits and benefits for seniors

Top tax credits and benefits for seniors Use this list to help your senior clients ensure they claim the most common tax credits, deductions and benefits for which they’re eligible. Read: Essential tax numbers Pension income splitting — Those who receive a pension may be eligible to split up to 50% of eligible pension income with a spouse

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Month: January 2017

Tax-News.com: Canada Could Also Face Trump Tariffs

Tax-News.com: Canada Could Also Face Trump Tariffs by Scott Hamilton, Tax-News.com, Washington 17 January 2017 While there has been a concentration by President-elect Donald Trump on warnings of increased import tariffs on Mexican exports to the United States, his spokesman Sean Spicer has indicated that exports from Canada could also be subject to the same

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Month: January 2017

Essential tax numbers

Essential tax numbers You have a lot to remember as an advisor, so we’ve assembled this reference list of tax numbers. We’ll update it as things change. Working clients Maximum RRSP contribution: The maximum contribution for 2016 is $25,370; for 2017, $26,010. TFSA limit: The annual limit for 2016 and 2017 is $5,500, for a

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