Month: June 2017

Tax-News.com: Clarity Sought On CRA Employment Insurance Rulings

Tax-News.com: Clarity Sought On CRA Employment Insurance Rulings by Mike Godfrey, Tax-news.com, Washington 09 June 2017 The Canadian Taxpayers’ Ombudsman has called on the Canada Revenue Agency (CRA) to make more information available on its Canada Pension Plan (CPP) and Employment Insurance (EI) decisions process. A CPP/EI ruling is an official decision made by the

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Month: June 2017

Tax-News.com: Canada Explains Tax Treaty Changes To Prevent Abuse

Tax-News.com: Canada Explains Tax Treaty Changes To Prevent Abuse by Mike Godfrey, Tax-news.com, Washington 09 June 2017 The Canadian Government has explained how it will incorporate into its tax agreements new provisions to counter base erosion and profit shifting, having signed the OECD’s multilateral instrument on tackling treaty abuse. The Canadian Government said that the

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Month: June 2017

Tax-News.com: Canada To Amend DTAs With Germany, Switzerland

Tax-News.com: Canada To Amend DTAs With Germany, Switzerland by Mike Godfrey, Tax-news.com, Washington 08 June 2017 The Canadian Government has announced its intention to update its double tax agreements (DTAs) with Germany and Switzerland. The Government said on June 7 that negotiations with each country will be held this month. The Government has asked interested

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Month: June 2017

Tax-News.com: CRA Analyzes Canadian Income Tax Gap

Tax-News.com: CRA Analyzes Canadian Income Tax Gap by Mike Godfrey, Tax-news.com, Washington 07 June 2017 The Canada Revenue Agency (CRA) has published a study that estimates that the federal income tax gap was around 6.4 percent in 2014. In response to recommendations made in October 2016 by the House of Commons Standing Committee on Finance,

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Month: June 2017

Tax-News.com: Canada, Chile Modernize Trade Agreement

Tax-News.com: Canada, Chile Modernize Trade Agreement by Mike Godfrey, Tax-news.com, Washington 07 June 2017 The Canadian Government has announced the addition of a chapter on trade and gender to its 20-year-old free trade agreement with Chile. According to the Canadian Government, “The trade and gender chapter acknowledges the importance of applying gender perspectives to economic

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Month: June 2017

Self-employed and HNW clients less likely to pay their taxes: CRA

Self-employed and HNW clients less likely to pay their taxes: CRA If your client is self-employed, she represents a higher tax-compliance risk, says CRA in a new study. For Canadian taxpayers, non-compliance at the federal tax level resulted in a gap of about $8.7 billion or 6.4% of personal income tax revenues in 2014, reveals

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Month: June 2017

Pension splitting: special rules and planning opportunities

Pension splitting: special rules and planning opportunities Last week, we outlined why the pension splitting rules may benefit taxpayers, especially those aged 65 or older. Here, we talk about the opportunities for those who have not yet turned 65, as well as other special rules. Income that can be split if the recipient is younger

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Month: June 2017

Advisors weak on tax management, investor survey says

Advisors weak on tax management, investor survey says Advisors have some tax management work to do for clients, according to a new survey of investors. Natixis Global Asset Management surveyed 500 Canadian investors in April about their tax planning needs, including 329 investors who use financial advice. The results weren’t encouraging, with 46% saying their financial advisor

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Month: June 2017

Do new housing measures ‘distort the market’? Experts are split

Do new housing measures ‘distort the market’? Experts are split Quebec recently rejected a tax on foreign buyers of real estate, and British Columbia and Ontario should do the same, says Mathieu Bédard, economist at research organization MEI. Read: It’s here: 15% tax on GTA’s foreign buyers In an op-ed, Bédard argues that tax changes

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Month: June 2017

Ombud asks CRA to give reasons when ruling if taxpayer is employee or contractor

Ombud asks CRA to give reasons when ruling if taxpayer is employee or contractor Employee or contractor? The answer affects how you pay taxes and what benefits you pay into, including CPP and EI. People often ask CRA to rule on what kind of worker they are in order to determine if their earnings are

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