Tax-News.com: Canada News

Tax-News.com: Canada News

Tax-News.com: Canada NewsTax-News.com: Canada Opposed To New US TariffsTax-News.com: Canadians Weigh Up Tax Options For Funding Media ContentTax-News.com: Sugary Drinks Tax Proposed For Canada's Northwest TerritoriesTax-News.com: Canada Confirms Loss Of Data On 28,000 TaxpayersTax-News.com: CRA's Offshore Informant Program Nets CAD1m

http://www.tax-news.com Global tax news, continuously updated through the day. http://www.tax-news.com/news/Canada_Opposed_To_New_US_Tariffs____73431.html http://www.tax-news.com/news/Canada_Opposed_To_New_US_Tariffs____73431.html <h2>by Mike Godfrey, Tax-news.com, Washington</h2> <h3>09 February 2017</h3> <!– SHARE –> <span class=”st_fblike_hcount” displaytext=”Facebook Like”></span> <span class=”st_facebook_hcount” displaytext=”Facebook”></span> <span class=”st_twitter_hcount” displaytext=”Tweet”></span> <span class=”st_googleplus_hcount” displaytext=”Google +”></span> <span class=”st_linkedin_hcount” displaytext=”LinkedIn”></span> <span class=”st_delicious_hcount” displaytext=”Delicious”></span> <span class=”st_reddit_hcount” displaytext=”Reddit”></span> <!– SHARE END –> <p>Canadian Trade Minister Chrystia Freeland has said that her Government would be “strongly opposed to any imposition of new tariffs between Canada and the United States.” </p> <p>Freeland undertook a two-day visit to Washington, D.C. from February 7 to 8. She met with her counterpart, the new US Secretary of State Rex Tillerson, House Speaker Paul Ryan, and the chairs of the Senate committees on armed services and foreign relations. </p> <p>Speaking to reporters after her meeting with Tillerson, Freeland said: “I did make the point that Canada will have no position on the [US Government’s] tax reform plan or the border adjustment tax idea until it is fully formed and it is a concrete proposal. But I did make clear that we would be strongly opposed to any imposition of new tariffs between Canada and the US, that we felt tariffs on exports would be mutually harmful.” </p> <p>She added that “if such an idea were ever to come into being, Canada would respond appropriately.” </p> <p>US President Donald Trump has promised “massive” tax cuts for American companies. He has however also threatened a “major border tax” of up to 35 percent on imports from US multinational companies that move their production facilities outside the country. </p> Wed, 08 Feb 2017 18:00:00 -0600 EN text/html http://www.tax-news.com/news/Canada_Opposed_To_New_US_Tariffs____73431.html http://www.tax-news.com/news/Canadians_Weigh_Up_Tax_Options_For_Funding_Media_Content____73418.html http://www.tax-news.com/news/Canadians_Weigh_Up_Tax_Options_For_Funding_Media_Content____73418.html <h2>by Mike Godfrey, Tax-news.com, Washington</h2> <h3>08 February 2017</h3> <!– SHARE –> <span class=”st_fblike_hcount” displaytext=”Facebook Like”></span> <span class=”st_facebook_hcount” displaytext=”Facebook”></span> <span class=”st_twitter_hcount” displaytext=”Tweet”></span> <span class=”st_googleplus_hcount” displaytext=”Google +”></span> <span class=”st_linkedin_hcount” displaytext=”LinkedIn”></span> <span class=”st_delicious_hcount” displaytext=”Delicious”></span> <span class=”st_reddit_hcount” displaytext=”Reddit”></span> <!– SHARE END –> <p>A majority of Canadians are opposed to the introduction of a new tax on internet and mobile phone bills, according to a new poll for campaign group OpenMedia. </p> <p>The survey asked respondents about the potential for the federal Government to create a new revenue source to support Canadian media content. OpenMedia said that 53 percent of respondents supported the idea, while 20 percent were opposed. </p> <p>When asked for their opinions on specific options for a new revenue source, 70 percent of participants said that they were opposed to the prospect of a new tax on internet and mobile phone bills, with 51 percent saying they were strongly opposed. Only 14 percent supported the idea. </p> <p>However, OpenMedia said that there was more support for the possible extension of the goods and services tax/harmonized sales tax to foreign online companies. 47 percent of respondents said they would support the option if revenues were directed to Canadian content, while 29 percent were opposed to the suggestion. </p> <p>The research was conducted by Innovative Research Group Inc.</p> Tue, 07 Feb 2017 18:00:00 -0600 EN text/html http://www.tax-news.com/news/Canadians_Weigh_Up_Tax_Options_For_Funding_Media_Content____73418.html http://www.tax-news.com/news/Sugary_Drinks_Tax_Proposed_For_Canadas_Northwest_Territories____73409.html http://www.tax-news.com/news/Sugary_Drinks_Tax_Proposed_For_Canadas_Northwest_Territories____73409.html <h2>by Mike Godfrey, Tax-news.com, Washington</h2> <h3>07 February 2017</h3> <!– SHARE –> <span class=”st_fblike_hcount” displaytext=”Facebook Like”></span> <span class=”st_facebook_hcount” displaytext=”Facebook”></span> <span class=”st_twitter_hcount” displaytext=”Tweet”></span> <span class=”st_googleplus_hcount” displaytext=”Google +”></span> <span class=”st_linkedin_hcount” displaytext=”LinkedIn”></span> <span class=”st_delicious_hcount” displaytext=”Delicious”></span> <span class=”st_reddit_hcount” displaytext=”Reddit”></span> <!– SHARE END –> <p>Canada’s Northwest Territories will introduce a sugary drinks tax in 2018-19. </p> <p>In his 2017-18 Budget address, Finance Minister Robert McLeod said that the Government intends to introduce the tax in 2018-19 but will “take the time during the upcoming fiscal year to ensure our approach is as effective as possible.” </p> <p>The tax would act as “a price incentive to discourage the consumption of sugary drinks that are linked to health issues such as obesity and diabetes,” he explained. </p> <p>There have previously been calls for a federal tax on sugar-sweetened and artificially-sweetened drinks. </p> <p>In March 2016, the Standing Senate Committee on Social Affairs, Science, and Technology recommended that the Government “assess the options for taxation levers” for reducing consumption of such drinks. In addition, industry body Dietitians of Canada has called for the application of an excise tax of at least 10-20 percent on sugar-sweetened drinks. </p> Mon, 06 Feb 2017 18:00:00 -0600 EN text/html http://www.tax-news.com/news/Sugary_Drinks_Tax_Proposed_For_Canadas_Northwest_Territories____73409.html http://www.tax-news.com/news/Canada_Confirms_Loss_Of_Data_On_28000_Taxpayers____73401.html http://www.tax-news.com/news/Canada_Confirms_Loss_Of_Data_On_28000_Taxpayers____73401.html <h2>by Mary Swire, Tax-News.com, Hong Kong</h2> <h3>07 February 2017</h3> <!– SHARE –> <span class=”st_fblike_hcount” displaytext=”Facebook Like”></span> <span class=”st_facebook_hcount” displaytext=”Facebook”></span> <span class=”st_twitter_hcount” displaytext=”Tweet”></span> <span class=”st_googleplus_hcount” displaytext=”Google +”></span> <span class=”st_linkedin_hcount” displaytext=”LinkedIn”></span> <span class=”st_delicious_hcount” displaytext=”Delicious”></span> <span class=”st_reddit_hcount” displaytext=”Reddit”></span> <!– SHARE END –> <p>The Canada Revenue Agency (CRA) has confirmed that a DVD containing encrypted taxpayer information has been lost by a courier service. </p> <p>The CRA said that the DVD, sent by a registered courier service and destined for the Government of Yukon, contained the tax information of approximately 28,000 taxpayers who were residents of the Yukon Territory in the 2014 tax filing year. It added that the courier service has launched a search to locate the missing DVD, and that the Office of the Privacy Commissioner of Canada has been informed of the incident. </p> <p>According to the CRA, there is no indication that the data has been accessed or used. It stressed that there are strong security measures in place and that there is a very low risk that taxpayers’ information would be compromised. The encryption module used on the DVD has been approved by the Communications Security Establishment, it said. </p> <p>The CRA noted that the use of encrypted CDs and DVDs is a common practice when it comes to exchanging information for tax purposes, and that there are stringent requirements for how storage devices and hard copies are handled. It said that an initial internal investigation indicates that CRA personnel complied with government and CRA policies. </p> <p>The CRA said that although the risk to affected taxpayers is thought to be very low, it will formally notify those concerned. It has set up an information telephone line. </p> Mon, 06 Feb 2017 18:00:00 -0600 EN text/html http://www.tax-news.com/news/Canada_Confirms_Loss_Of_Data_On_28000_Taxpayers____73401.html http://www.tax-news.com/news/CRAs_Offshore_Informant_Program_Nets_CAD1m____73395.html http://www.tax-news.com/news/CRAs_Offshore_Informant_Program_Nets_CAD1m____73395.html <h2>by Mike Godfrey, Tax-news.com, Washington</h2> <h3>06 February 2017</h3> <!– SHARE –> <span class=”st_fblike_hcount” displaytext=”Facebook Like”></span> <span class=”st_facebook_hcount” displaytext=”Facebook”></span> <span class=”st_twitter_hcount” displaytext=”Tweet”></span> <span class=”st_googleplus_hcount” displaytext=”Google +”></span> <span class=”st_linkedin_hcount” displaytext=”LinkedIn”></span> <span class=”st_delicious_hcount” displaytext=”Delicious”></span> <span class=”st_reddit_hcount” displaytext=”Reddit”></span> <!– SHARE END –> <p>The Canada Revenue Agency (CRA) has reassessed more than CAD1m (USD1.07m) in federal tax and foreign reporting penalties as a result of information submitted to the Offshore Tax Informant Program (OTIP). </p> <p>Replying to parliamentary questions, Revenue Minister Diane Lebouthillier said that as of November 30, 2016, the date to which current figures are available, the OTIP has received 398 written submissions. </p> <p>Of these, 127 are active submissions. The CRA has entered into more than 20 contracts with informants and is reviewing the remaining submissions. The CRA has not paid any awards to date. Lebouthillier said that, “if the CRA assesses and collects more than CAD100,000 in additional federal tax, the amount of the reward will be between five percent and 15 percent of the federal tax collected, not including interest or penalties.” </p> <p>Lebouthillier added that of the 271 cases that did not qualify under the OTIP, 94 have been closed and 177 were referred to other areas within the CRA for possible compliance action. </p> <p>Of the leads received in part through the OTIP, the CRA has completed or is currently conducting audits involving more than 218 taxpayers. </p> <p>Lebouthillier also explained that, “while the CRA is unable to confirm the amount recovered, to date, the CRA has reassessed more than CAD1m in federal tax and foreign reporting as a result of information submitted to the OTIP. As these are multi-year audits, this represents a small number of the over 218 taxpayers that were or are currently under audit.” </p> <p>From January 2014 to November 2016, the CRA’s operating costs for the OTIP were CAD1.9m. </p> <p>The OTIP was launched in January 2014 and enables the CRA to make financial rewards to individuals who provide information related to major international non-compliance if the CRA’s investigation leads to the collection of owed taxes. The CRA will offer an informant a contract leading to an award only if the potential assessment of federal taxes, excluding interest and penalties, exceeds CAD100,000. The payment process begins once CAD100,000 of federal tax relating to the assessments has been collected and all recourse rights associated with the assessments have expired. </p> <p>Lebouthillier said of the process: “An OTIP analyst will consider the information provided by the informant, evaluate the merits of the case, and make a recommendation about inclusion in the program. If a case is recommended for inclusion in the program, it is referred to an oversight committee of senior management representatives for approval to enter into a contract.” </p> <p>”Once approved, the informant and the CRA will enter into a contract. A payment can be denied and a contract can be terminated in certain situations. The CRA works to conclude the process as efficiently as possible. However, it may take several years from the date of entering into a contract with the CRA until the additional federal tax is assessed, the taxpayer’s appeal rights have expired, and the amount owing is collected.”</p> Sun, 05 Feb 2017 18:00:00 -0600 EN text/html http://www.tax-news.com/news/CRAs_Offshore_Informant_Program_Nets_CAD1m____73395.html

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