In the 2018 Fall Economic Statement, the federal government announced several proposals to enhance the country’s economic growth as well. It also provided an update on the Canadian economy. The 2018 Fall Economic Statement also included three immediate changes to Canada’s tax system for the purpose of enhancing business confidence in Canada. • The Government proposes to allow businesses to immediately write off the cost of machinery and equipment used for the manufacturing or processing of goods. This measure aims to fuel new investments and support adoption of advanced technology and processes. • The Government also proposes to allow businesses to...
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Last week, the Department of Finance Canada released its 2018 Fall Economic statement with proposals to enhance economic growth through investments in middle class jobs. Here are the highlights: • The Government introduced the Accelerated Investment Incentive to support investment by businesses of all sizes and across all sectors of the economy. • The Government intends to increase investment in the clean technology sector by allowing specified clean energy equipment to be eligible for an immediate write-off of the full cost. • A further $800 million over 5 years to the Strategic Innovation Fund is proposed to accelerate support for business...
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In a recent news release, the CRA highlights its efforts to combat offshore tax evasion and aggressive tax evasion through international partnerships. Here are some quick facts:- In 2017, Canada implemented the Common Reporting Standard (CRS) to provide CRA with information on Canadian’s overseas financial accounts. - Under the CRS, Canadian financial institutions are required to identify non-resident’s financial accounts and to provide account details annually to CRA. The CRA then shares this information with foreign jurisdictions. - Information collected under the CRS includes names, addresses, account numbers, balances and interest payment amounts.- More than 100 jurisdictions are participating in this...
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In late October, Global News released a report stating that Statistics Canada has been asking several banks for information on the financial transactions of many Canadian households. Concerns on privacy flooded the agency. In a recent statement, the Chief Statistician, Anil Arora, said that the project involving the collection of data from banks will be put on hold until these privacy concerns are dealt with. He also added that the proposal has not yet been implemented and that the agency has not collected any related data. He, however, insists that it is necessary for StatsCan to be able to access data...
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The CPP is a mandatory pension plan financed by contributions from employees, employers and self-employed individuals. With very few exceptions, every person over the age of 18 who works in Canada outside of Quebec and earns more than $3,500 per year must contribute to the CPP. As mentioned in part 1 of our blog series, the annual CPP contribution rates will rise starting January 2019. The CPP enhancement will happen in two phases over seven years. Phase 1 takes place from 2019 to 2023 and involves a gradual increase in the contribution rate. Phase 2 will begin in 2024 and will...
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Starting January 2019, annual CPP contribution rates will rise over seven years. This change called the CPP enhancement was designed to help increase retirement income for working Canadians and their families. The CPP is a mandatory pension plan financed by contributions from employees, employers and self-employed individuals. The CPP covers all workers in Canada except Quebec which has its own pension plan called the Quebec Pension Plan. Upon retirement, disability or death, the CPP replaces a basic level of earnings for contributors. Once mature, the CPP enhancement will increase the maximum CPP retirement pension by 50%. Please note that the CPP...
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The Government of Canada recently released the Annual Financial Report of the Government of Canada for 2017-2018. This report presents an overview of the Government’s spending and revenue performance for the previous fiscal year. Here’s a quick list of the highlights:• The Government posted a budgetary deficit of $19B for the fiscal year ended March 31, 2018, down from a projected budgetary deficit of $19.9B in Budget 2018.• Revenues increased by $20.1B or 6.9% from 2016-2017.• Program expenses increased by $19.5B or 6.7%.• Canadians added 427,300 jobs, leading the unemployment rate to fall to 5.8% in December 2017.• Real GDP grew...
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Last June 21st, 2018, the Cannabis Act received Royal Assent. The Cannabis Act aims to keep cannabis out of the hands of children and the profits away from criminals and organized crime. As many of you know already, cannabis for non-medical purposes will become available for legal retail sale in Canada on October 17, 2018. In preparation for this, the Canadian Government has released a set of proposals under Excise Act, 2001 for public consultation. These technical draft regulatory and legislative proposals will provide for the additional excise duty rates for each province or territory that has signed a Coordinated Cannabis...
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The CRA recently released highlights from their Corporate Planning with their commitments to Canadians in respect to tax services. 1. CRA commits to providing timely and accurate information through written correspondence or their telephone services. • By May 2019, the CRA’s goal is to complete improvements to the design, style, clarity and tone of 95% of their written correspondence to Canadians. 2. CRA commits to making it easy to comply with tax obligations. • By December 2018, the CRA plans to allow taxpayers who use GST/HST Internet File Transfer software to register for online mail. • By May 2019, the CRA...
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Canadians are invited to provide their comments regarding a set of draft legislative proposals relating to sales, excise and income tax measures announced in Budget 2018 that have not yet been legislated as well as one other previously announced tax measure. Proposals related to sales and excise taxes would implement measures regarding:- The excise refund in respect of diesel fuel used for certain purposes;- The GST/HST holding corporation rules;- The GST/HST rebate for printed books for qualifying public service bodies;- Reassessment periods – requirements for information and compliance orders; and- The sharing of information relating to criminal matters. The draft income...
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