Over the course of the public consultation period ending last October 2nd, the Department of Finance has received over 21,000 submissions.  And Financial post writer, Jamie Golombek, put it bluntly: "it would take a full-time staffer at the Department of Finance, spending a mere ten minutes reviewing each submission (and many of them are 50 pages or more!) 465 workdays to get through them all." That is an awful lot of time to be waiting for what the government will be doing next with regards to their proposed tax changes to address tax planning strategies used by private corporations.    And...
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Are you an international student studying in Canada? If yes, you may be required to file a Canadian income tax return. Before doing so, you will have to determine your residency status to know how you will be taxed in Canada. For income tax purposes, international students studying in Canada are considered to be one of the following types of residents: - Resident (includes students who reside in Canada only part of the year): if you establish significant residential ties with Canada;- Non-resident: if you do not establish significant residential ties with Canada and you stay in Canada for less than...
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Last week, Finance Minister Bill Morneau released a statement to calm the growing fears on the proposed tax changes among small business owners.  In the statement, Minister Morneau issued a list of five principles to calm those opposed to the tax changes aimed to address the tax planning strategies used by private corporations: 1.    Support small businesses 2.    Keep small business taxes low while supporting owners who invest and create jobs 3.    Avoid creating unnecessary red tape for small businesses 4.    Recognize the importance of family farms and ensure tax changes do not affect the transfer of family businesses to the...
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The Forum Poll conducted a random sampling of public opinion last September 18th which found that 26% of Canadians have no emergency savings.  Also, according to the survey, 9% said they had more than nothing, but less than a month in emergency savings, 11% had one month, 14% had three months of savings, 9% had four to five months, 13% had six months and 15% had one year or more of savings.  The most glaring fact based on this survey is that quarter of Canadians will have absolutely nothing in the event of emergencies such as accidents, sickness, etc. This shows...
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