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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Knowledge is power! This sentence rings true in any day and age. Whether you are struggling financially or in the cusp of financial success, continuous learning in all aspects of finances – especially the areas that affect you – has always been necessary and relevant. There is always something you can learn and get better at. Today’s educational system doesn’t see it that way. The educational system that we have now focuses on two areas: - Academic education: the ability to read, write and compute- Professional education: learning a trade to earn money or to get a jobGrowing up, we were...
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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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