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Last January 26th, 2018, the Department of Finance ended its public consultations for Budget 2018. During the public consultations, all Canadians were invited to provide their ideas and suggestions on how the Government can go about setting up the budget for the benefit of all Canadian families and individuals. This annual pre-budget consultations, according to the Department of Finance, reached more than 1.5 million Canadians and nearly 38,000 submissions and ideas were received. On February 13th, the Department of Finance, through Minister Morneau, announced in the House of Commons that the Government will table its federal budget on February 27, 2018.In...
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On December 14th, 2017, the Department of Finance announced that the remaining tax measures from Budget 2017, Bill C-63, received Royal Assent. These are some of the income tax measures included in Bill C-63. • Closing loopholes surrounding the capital gains exemption on the sale of a principal residence;• Providing additional authority for certain tax purposes to nurse practitioners;• Ensuring that qualifying farmers and fishers selling to agricultural and fisheries cooperatives are eligible for the small business deduction;• Eliminating the use of billed-basis accounting by designated professionals;• Eliminating the ability for small oil and gas companies to reclassify up to $1...
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Are you a frequent supporter of Canadian charities? If yes, here are some of the most frequently asked questions on giving to charities. • How can you check if a charity is registered? Find out the charity’s registration number and confirm its status in the CRA’s List of Charities: https://www.canada.ca/en/revenue-agency/services/charities-giving/charities-listings.html. You can also call the Charities Directorate at 1-800-267-2384. • Can a charity return a donation? Generally, no. At law, a gift transfers ownership of the money or other gifted property from the donor to the charity. Once transfer is made, the charity is obliged to use the gift in carrying...
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How much revenue exactly slips through the CRA’s hands because of tax avoidance and tax evasion? According to the CBC article, “CRA not tracking billions in potential taxes lost each year,” nobody really knows as CRA does not release any of its data on the matter. Unlike other countries such as the US that has been publicly reporting its tax gap for 50 years, Canada does not disclose or even track its tax gap. Tax gap is the term used to describe the difference between the government’s potential tax revenue and the actual taxes collected. According to OECD, the US has...
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