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A recent article in the Financial Post, “How Trump’s tax-cut plan stacks up against the Canadian tax system,” by Jamie Golombek takes a comparative look at the new and proposed U.S. tax changes and the current Canadian tax system for individuals. It is a very interesting and informative read for both US and Canadian taxpayers. What tax system do you think comes out better for the individual taxpayer? Here is a quick summary of the comparisons that the mentioned article features. Tax rates:  Trump’s tax plan includes a proposal to reduce the US federal income rate brackets from the current seven...
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Here are some more highlights of the Federal Budget 2017, recently tabled by Finance Minister Bill Morneau: - Budget 2017 proposes to make available up to an additional $400 million through the Business Development Bank of Canada on a cash basis over three years for a new Venture Capital Catalyst Initiative that will increase late-stage venture capital available to Canadian entrepreneurs. - In Budget 2017, the Government will invest $7 billion to support and create more high-quality, affordable child care spaces across the country. - In Budget 2017, the Government will invest more than $11.2 billion in a range of initiatives...
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The Finance Minister Bill Morneau recently released this year’s federal budget, the second federal budget under the Liberal government.  In a nutshell, the Federal Budget 2017 focuses on investments in infrastructure and innovation while avoiding major tax changes. The Finance Minister announced that the final budgetary balance for the 2016-2017 year is a deficit of $23 billion, slightly higher than what was announced last year. The 2017-2018 deficit is expected to be $28.5 billion including an adjustment for risk of $3 billion.  Projections for the following years are as follows: 2018-2019 will have a deficit of $27.4 billion, 2019-2020 with a...
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The Auditor General of Canada recently published the 2016 Fall Reports.  One of the reports focused on the process of Income Tax Objections.  The Auditor General examined whether the Canada Revenue Agency was efficient in managing income tax objections – particularly the time the CRA took to provide taxpayers with decisions on their objections and the various stages in the objection process that cause delays.  For income tax appeals, the Auditor General examined how the CRA used and communicated information on court decisions. According to the Auditor General, this audit was made due to the fact that the CRA, as of...
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