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Do you have any unclaimed balances or unclaimed money in a bank, trust company or loan company? Yes, some people really do forget that they have funds deposited in a bank, trust company or loan company. Some also forget to inform these financial institutions on any changes to their address, name due to marriage or divorce or any other personal information relevant to their deposit. So what is considered an unclaimed balance? Unclaimed balances are Canadian-dollar deposits or negotiable instruments issued or held by federally regulated banks or trust companies, which have had no owner activity in respect of the balance...
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The Canadian Government through the Department of Finance recently released a draft technical changes to the Goods and Services Tax / Harmonized Sales Tax (GST/HST) rules for sales of carbon emission allowances, such as those traded in cap and trade systems. Effective as of June 27th, 2018, the purchaser of carbon emission allowances is responsible for self-assessing the tax amount when the GST/HST is payable on such a sale. This change replaces the previous requirement where the seller of the allowance collected the tax from the purchaser and remitted it to the CRA. The Department of Finance notes that this rule...
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In early November of 2017, the Finance Minister announced the launch of the Government of Canada’s consultations for Budget 2018. The budget consultations allowed Canadians to provide their ideas and suggestions on how the Government can go about setting up Budget 2018 to benefit all Canadian families, communities and the country. There are a number of ways that Canadians who want to share their ideas with the Government which includes in-person and digital events with the Minister of Finance and Parliamentary Secretary Joel Lightbound, events with other Parliamentarians, and online through the budget 2018 website (www.budget.gc.ca/pbc18).In a statement published on January...
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Last week, the Department of Finance released its Fall Economic Statement where the Finance Minister highlighted its efforts to support families and the middle class.  Here are the proposals that the Finance Minister mentioned in his Fall Economic Statement speech: 1.    Strengthen the Canada Child Benefit.  Starting July 2018, the government will be making annual cost of living increases to the CCB which is 2 years ahead of schedule.  A single mother of two children making $35,000 will receive $560 in the 2019-20 benefit year towards the cost of raising her children.  2.    Enhance the Working Income Tax Benefit.  There will...
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