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We came across a very interesting article from Globe & Mail entitled: “How Ottawa’s so-called fair tax proposals could mean a tax rate of 90% for some businesses.” What an outrageous claim, right? Well, as we read the article, the claim turns out to be backed by a publication written by a group made up of a well-respected lawyer, Michael Goldberg of the firm Minden Gross and 2 members of the accounting profession, Mac Killoran and Jay Goodis. The article, written by Tim Cestnick, summarized the paper published by Minden Gross and explained it in a way that everyone can understand....
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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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Fraser Institute released a new study that finds majority of middle-class Canadian families are paying higher income taxes because of tax changes made by federal government. According to the study, middle class families will pay $840 more in federal income taxes this year.  The findings certainly paint a different picture as to what the federal government has been saying all along – that they have lowered income taxes for middle class families.  In reality, the major income tax changes they have implemented have actually raised the income taxes on more than 80% of middle-income families in Canada.  The federal government’s income...
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The Department of Finance re-released draft legislative proposals with regards to income tax that were announced in Budget 2017.  These proposals include measures respecting: 1.    The Ecological Gifts Program; 2.    Clean energy generation equipment: geothermal energy; 3.    The Canadian exploration expense: oil and gas discovery wells; 4.    The reclassification of expenses renounced to flow-through share investors; 5.    The meaning of factual control; and 6.    Extending the base erosion rules to foreign branches of life insurers. The draft income tax proposals also include other measures that have been modified based on previous consultations, respecting: 1.    The anti-avoidance rules for registered plans; 2.   ...
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