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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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A Notice of Ways and Means Motion was published last October 24, 2017. Here are the highlights with regards to the tax changes for private corporations: Revision of Gross Up rate for non-eligible dividends: from 17% for 2017 to 16% for 2018 and 15% for 2019 and later years; Revision of the tax credit for non-eligible dividends: from 21-29ths of the gross-up in 2018 to 8/11ths in 2018 and 9-13ths in 2019 and later years; Increase the small business deduction: from 17.5% in 2017 to 18% for 2018 and to 19% for the 2019 and subsequent taxation years; Move forward on...
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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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