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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Public consultations were announced recently for the draft legislative and regulatory proposals relating to the Goods and Services Tax / Harmonized Sales Tax (GST/HST) and excise duty. The proposals relating to GST/HST and Excise Duty include new and previously released proposals. New proposals include changes to: 1.    Revise the timing of requirements for GST/HST rebate applications by public service bodies; 2.    Extend the application of the GST/HST rules applicable to selected listed financial institutions to include investment limited partnerships, and provide GST/HST relief to investment limited partnerships with non-resident investors where certain conditions are met; and 3.    Revise the federal excise...
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Here are the latest news on the government’s proposed tax measures to address tax planning strategies used by private corporations.  ·         Liberal MP Wayne Easter, Commons Finance Committee chair, has voiced out his stand on the government’s announcement of the proposed tax measures.  He denounced the government’s proposals saying it has wrongly portrayed small business owners as tax cheats.  ·         Other Liberal MPs are requesting for an extension to the October 2 deadline for public consultations on the government’s proposals.  Many said additional consultations are needed. ·         Tax expert Kevyn Nightingale, an accountant with MNP, said MPs are right to call...
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