News Archive: Business Taxes

“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

As a result of strong fiscal leadership, Canada is better positioned than most nations to meet current challenges such as slowing global growth and sovereign-debt issues in Europe and the United States. Yet, other challenges to prosperity exist, including productivity — we believe that sustained economic growth in Canada is impeded by our nation’s lagging productivity. Several factors cause this low productivity: risk aversion among business leaders, chronic under-investment in machinery and equipment, lack of risk capital for start-ups, sheltering of certain industry sectors, increased competition for global talent, and insufficient support for innovation. [Click on Logo to learn more]

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“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

Canadian Chamber Identifies Top 10 Barriers to Canadian Competitiveness

Building a more productive and, thus, a more internationally competitive economy is a shared undertaking. It is the responsibility of business, individual Canadians and government and requires greater investment in innovative practices and technologies, equipping Canadians with the rights skills and education, and positioning Canada as an attractive environment for investors and entrepreneurs. Canada is losing its place in the world economy, and we need to fight to reclaim our standing. [Click on Pic to learn more]

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“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

“Are You Missing Out? The Scientific Research and Experimental Development Tax Credit Program Covers More Than You Might Think” MNP

The Scientific Research and Experimental Development (SR&ED) Tax Credit Program provides cash incentives to Canadian businesses of all sizes and in all sectors to conduct R&D that leads to new or improved products or processes. For many people, R&D conjures up images of scientists in lab coats – but the SR&ED program applies to a great deal more. [Click on Pic to learn more]

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“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

“A Simplified Method of Keeping Track of Car Expenses” Michael Murphy, MNP

On June 28, 2010, the Minister of National Revenue announced the introduction of a new simplified logbook for motor vehicle expenses as part of the government’s overall strategy to assist small and medium sized businesses and Canada Revenue Agency’s (CRA’s) aim to ease the tax compliance burden of small business owners. [Click on Pic to learn more]

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“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

“B.C. Voters Reject HST — Transition Back to PST Begins” KPMG

B.C. Finance Minister Kevin Falcon has announced that the PST will be reinstated at 7%. The transition period is expected to take a minimum of 18 months, during which the provincial portion of the HST will remain in place at 7%. The B.C. government noted that it may make some “common sense” administrative improvements to streamline the PST. [Click on Pic to learn more]

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“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

“BC Rejects the HST — Implications for Business and the Province in General” Deloitte

Finance Minister, Kevin Falcon has confirmed that one of the first orders of business will be for the provincial government to negotiate a deal with the federal Government to extricate itself from the HST, possibly without the repayment of the full $1.6 billion incentive payment. Secondly, the Government will need to decide whether to reinstate the PST in its previous form or make some changes, perhaps reducing exemptions or expanding the tax base. [Click on Pic to learn more]

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“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

“A High-Impact Initiative For Rio+20: A Pledge to Phase Out Fossil-Fuel Subsidies” IISD Publications

IISD is proposing a national pledge for UN member countries to phase out fossil-fuel subsidies that undermine sustainable development as one of these high-impact initiatives. If adopted, it will contribute to both themes of the conference: subsidy reform frees up valuable fiscal resources that can be redirected to fund other sustainable development priorities, providing the opportunity to introduce more targeted measures to support low-income households, it reduces greenhouse gas emissions and helps incentivize investments in renewable energy. [Click on Pic to learn more]

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“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

Recommendations on Canada’s SR&ED Assistance and Contract Payments Policy: KPMG

This document specifically addresses the “SR&ED Assistance and Contract Payments Policy (Draft) Paper” and is organized to address the six questions that the CRA has outlined in its process document, namely: Is the language easy to understand?, Is the information well organized?, Are there any gaps or omissions in the information?, Is there any information that is not necessary?, What are the best features of the document?, Do you have any other comments or suggestions to improve the document? [Click on Pic to learn more]

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“Recommendations for the 2012 Federal Budget – Enhancing Prosperity through Increased National Competitiveness” Deloitte

“Farmland and 69(11) of the Income Tax Act” Deidre Jensen, MNP

If you are contemplating the sale of your farmland and the expected capital gain will be in excess of your capital gain exemption ($750,000) and your spouse’s ($750,000), or alternatively you and your spouse have utilized your capital gain exemptions in the past, you may be tempted to transfer the farmland to your children in order for them to utilize their capital gain exemption on the disposition. It is important to beware of 69(11) of the Income Tax Act (“ITA”) in such a transaction or the resulting tax consequences will be an unpleasant surprise. [Click on Pic to learn more]

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