OTTAWA – Canada’s economy hit reverse for the second straight quarter of 2015 — knocking the country backwards into its first technical recession in six years, fresh Statistics Canada data revealed Tuesday. But the data suggests the recessionary dip could, perhaps, already be something of the past. The federal agency said real gross domestic product…
Recently, a number of readers asked me to explain the reported impact of Alberta’s corporate tax increase on recent company earnings. It is not exactly the most exciting topic for around-the-cooler debate but it is an important one since it has meaningful implications for investors, the economy and government resources. Even in this federal election,…
TORONTO – Canadians retain just 21% of their income after paying the taxman and covering the cost of necessities, according to a Fraser Institute study. Taxes gobble up a whopping 42% of the average Canadian family’s income. About 37% of income goes to cover housing, food and clothing. “We’ve found … that over the last…
Alberta will move forward with its royalty review and corporate tax hike despite oil prices falling to a six-year low and the provincial economy slumping, Premier Rachel Notley said Friday. The premier rejected opposition and oil industry calls to defer the tax hike and royalty review after attending a ceremony to mark the anniversary of…
TORONTO — The Toronto Stock Exchange took at triple-digit plunge early Tuesday amid concern about the strength of China’s economy. The S&P/TSX composite index was down 110.35 points or about 0.79 per cent to 14,141.18, following the lead of overseas markets. The Shanghai market in China dropped more than six per cent earlier and Hong…
TORONTO – North American stock markets started the week lower and the Canadian dollar fell nearly one-quarter of a U.S. cent on Monday. The loonie traded at 76.16 cents US, down 0.22 of a U.S. cent from Friday. The S&P/TSX composite index was down 76.07 points at 14,201.8, adding to last week’s 227-point decline. MORE:…
TORONTO – The Canadian dollar was up more than three-quarters of a U.S. cent this morning, making up for Tuesday’s loss when currency markets responded to a sudden devaluation of China’s yuan. The loonie traded at 77.11 cents US, up 0.80 of a U.S. cent from the previous close after a decline of 0.61 on…
It has been brought to our attention that there are fraudulent calls being made by people claiming to be with the Canada Revenue Agency; making claims that there are warrants being placed by the RCMP due to unpaid taxes. The callers are requesting payment be made immediately by online banking in order to have the…
The rule for retaining tax returns and documents supporting the return is six years from the end of the tax year to which they apply. Your 2010 return and its supporting documents, for example, are safe to destroy at the en of 2016. There are situations that alter this rule. If you have filed late…
OTTAWA — Prime Minister Stephen Harper may request a federal election call as early as Sunday, Aug. 2. Sources tell The Huffington Post Canada that the Conservative Party is planning a rally in Montreal Sunday evening — a natural stopover for Harper after taking a stroll to the Governor General’s residence in Ottawa and asking…