Tag: Tax

Canada’s digital services tax is here. How could it affect you? | Global News

mdbincbi

The Digital Services Tax is now in effect. Foreign tech giants must now pay a three per cent levy on revenue from Canadian users, retroactive to 2022, after the federal government enacted the measure with an order-in-council on June 28. Many of those large companies are based in the United States and the American government and business communities on both sides of the border have called for Ottawa to stop the measure. Read full story here: Canada’s digital services tax is here. How could it affect you? | Global News

Read More

U.S. Tax Rules Raising The Stakes For Canadian Residents With American Citizenship | CBC News

mdbincbi

Many Canadian residents with U.S. citizenship could risk fines or the closure of their banking or investment accounts in the coming months if they don’t provide financial institutions with U.S. identification numbers, officials warn. Experts say that in some cases, financial institutions may close accounts rather than face fines for not providing U.S. social security or taxpayer identification numbers for clients who could be subject to U.S. income tax, such as dual citizens. That means the stakes are about to get higher for those who haven’t been filing returns and for “accidental Americans” — Canadians…

Read More

Revenue Agency Falling Behind As Uncollected Taxes Owed Rise To $44 Billion | CBC News

mdbincbi

The amount of tax that Canadians admit to owing Ottawa but haven’t paid rose to a record $43.8 billion this year, despite a Liberal government promise to “stabilize” that sum. And an internal Canada Revenue Agency (CRA) projection obtained by CBC News says the amount of unpaid tax owed is set to hit more than $47 billion by 2020. The steady increase in the tax debt — up by about $2 billion annually since the Liberals came to power — comes despite a major investment in the 2016 federal budget…

Read More

Rise In Duty-Free Allowance Could Cost Hundreds Of Thousands Of Jobs: Study – Business – CBC News

mdbincbi

Canada’s retail industry is warning that raising the duty-free allowance for cross-border shipments could lead to hundreds of thousands of job losses and cut billions of dollars from the Canadian economy. The numbers come from a Retail Council of Canada-commissioned PwC study out Friday that shows the potential fallout if Canada agreed to requests from U.S. lawmakers to increase the duty-free allowance from $20 to $800 as part of NAFTA talks. “It has very, very significant implications for not only our sales, but for employment in the industry, for Canadian…

Read More

Liberalizing Cross-Border Online Sales Is One NAFTA Request To Which Canada Should Yield: Neil Macdonald – CBC News | Opinion

mdbincbi

The lobbyist on the other end of the phone laughed. I’d just asked a question about Canada’s so-called de minimis threshold, a subject which, even in wonky Ottawa, provokes glances at heaven and condescending grins. As in: “Oh, that again. When will you understand that no one understands it and nobody cares?” Well, that might be true. Canadian media dislike complex trade issues, and Canadian consumers are largely a supine, uninformed, apathetic bunch, inclined to do whatever they’re told and behave like the milk cows they’re treated as, by government…

Read More

Trump Asked Ottawa To Drop Duties On e-Commerce Under NAFTA. Canadians Should Cheer, Say Experts – National | Globalnews.ca

mdbincbi

Canada has been fretting over U.S. President Donald Trump’s objectives for the upcoming NAFTA renegotiations. The administration published its wish list on Monday, ahead of the Aug. 16 date set for the start of the trade talks. But at least one of those asks should have Canadian consumers cheering. The U.S. requested that Ottawa raise the value of goods that Canadians can buy online without paying import duties and taxes to US$800 (C$1,011 ), up from its current level of C$20. That would be “unambiguously good for consumers,” Daniel Schwanen, vice-president…

Read More

Trudeau Government Hiking Taxes On Smokes, Booze, Pursues Tax Cheats | CTV Atlantic News

mdbincbi

OTTAWA — Canadians who drink, smoke and rely on public transit will be paying more thanks to changes in the federal budget. The increased sin taxes are effective Thursday and will put an additional $55 million from tobacco and $30 million from alcohol in government coffers in the 2017-18 fiscal year. The excise duty rate on cigarettes is increasing to $21.56 per 200 cigarettes from $21.03. For alcohol, the excise duty rates are going up two per cent and starting next year will be adjusted every April 1, based on…

Read More