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  • Financial and Tax Considerations for Loyalty Points

    By on October 12, 2018

     Missing the Point?: Financial and Tax Considerations for Loyalty Points Source: CIBC Videos on YouTube Jamie Golombek, Managing Director, Tax & Estate Planning, CIBC Financial Planning and Advice, discusses a recent CIBC poll that found that over half of Canadians collect points, yet 82% of them don’t consider the points as a financial asset.

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  • Ottawa turned income-splitting into a nightmare for small businesses

    By on October 10, 2018

    Ottawa has turned income-splitting rules into an absolute nightmare for small businesses Source: Financial Post As every reader will surely recall, the federal government issued a number of tax proposals for private corporations last summer. The government ultimately abandoned or replaced all of them, except for new rules that address so-called “income splitting.” Those rules, now in force, are...

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  • Canada ‘Trumped’ on competitiveness

    By on October 9, 2018

    Jack Mintz: Morneau admits Canada’s ‘Trumped’ on competitiveness but still won’t fix it Source: Financial Post Author: Jack M. Mintz Finance Minister Bill Morneau has finally admitted we’ve been “Trumped.” Morneau conceded in an interview over the weekend that Canada has a competitiveness problem and he plans to address it in the fall fiscal update. He said he wants to encourage business...

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  • Canadian Crude Hits Record Low

    By on October 5, 2018

    Canadian Crude Hits Record Low as Pipeline Space Runs Out Source: Bloomberg Author: Kevin Orland Canadian crude plunged to a record low relative to U.S. crude, hurt by reduced capacity at American refineries and a jump in production from new oil-sands megaprojects that has overwhelmed the nation’s pipeline system. Maintenance work at U.S. refineries over the next six months will...

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  • IRS Cannot Assess More Than $100,000 Willful FBAR Penalty

    By on October 4, 2018

    Court Slams IRS: Can’t Assess More Than $100,000 “Willful” FBAR Penalty Source: US-Tax.org The Internal Revenue Service (IRS) must be fuming over the recent court decision in United States v. Colliot (W.D. Texas, Austin Division, Case No. AU-16-CA-01281-SS).  The case was initiated by the US Government to reduce to judgment outstanding civil penalties assessed against Ms. Colliot for her “repeated and willful...

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  • How much you have to make to afford a home in Calgary

    By on October 2, 2018

    Here’s how much you have to make in order to afford a home in Calgary Source: Urbanized If you’re on the lookout for some real estate of your own in Calgary, you may want to take a look at this. Housing prices in Calgary fluctuate depending on location and now real estate website Zoocasa has taken that data and put it...

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  • CRA loses court challenge

    By on October 1, 2018

    CRA loses court challenge to its political-activity audits of charities Source: CBC News Author: Dean Beeby An Ontario judge has pulled the rug out from the Canada Revenue Agency’s political-activity audits of Canadian charities, ruling the Income Tax Act infringes on the constitutional right to free expression. Monday’s ruling immediately quashes a longstanding rule limiting to 10 per cent the...

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  • Acquiring a mortgage to get easier for self-employed Canadians

    By on September 28, 2018

    Acquiring a mortgage is about to get easier for self-employed Canadians Source: Money Sense OTTAWA — Canada Mortgage and Housing Corp. is making changes intended to make it easier for the self-employed to qualify for a mortgage. The national housing agency says it’s giving lenders more guidance and flexibility to help self-employed borrowers. Self-employed Canadians may have a harder...

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  • Canada picked a losing strategy for trade war

    By on September 27, 2018

    Canada has already picked a losing strategy for Trump’s trade war Source: Financial Post Author: Jack M. Mintz With a newly elected left-wing Mexican president, a tariff war in full swing, and hopes fading for the ongoing NAFTA negotiations, it’s time to remind ourselves of economic and strategic issues related to free trade. Retaliation against President Donald Trump’s tariffs is...

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  • 28% of Canadians fear bankruptcy ahead of Bank of Canada decision

    By on September 27, 2018

    28% of Canadians fear bankruptcy ahead of Bank of Canada decision Source: BNN Bloomberg July 9, 2018 With a hotly-anticipated Bank of Canada rate decision looming on Wednesday, one of the country’s top bankruptcy firms is warning a “staggering” number of Canadians are on the brink of financial disaster. Twenty-eight per cent of respondents to a new survey, which...

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