Mark Carney appointed as Governor of the Bank of England

Ottawa, November 26, 20122012-152 ANNOUNCEMENT The Honourable Jim Flaherty, Minister of Finance, today announced that Mark Carney, current Governor of the Bank of Canada, has been appointed as Governor of the Bank of England effective July 1, 2013. “On behalf of the Government and all Canadians, I would like to thank Governor Carney for his…

HARPER GOVERNMENT ANNOUNCES INCREASE TO ANNUAL CONTRIBUTION LIMIT FOR TAX-FREE SAVINGS ACCOUNT

Ottawa, November 26, 20122012-151 The Honourable Ted Menzies, Minister of State (Finance), and the Honourable Gail Shea, Minister of National Revenue, today announced that Canadians will be able to save an additional $500 in their Tax-Free Savings Account (TFSA) starting in 2013, raising the annual contribution limit to $5,500. “Our Government remains committed to our low-tax…

Change to the taxation of social security pensions received from Germany by a resident of Canada - BEGINNING 2005

While the taxation of German social security pensions is not a new issue, it is an issue that that is just now coming to the attention of many Canadian residents that are receiving German social security pension.  There are issues on both the German end and the Canadian end.  Please find attached links covering the…

NEWS86 Excise and GST/HST News - Fall 2012 - No. 86

Changes to the Quebec sales tax (QST) Prince Edward Island and the HST Reminder for organizations that have been determined or designated as municipalities and organizations that have been designated as hospital authorities that subsequently malgamate, merge or consolidate Elimination of the HST in British Columbia and enhanced British Columbia new housing rebates Bill C-45…

CGA-Canada lauds new technical tax legislation

The Certified General Accountants Association of Canada (CGA-Canada) today announced its support for Finance Minister Jim Flaherty’s introduction of the Technical Tax Amendments Act, 2012. This legislation proposes to implement a number of outstanding technical tax amendments, including income tax and sales tax amendments.

Minister of Finance introduces the Technical Tax Amendments Act, 2012

“It has been over a decade since Parliament last passed a comprehensive package of technical income tax amendments. This has created a significant backlog of outstanding measures that need to be addressed to provide certainty for Canadian taxpayers,” said Minister Flaherty. “Indeed, the Auditor General of Canada has identified the backlog of technical amendments as…

CMA Ontario and ICAO issue announcements

November 16, 2012 CMA Ontario and ICAO issue announcements CMA Ontario’s board of directors issued an announcement stating CMA Ontario has decided to continue to support unification of the accounting profession currently taking place across Canada. Having reviewed the strategic alternatives the board said it decided that unification of the accounting profession under the CPA banner is…