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…

Canada Revenue Agency announces maximum pensionable earnings for 2013

Ottawa, Ontario, November 1, 2012… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2013 will be $51,100—up from $50,100 in 2012. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in…

IRS Announces Efforts to Help U. S. Citizens Overseas Including Dual Citizens and Those with Foreign Retirement Plans

To help these taxpayers, the IRS offered the new procedures that will allow taxpayers who are low compliance risks to get current with their tax requirements without facing penalties or additional enforcement action. These people generally will have simple tax returns and owe $1,500 or less in tax for any of the covered years.