ACCA’S POSITION IN CANADA

For some time now, the CPA Canada website has described ACCA as ‘aggressively advancing a global expansion strategy that targets Canada’ and stated that ACCA is ‘legally challenging the CA profession’s legislated rights to the exclusive use of the name ‘Chartered Accountant’ in Canada.’ This is not true. In fact, ACCA has not objected, and…

2012 Improvements to Accounting Standards for Private Enterprises

November 14, 2012. This document sets out how the AcSB reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised. http://www.frascanada.ca/standards-for-private-enterprises/resources/basis-for-conclusions/item69758.pdf

Canada Revenue Agency warns Canadians about tax protester schemes

The Canada Revenue Agency (CRA) is increasing its efforts to audit and prosecute promoters of tax evasion schemes. The CRA cautions all Canadians to be aware of individuals who try to convince them to not pay their taxes. These individuals, often known as tax protesters, not only fail to report their own earnings, but they…

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.