Looking Forward: New Approaches to Small Business Taxation
According to a recent study by Philip Cross, the former chief analyst at Statistics Canada, economic growth in Canada over the past ten years has been the weakest since the 1930s, our competitiveness has faltered to such a degree that we can’t capitalize on trade deals, our productivity has stalled, and even more startling for a nation with such highly educated and tech-savvy people: our lack of innovation and weak economic growth has persisted for decades. In conversation with Dr. Jack Mintz, who co-authored a study on small business tax competitiveness, we discussed alternative tax strategies as a potential solution.
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Economic Update: News for Business in Canada
On December 14, 2021, Deputy Prime Minister and Minister of Finance Chrystia Freeland, released an Economic and Fiscal Update 2021 with measures that will impact businesses throughout the Nation. The most relevant measures are listed as follows:
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Coming Soon: EI for the Gig Economy
Will the federal government soon find a new revenue source for Employment Insurance? Will gig economy workers soon qualify for EI? The answer may be yes, based on upcoming consultations on the matter.
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Saving Receipts: Deductions for Non-Commissioned Employees
Do you know someone who is a commissioned employee? Do they know that they have more deductions available to them than a non-commissioned employee? Professionals from the tax accounting and financial services industries would add big value to the relationship with these clients before year end, in helping them decipher the difference in write-offs and making sure they gather documentation. Here is what's important when discussing the deductions for employees.
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Use a Tax Strategy to Offset Potential Rising Mortgage Costs
Did you know that housing investment has outgrown business investment for the first time since 1961 and housing investment currently sits at 71% of GDP and is growing at two times the rate of the economy? Canadians are devoting more capital to housing and with that shift in investing activity, there may be room for year end financial planning to mitigate upcoming risks on the horizon. One of them is rising prices – interest and inflation, for example.
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