Mid-Summer Reviews: When to Collect OAS and CPP
Did you know that 61% of Canadians are afraid of running out of money during retirement? According to a new CPP Investments survey, that fear is widespread. Yet surprisingly few people understand even the basics of public pension planning. For example, Canadians are not obliged to begin OAS or CPP at age 65. By delaying, they can significantly boost after-tax income and improve retirement security.Credit Tightening Leads to Private Sector Cost Cutting
The Bank of Canada’s regional offices conducted summary interviews with senior managers of about 100 different firms representing a snapshot of Canada’s gross domestic product in order to gain a clear perspective of the future of economic activity in the country.
CRA Letter to CBC: Turn Over Names
On April 12, 2013, Andrew Treusch, the Commissioner and Chief Executive Officer of the Canada Revenue Agency (CRA) wrote a letter to Mr. Hubert Lacroix, President and Chief Executive Officer of the Canadian Broadcasting Corporation (CBC), in regards to the international tax non-compliance information leaks that the KBR described last week.
New Oversight of Banking Complaints Introduced
On April 10, 2013, the Honourable Jim Flaherty, Minister of Finance, announced that new measures were being implemented to protect banking customers in Canada and the new rules will come into force soon: on September 2, 2013.
Evelyn Jacks: A Slippery Slope – Should We Mess with Canadians’ High Voluntary Tax Compliance Rate?
In Canada, we have a tax system based on self-assessment and voluntary compliance. It works extremely well, considering how complex the topic is, with the overwhelming majority of individuals and corporations meeting their obligations on time.
Pre-Consultation Brush Up on Trust Rules
The March 21, 2013 Budget is proposing major changes to the taxation of trusts in Canada, which will have significant family succession planning implications. Here in the first of two articles, Greer Jacks reviews existing rules, which every tax and financial professional may wish to be aware of before the rules are changed in order to participate in fruitful consultations on the matter.
You Can Claim Bus Passes and Other Public Transit Costs
Riding the bus or subway? Remind all family members to keep receipts because you may be able to make a claim on your tax return for the costs.
