News Updates

The expiration comes as the federal government works on modernizing the program Temporary changes to the employment insurance program made during the pandemic are set to expire soon, jeopardizing access to jobless benefits. Under the temporary measures, workers qualify for EI based on a national requirement of having 420 insurable employment hours, whereas workers would …

Temporary changes to EI made during pandemic are set to expire next month Read More »

Voyager Digital filed for bankruptcy amid volatility, hedge fund default The Toronto Stock Exchange has suspended crypto trading platform Voyager Digital Ltd. in the wake of the firm’s bankruptcy filing. Voyager voluntarily filed petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court of the Southern District of New York and said it intends …

TSX suspend floundering crypto firm Read More »

As cryptoassets face severe volatility, some advisors have had to adjust their approaches, especially with client conversations. Bitcoin has declined more than 65% since the beginning of November, when the price was US$60,954.50, and declines have accelerated over the past month. On June 18, Bitcoin plummeted below US$20,000, hitting its lowest level since December 2020. …

Advisor suggests investors should take a long-term approach to cryptocurrency Read More »

It’s ‘absolutely essential’ to ‘restore price stability,’ Fed chair tells lawmakers Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession. Testifying to the Senate Banking …

Fed aiming to avoid recession amid inflation fight Read More »

Financial advisors, especially those who are self-employed, can deduct myriad business expenses from their income for tax purposes. But if you’re overly aggressive, both in terms of the quantum and types of expenses you deduct, you could face a reassessment from the Canada Revenue Agency (CRA). That’s what happened in a tax case (Yogeswaran v …

Advisor’s expense claims get cold reception at Tax Court Read More »

With the tax season upon us, the Canada Revenue Agency has highlighted what’s new on income tax and benefit returns. Canada workers benefit. The refundable tax credit for low-income earners has different benefit rates and income thresholds for 2021, as well as a new “secondary earner exemption.” Climate action incentive payment. Prior to 2021, this was a refundable tax credit. …

What to know for 2021 tax return Read More »

The parliamentary budget officer is estimating that a new federal tax on vacant, foreign-owned properties may not bring in as much as the Liberals hope. The 1% tax was to take effect at the start of the year and the Finance Department estimates it will bring in $200 million in the 2022-2023 fiscal year, which begins …

Foreign homeowner tax to yield less Read More »

The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient. However, the Omicron variant has delayed the recovery for businesses in many parts of the country. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister …

CEBA loan repayment extended Read More »

Theranos founder Elizabeth Holmes has been convicted of defrauding investors after a months-long landmark trial in California. Prosecutors said Holmes knowingly lied about technology she said could detect diseases with a few drops of blood. Jurors found Holmes guilty of conspiracy to commit fraud against investors and three charges of wire fraud. She denied the …

Theranos founder convicted of fraud Read More »

Continuing Covid-19 benefit delivery, combating aggressive tax planning, increased accessibility and more capacity for auditing are among the priorities outlined for the Canada Revenue Agency. Prime Minister Justin Trudeau’s mandate letter to National Revenue Minister Diane Lebouthillier, released Thursday, includes nine specific priorities for Lebouthillier, who is responsible for the CRA. In the category of Covid-19 …

Canadian Gov outlines CRA\’s priorities Read More »