The Canadian Federal government announced on Halloween that income trusts will now be subject to income tax of 34% in line with corporate income taxes in the country. You might remember that many corpo­ra­tions were converting or consid­ering conversion to income trusts to take advantage of the flow-through nature of the structure recently. I argued […]

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A press release by the Canadian Federal government: The Honourable Jim Flaherty, Minister of Finance, will be a guest speaker at the Canadian Institute of Chartered Accoun­tants Tax Symposium on Monday, October 16, 2006. Minister Flaherty will discuss the steps Canada’s New Government is taking to reduce the tax burden and create a more compet­itive tax […]

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An agreement reached between the Canadian Federal government and the provincial Ontario government will simplify corporate taxes by 2009. The Ontario tax return, known as the CT23, will be amalga­mated with the Federal return. Ontario Finance Minister Greg Sorbara had this on the much-lauded move: “Businesses have been asking us to reduce admin­is­trative overlap and […]

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New Jersey residents have been hit by their government with a 7% tax on iTunes downloads (as well as other music download services such as Napster) this past week. The sales tax overall was raised from 6 to 7% in order to help the state fight their $4.5-billion deficit. Many are specu­lating that other states will […]

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Sometimes when I’m looking for inspi­ration for a blog post I’ll scan the news sites for mentions of accounting, in the hopes that there’ll be some new devel­opment I can write about. Unfor­tu­nately, in accounting, new devel­op­ments aren’t frequent and usually are pretty boring. It’s the nature of the beast. So when I found this story […]

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