Congress wants financial reporting simplified for easier under­stand­ability. I can’t honestly say their desire for more regular updates on what the industry is doing to modernize itself is a bad thing, however. Seems like a good prod for the stiff collars at the helm. Here in Canada, there are rumors the federal government may tie the […]

More →

So everyone and their grandpa is still upset about the recent change to income trusts intro­duced by the Canadian federal government. The change was, of course, to implement a tax on trust income similar to corporate income tax. The outrage epicentre is Bay Street, Canada’s version of Wall Street, in the heart of the financial […]

More →

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 […]

More →

Income trusts have dominated business headlines in Canada for the past couple days, ever since one of the oldest corpo­ra­tions in the country announced they were converting to save hundreds of millions in corporate taxes. Income trusts eliminate the double taxation in Canada on business income above the small business limit ($300,000 in 2006). Up […]

More →