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). UpContinue reading “Income trust tax loophole gaining popularity”
Author Archives: Neil
Mining Wikipedia for accounting topics
Wikipedia is a good source of information about a variety of topics. I’m pleased to find that it’s generally pretty good about accounting too. The article on the Balance Sheet contains “case studies” showing the effect of some transactions on a very basic balance sheet. As well, I’d never seen non-current liabilities referred to asContinue reading “Mining Wikipedia for accounting topics”
Simpler corporate income tax filing requirements
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 andContinue reading “Simpler corporate income tax filing requirements”
List of links to pages with lists of links to accounting blogs
Recently it feels like there has been a sudden discovery of accounting blogs: More Accounting Blogs from Golden Practices’ Michelle Golden Dynamic Linking from Chris Silvey’s Accounting for a Detoured Economist Time to Add These to Your Bookmarks People from The Anonymous Accountant Link list updated from Krupo’s A Counting School There are links toContinue reading “List of links to pages with lists of links to accounting blogs”
New Jersey legislates tax on iTunes downloads
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 statesContinue reading “New Jersey legislates tax on iTunes downloads”