The Accounting Standards Board of Canada has confirmed recently the changeover date to IFRS for publicly accountable for-profit organizations, set for periods beginning on or after January 1, 2011. The announcement is available in PDF format. It sounds like we’re going to have to know and be able to apply two sets of principles, asContinue reading “Changeover to IFRS confirmed for 2011”
Tag Archives: Canada
A little help for the transition to IFRS
A while ago I received an email informing me of a newsletter available for Canadian accounting professionals detailing the transition from Canadian GAAP to international standards, IFRS. The newsletter is provided by The Finance Group, headed up by Gordon Heard, CA, and all three issues to date are available for download (in PDF format). TheContinue reading “A little help for the transition to IFRS”
Audits don’t happen randomly
Commissioner and chief executive of the Canadian Revenue Agency reminds us in a story in the Financial Post that there are no random audits in Canada. If your tax return is selected for audit, the CRA has identified some aspect of your return, be it a deduction claimed or an industry that it is focusingContinue reading “Audits don’t happen randomly”
Canada gets a variety of tax cuts
The Canadian government released a mini-budget this past week that featured serious tax cuts. The GST goes down another point to 5% and the lowest bracket of personal tax is lowered back down to 15%. Corporate taxes continued their downward trajectory. The CICA focused first on the reduction to corporate taxes: “The government’s commitment toContinue reading “Canada gets a variety of tax cuts”
How to read the Income Tax Act
Continuing the new post series where I answer readers’ questions they’ve Googled to find my site, as logged by 103bees.com, the next one is sent chills down my spine: “How to read the Income Tax Act?” The last time I cracked open the Act, it was probably tax class in university. Once you’re done thoseContinue reading “How to read the Income Tax Act”