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 to […]

Simplifying VAT in the UK compared to GST in Canada

This recent post on the SME Blog talks about the recent changes the UK has made to VAT, in that they are now offering small businesses the ability to account for and remit VAT on a cash basis, rather than accrual: The VAT cash accounting scheme allows you to account for VAT (output tax) on […]

Bank of Canada chief pushes smarter provincial sales tax

David Dodge, the governor of the Bank of Canada and the current architect of our monetary policy, suggested the province of Ontario should revamp the provincial sales tax (PST) to more closely resemble the value-added federal GST in a rare appearance before the Commons industry committee. The suggestion is a solid one, as it would […]

Keep the income tax cuts, ditch the GST cut

I read in the Star yesterday that the income tax cuts enacted by the Liberals before their fall from power and effective January 1, 2006 may be kept by the Conservative government, which has all along threatened to reinstate them to make room for their GST cut. I have always been in favor of income […]