Experts weigh in on interest deductibility issue

The Globe and Mail, a Canadian daily, has a feature on their website today where three tax experts from Couzin Taylor LLP and Ernst & Young LLP answer questions from readers about the interest deductibility “feature” of the Federal government’s budget. I’ve blogged about this complicated topic a couple of times now but never reallyContinue reading “Experts weigh in on interest deductibility issue”

Canadian government backs down on controversial budget move

In late March I talked about the Canadian Federal budget, which had been recently released, and how it included a measure to prevent companies from deducting interest on debt incurred to fund foreign operations. I couldn’t understand the logic of the move. It seemed strange for a conservative government normally known to be friendly toContinue reading “Canadian government backs down on controversial budget move”

Spring has sprung for Canadian accountants

May 1 is a special day for Canadians of all types (since it’s the day after taxes are due here), but it’s very special for accountants who’ve spent the past few months first up to their necks in audits (there are many businesses that operate on a calendar year end) and followed that up withContinue reading “Spring has sprung for Canadian accountants”

Bizarre taxes to put our situation into perspective

We like to complain (and for good reason) about the litany of taxes imposed on us by various levels of government, but this post on Neatorama details some bizarre taxes through history that make current ones seem tame. Peter the Great, czar of Russia, imposed a tax on souls in 1718…meaning everybody had to payContinue reading “Bizarre taxes to put our situation into perspective”

Budget move likely to discourage global expansion

Yesterday’s Globe and Mail: The federal Finance Department is acknowledging it could reap a bonanza of additional tax revenue from a controversial budget move to scrap the deductibility of interest that companies incur to fund foreign operations. I’m trying to understand the logic here but I can’t. I know this is money leaving the country,Continue reading “Budget move likely to discourage global expansion”