Exxon Mobil’s profits and taxes: both records

Exxon Mobil announced recently the highest annual profits by a US corporation in history. Reaction was predictable – the US Congress was littered with outraged politicians calling for a windfall profits tax. But that would be wrong, and the Tax Foundation can explain why much better than I: While they were recording record profits lastContinue reading “Exxon Mobil’s profits and taxes: both records”

My busy season has begun in earnest

Busy season is upon me and I’m up to my eyeballs in work. It’s Friday night but I’m relaxing at home, trying to chill out and prepare for a full day at the office tomorrow. Got out early tonight, at a mere 6:30pm! Needless to say it’s affecting my blogging frequency. And hearing about lunchContinue reading “My busy season has begun in earnest”

Income trust standards (or lack thereof) and risk

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 financialContinue reading “Income trust standards (or lack thereof) and risk”

Income trust tax loophole gaining popularity

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”

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”