Taxpayers' ombudsperson is reviewing CRA's handling of bare trust rules

financialpost.com The Office of the Taxpayers’ Ombudsperson says it is reviewing the Canada Revenue Agency‘s handling of the reporting requirements for bare trusts after the CRA scrapped the…

Canada Set to Implement International 'Crypto-Asset Reporting Framework' by 2026

tftc.io Canada is positioning itself to adopt the international Crypto-Asset Reporting Framework (CARF) for taxation by the year 2026, ahead of the global expectation for 47…

Canada To Adopt International Standard For Crypto Tax Reporting

cryptonews.com Canada is set to become one of the first nations to adopt the International Crypto-Asset Reporting Framework (CARF) for taxation by 2026, as outlined in a supplement to the…

Hongkongers will get access to more than one credit reference agency under new scheme aimed at promoting competition

scmp.com It will enable people to obtain a free credit report from three CRAs, namely Nova Credit, PingAn OneConnect Credit Reference Services Agency and TransUnion Credit…

Repeal of Credit Card Late Fee Cap Has Winding Path Ahead on the Hill

pymnts.com Out of committee…and now the path is a winding one for the proposed repeal of the Consumer Financial Protection Bureau’s (CFPB) rule that would cap credit card late fees as…

Where’s the help for the cannabis industry in the 2024 budget?

theglobeandmail.com Canada’s legal cannabis journey has been turbulent to say the least. What once seemed like a promising landscape of opportunity has evolved into a terrain fraught with…

CRA paid out $37M to tax scammers, unsealed affidavit alleges

cbc.ca A once-sealed affidavit filed with the Tax Court of Canada and obtained by The Fifth Estate details how alleged scammers tricked the Canada Revenue Agency and made off with…

Canada to require cryptoasset reporting by 2027

investmentexecutive.com The G20 mandated the OECD to develop the framework to provide the automatic exchange of tax-relevant information on cryptoassets in April 2021. The budget proposed providing…

Taxpayers’ ombudsperson office reviewing CRA conduct over bare-trust rules

theglobeandmail.com The Office of the Taxpayers’ Ombudsperson is reviewing whether the Canada Revenue Agency violated certain rights of taxpayers in its handling of new tax rules for trusts,…

Posthaste: Many taxpayers owed money by the CRA aren't collecting it all

financialpost.com Close to half of Canadian taxpayers say they don’t feel confident in how to claim tax credits and benefits to get the biggest refund possible, according to a new survey from…

Tim Scott tries to overturn SEC climate rule

foxbusiness.com FIRST ON FOX: Senate Banking Committee Ranking Member Tim Scott will introduce a measure in the upper chamber on Wednesday attempting to overturn a controversial Securities…

Crypto Service Providers in Canada Must Report Transfers, Customer Data By 2027

cryptonews.com Crypto firms in Canada will soon face increased disclosure obligations, per regulations introduced in Tuesday’s 2024 federal budget. The Canadian government said it intends…

Bank of Canada’s interest-rate hold, RBC’s terminated CFO and Liberals’ pre-budget housing plans: Must-read business and investing stories

theglobeandmail.com Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros,…

Liberals pledge to crack down on mortgage fraud, corporate ownership in latest housing announcement

theglobeandmail.com The federal Liberals capped off a run of pre-budget housing announcements with new pledges, including plans to crack down on mortgage and real estate fraud and to restrict…

Survey of accounting firms suggests costs for bare trusts rules neared $1-billion

theglobeandmail.com Accountants and their clients may have spent almost $1-billion trying to comply with controversial new reporting rules for bare trusts before the Canada Revenue Agency…

Posthaste: Cash-strapped Canadians are taking on side hustles

financialpost.com A new study from tax experts H&R Block Canada Inc found 28 per cent or nearly 9 million Canadians are now doing so-called “gig work,” up from 13 per cent in 2022. Another 12…

Legislation Seeks to Overturn CFPB Limits on Credit Card Late Fees

pymnts.com The fight over credit card late fees may go to Capitol Hill. Sen. Tim Scott of South Carolina unveiled a joint resolution Monday (April 8) that would prevent the Consumer…

8 tax tips for first time tax filers

theglobeandmail.com Tax expert Stefanie Ricchio found herself facing a new challenge this year: helping her own 16-year-old daughter file her return for the very first time. The Turbotax…

Opinion: If your tax plan goes awry, maybe your adviser ends up footing the CRA bill

theglobeandmail.com Allan Lanthier is a retired partner of an international accounting firm and has been an adviser to both the Department of Finance and the Canada Revenue Agency. Recently,…