Category Taxation in North America

Canada’s Wealthiest Find Ways Around Top-Tax Hike

August 28, 2018 Taxation in Canada

Canada tax revenuesOTTAWA – Canada’s richest taxpayers were given ample warning of an impending tax hike, and they used the time to find ways to dodge the increase.

Canada has seen a drop in tax revenues being collected from the country’s wealthiest taxpayers, according to new information released by the Canadian Revenue Agency (CRA).

In 2016 Canada introduced a new top tax rate for personal incomes, set at a rate of 29 per cent for all incomes exceeding CAD 200 000.

The threshold has since risen to CAD 202 800, as Canada’s tax thresholds are pegged to increase with incomes.

The introduction of a new tax bracket for the highest income earners was expected to result in a tax revenue increase of as much as CAD 3 billion, with the funds being set to drop the tax rate in the salaries of middle-income earne...

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Canada’s Tax Collectors Say the System is Biased

August 20, 2018 Taxation in Canada

CRA CanadaOTTAWA – Canada’s tax workers are saying that their own system makes is skewed to benefit the corporates and the wealthiest taxpayers.

Late last week the Professional Institute of the Public Service of Canada, a public employee union, released the results of new research and survey into the perceptions of tax evasion of tax auditors working at the Canadian Revenue Agency (CRA).

The survey asked approximately 1 700 CRA auditors and other tax professionals their opinions and perceptions on various matters in regards to tax compliance, collection, and regulations in Canada.

More than four-fifths of the professionals agreed with the statement “tax credits, tax exemptions, and tax loopholes disproportionately benefit corporations and wealthy Canadians compared to average Canadians.”

Nearly h...

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July 13, 2018 Taxation in USA

TeslaWASHINGTON D.C. – Tesla may have sold more electric cars in America than any other manufacturer, but the success comes at a price for consumers.

On July 12th the American electric vehicle manufacturer, Tesla, confirmed that it has reached the production threshold which triggers the winding down of tax breaks available to American’s buying a Tesla.

Under current US tax rules, individuals purchasing an electric vehicle are eligible to receive a federal tax break of up to USD 7 500 when purchasing a Tesla.

However, as the tax break was not intended to be a permanent measure, the rules also stipulated that it applied in full to the first 200 000 cars shipped by any given manufacturer.

Tesla is now the first manufacturer to reach the 200 00 car threshold, meaning that in six months’ time t...

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Canada to Legalise and Tax Marijuana

June 21, 2018 Taxation in Canada

marijuana legalisationOTTAWA – Canada could see as much as CAD 400 million per year in extra tax revenues, following its move to legalize cannabis.

The Canadian government has become the first G7 nation legalize recreational marijuana, and alongside the newly opened up rules come the potential for significant tax revenues for the government.

The sale of marijuana in Canada will be taxed at the higher amount of either the rate of CAD 1 per gram or 10 percent of the retail price.

The revenues gathered from the tax will be split between the federal government and the provincial governments.

The federal government will take the lower of either 25 percent of all tax revenues collected, or CAD 100 million each year.

It is expected that the total amount of sales in the new legal marijuana industry could rise to as m...

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Tax Freedom Day in the USA

April 16, 2018 Taxation in USA

tax freedom dayWASHINGTON D.C. – America’s Tax Freedom Day will is only days away, but would be almost 3 weeks away if the government’s overspending was counted.

Tax Freedom Day in the USA will fall on April 19th this year, according to new information released last week by the think-tank the Tax Foundation.

Tax Freedom Day is a measure used by some think-tanks and researchers to help illustrate the tax burden faced by taxpayers in a country.

The measure is used to illustrate how long an average taxpayer needs to work each year before they would earn enough to pay off an average tax burden for the entire year.

This year in the USA the average taxpayer would need to work for 109 days before paying off their tax obligations.

The Tax Foundation claims that the average American will spend more on tax this...

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