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  • 01 Jun 2017 10:11 | Nishan Singh

    Following Alberta’s lead, the Ontario government has committed to raising the minimum wage to $15 per hour by 2019 and, in addition, is upgrading the mandatory minimum vacation allowance for employees. Business owners now need to make a plan for how they will absorb these costs and determine what the impact will be on their business

    While the change to minimum wage is only targeted at those workers earning less than $15 per hour, the overall impact is scalable as the implications for compensation are far wider than simply bumping up the pay. In addition to forking over more for items calculated as a percentage of pay, such as payroll taxes, CPP, EI, benefits and company pension contributions, many business owners will also have to address pay increases for workers who are already earning more than $15 per hour to remain competitive while ensuring that pay is based on value to the organization...Learn More

  • 29 May 2017 16:12 | Nishan Singh

    The Ontario government is targeting red tape as it proposes wide-ranging changes to the provincial business environment amid growing uncertainty in its trade relationship with the United States. The eight-point strategy was presented to Premier Kathleen Wynne’s cabinet this week and is largely meant to help the province’s small businesses by making it harder for government to create new regulations, especially rules that would create expensive burdens or trade barriers.

    Read More
  • 17 May 2017 20:30 | Nishan Singh

    With the tax deadline behind us, many Canadians can look forward to a relaxing summer. But for a chosen few, a summer storm in the form of an audit may be brewing. 

    The Canada Revenue Agency conducts spot checks on tax returns either through a software program that detects irregularities or humans doing simple math that they discover doesn’t add up. Most are resolved without penalty.

    The CRA will usually tell you you’re being audited by letter, which should provide specifics and a possible request further documentation.

    If you paid a third party to do your taxes, they should be able to help – but keep in mind the return is only as good as the information you provided.

    TurboTax suggests a prompt response and tells Canadians what they can expect from an audit. Ignoring it will only make your situation worse.

    Read More

  • 29 Apr 2017 12:46 | Manjot Cheema (Administrator)

     Whether you are in the market, want to get into the market or thinking of getting out of the market – it is hard to find anyone not talking about real estate.

    For most Canadians, it is their largest asset and their most expensive asset so it isn’t surprising people have an opinion and in many cases concern.

    In recent years, there have been considerable changes to the real estate landscape from record prices, new rules, taxes and warnings. Adding to this increased competition, affordable challenges and ongoing talks of bubble-like conditions in Canada. So how are we feeling about the real estate market?Read More

  • 17 Apr 2017 12:24 | Manjot Cheema (Administrator)

    If you have investments outside a registered retirement savings plan (RRSP) and tax-free savings account (TFSA) you’re probably paying taxes that could be re-invested.

    Half of capital gains on stocks are taxed. Aside from a small credit, dividends are also taxed. Interest on fixed income is fully taxed.

    In most cases the sooner you get them into the tax shelter of an RRSP or TFSA, the betterRead More 

  • 03 Apr 2017 16:03 | Manjot Cheema (Administrator)

    Not all investments are taxed equally. And that’s why you can save tax dollars by giving income generating investments like bonds, GICs and high interest savings accounts first priority in a registered retirement savings plan or tax free savings account.

    Any tax expert will tell you to never make an investment decision solely based on how it’s taxed – but what goes into or outside registered accounts like RRSPs and TFSAs can make a big difference.Read More 

  • 10 Mar 2017 12:45 | Manjot Cheema (Administrator)

    Shares in Toronto-Dominion Bank on Friday had their biggest one day decline since December 2014 after CBC News reported that employees of the bank were being pressured to meet high sales revenue goals, traders said.

    In an emailed response to Reuters regarding the CBC story, Toronto-Dominion Bank said, "The environment described in the media report is very much at odds with how we run our business, and we don't recognize it from our own perspective, experience or assessments."Read More

  • 23 Feb 2017 15:14 | Manjot Cheema (Administrator)

    TORONTO - A new survey suggests Canadians contributed less to their tax-free savings accounts last year, mostly because they didn't have enough money to invest.The Bank of Montreal's annual TFSA survey found respondents contributed an average of $4,592 into their accounts last year -- $939 less than the year before.Forty-three per cent indicated that drop was due to a lack of funds, while 36 per cent said they required the cash for other expenses.Respondents estimated they would contribute even less this year, estimating an average of $4,325.Read More

  • 14 Feb 2017 11:57 | Manjot Cheema (Administrator)

    A new report from C.D. Howe Institute warns that a border adjustment tax (BAT) implemented by the Trump administration would drag down Canada’s economy and could also be damaging to other U.S. trading partners.

    While such a border tax has not yet been imposed, the report predicts such a levy would cut Canada’s gross domestic product by a full percentage point. The BAT would be part of a larger reform plan to cut the U.S. corporate tax rate to 20 per cent from 35 per cent.Read More 

  • 06 Feb 2017 14:42 | Manjot Cheema (Administrator)

    The Canadian dollar weakened against its U.S. counterpart on Monday as oil prices slipped and bond yields set a one-week low, with investors awaiting December trade data due on Tuesday for signs of momentum in a nascent export revival.

    The loonie has gained for two straight weeks on a combination of favorable economic data and greenback weakness. Last week it touched its strongest level since September.At 8:47 a.m. ET, the Canadian dollar was trading at $1.3073 to the greenback, or 76.49 U.S. cents, weaker than the Bank of Canada's official close on Friday of $1.3028, or 76.76 U.S. cents. Read more

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