CSI Blog & Newsroom

Photographer: Nick Le

“The Canada Revenue Agency will no longer allow Canadians to benefit from financial relief when they disclose unreported income in cases that involve offshore dealings or sophisticated tax-avoidance schemes, federal officials said. Starting in March, the federal agency will restrict the incentives offered to late-filing taxpayers under the Voluntary Disclosures Program,” wrote Daniel Leblanc for The Globe and Mail on December 15, 2017.

Leblanc continued, “The changes to the VDP are part of a federal clampdown on tax evasion and aggressive tax avoidance, especially in cases involving the use of tax havens. The Liberal government has been scaling back the financial benefits of owning private corporations, but there is growing pressure on Ottawa to maximize the revenue from wealthy individuals and corporations with access to sophisticated tax lawyers and accountants.

Under a new “limited” VDP that will apply to wealthy taxpayers involved in complex schemes as of next year, the CRA will offer immunity from criminal prosecution and waive “gross negligence” penalties to successful applicants. However, to qualify under the newly configured program, individuals and companies will have to pay all owed taxes, full interest and late-filing penalties – amounts that were frequently lowered or waived under the existing program.”

Read the full article here. 

“The Liberal government is making further concessions to small-business owners even as a Senate study has concluded that Finance Minister Bill Morneau should scrap his controversial tax plan entirely,” wrote Bill Curry for The Globe and Mail on Wednesday December 13th.

Curry continued, “As members of Parliament bolted for the exits for a six-week recess, Mr. Morneau stood in the House of Commons foyer to announce his latest revisions to tax changes he first proposed in July. The latest adjustments include new exemptions for certain family situations, but the minister is sticking with his plan to have the new rules take effect on Jan. 1.

Mr. Morneau said family businesses will have enough time to decide how they want to handle issues such as dividend payments to family members under the new rules, given that taxes for 2018 are not filed until 2019.”

Read the full article here. 

Photographer: Lorenzo Cafaro

“Uber Canada said late Monday that 815,000 Canadian riders and drivers may have been affected as part of its worldwide data breach announced in November,” wrote The Canadian Press posted by CBC News on December 12, 2017.

The Canadian Press continued, “The disclosure came the same day the federal privacy commissioner said it had opened a formal investigation into the data breach, which saw the theft of information from some 57 million Uber accounts globally in October 2016.

Uber said the information taken includes names, email address, and mobile phone numbers from the accounts, but that its investigation has not identified any location history, credit card numbers, bank account numbers or dates of birth were downloaded.”

Read the full article here. 

Photographer: Jakub Kapusnak

“People who drink three to four cups of coffee a day are more likely to see health benefits than harm, experiencing lower risks of premature death and heart disease than those who abstain, scientists said on Wednesday,” wrote Kate Kelland for Reuters published by The Globe and Mail on November 23, 2017.

Kelland continued, “The research, which collated evidence from more than 200 previous studies, also found coffee consumption was linked to lower risks of diabetes, liver disease, dementia and some cancers.

Three or four cups a day confer the greatest benefit, the scientists said, except for women who are pregnant or who have a higher risk of suffering fractures.

Photographer: Rawpixel.com

“The Parliamentary Budget Officer says Ottawa’s planned changes to passive income rules for small businesses will eventually raise up to $6-billion a year, but the spending watchdog supports the government’s claim that only a very small percentage of small businesses will be affected,” wrote Justin Tang/ The Canadian Press for The Globe and Mail on November 23, 2017.

Tang/The Canadian Press continued, “Providing the first cost estimate of the proposal, the PBO expects the plan would raise up to $1-billion a year during the first two years. This would rise gradually to up to $6-billion once the policy has been in place for 20 years.

Overall, the report estimates that about 2.5 per cent of incorporated small businesses – officially known as Canadian Controlled Private Corporations (CCPCs) – would be affected.”

Read the full article here.