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TORONTO, August 14, 2022 – The information that commanded probably the most consideration within the Canadian accounting world through the previous week was the discharge of the outcomes from the May 2022 CFE. We lined the anxious runup to the discharge in addition to the publication of the profitable candidates. But the accounting situation with the potential for many long-term affect was the passage of the US Inflation Reduction Act — and its reversal of a minimal company tax provision.
In U.S. local weather invoice units stage for commerce struggle with Canada over digital gross sales taxes and Canadian commerce minister vows to maintain pushing U.S. on world tax deal, we see the Canadian authorities in a fragile balancing act, praising the US passage of fresh vitality laws, and taking part in good over its promise to impose a digital gross sales tax (DST) on the Amazons and Facebooks of the world. One to look at in 2023.
Work from residence? A distant risk for accountants
According to The industries which might be – and aren’t – providing distant jobs proper now, accounting is one white-collar occupation that’s pulling its labour drive again into workplace work. The article is predicated on comparable studies by each Indeed Canada and Ziprecruiter gleaned from on-line job posting information. And they seem to say the identical factor: white-collar staff are more more likely to have the choice of working from residence, “however solely round 20 per cent of the job postings in authorized providers, banking and accounting promote the chance to skirt the workplace, in keeping with Indeed.”
Have you checked your purchasers’ CRA accounts?
Apparently the Canada Revenue Agency has deliberate an e mail blitz to get Canadians to money excellent cheques price $1.4-billion in keeping with the Globe and Mail. The CRA can be sending out 75,000 emails over the following yr to focus on recipients of the Canada baby profit and associated provincial and territorial packages, in addition to recipients of the GST/HST credit and the Alberta Energy Tax Refund.
According to the article, “representatives may also view uncashed cheques of their purchasers,” so do your purchasers a favour, for those who haven’t already. Or they will simply go into My Account and verify it themselves, says Jamie Golombek, in Here’s methods to see when you’ve got one of many 8.9 million uncashed cheques issued by the CRA.
Accounting software program information
Sage introduced has introduced the Canadian launch of Sage Payroll, a “cloud-first” resolution that integrates accounting, payroll, and HR capabilities right into a single unified platform with Sage Accounting. Sage Payroll is CRA-compliant and aligned with altering tax laws.
Quick Hits: Articles of Interest
Ahead of recent sugary beverage tax, N.L. launches Rethink Your Drink marketing campaign (CBC)Luxury items tax on tremendous wealthy may hit inexperienced automobiles. Here’s how (Canadian Press)Selling Your Cottage? Watch the Taxes (Morningstar)Pulling within the large bucks in 2022? Here are 4 tax shelters (BNN Bloomberg)After UN chief calls out ‘scandalous’ earnings, Ottawa provides no plan to hike taxes on oil and gasoline business (CBC)Ottawa’s new Tax-Free First Home Savings Account is coming: What it’s essential know (Financial Post)Celebrating 5 years of the A4S CFO Leadership Network in Canada (CPA Canada)PwC fined £1.8m over audit failures in BT’s Italy operations (Yahoo Finance)
By Canadian Accountant workers.
http://www.canadian-accountant.com/content/profession/sunday-news-roundup-22-08-14
