Community of Public Accountants
Big changes could be coming to Canada’s banking system, creating new opportunities for Canadians to control and streamline how they manage their money, but also giving rise to new cybersecurity needs. Here’s a look at what open banking, a set of financial policies adopted abroad and proposed for as soon as next year by the…
Read More “Open banking could be coming to Canada. Here’s what you need to know” »
Following last year’s decline in investment and deal activity across Canada’s FinTech sector, startups should brace for sustained sluggishness for the next six to eight months, according to a new report from KPMG. KPMG’s latest Pulse of FinTech report found that in 2023, investment in Canadian FinTech companies dropped by 30 percent in 2023 to $1.2 billion…
Read More “DEAL VOLUME IN CANADA’S FINTECH SECTOR FELL BY 50 PERCENT IN 2023” »
EQ Bank, renowned for its high-interest rate savings accounts, has now made the decision to introduce the new EQ Business Account, available free of charge. We are still waiting for more information.
Read More “Waiting for the new EQ business account to launch” »
A business investment loss (BIL) arises on the sale or other disposition, at a loss, of: An ABIL is equal to 50% of a taxpayer’s BIL (that is, an ABIL is equal to 50% of the ACB of the share, or the principal amount of the debt, minus any proceeds received on the disposition). The…
The topic of ESG has recently become very popular, and there are numerous qualifications and certificates related to ESG. Those who are interested in ESG certificates must have come across many introductions on various platforms about ESG, sustainable development, green themes, and more. ESG is a relatively new concept, and everyone is exploring it, but…
Greetings during the 2023 tax season! We’d like to gently remind you of the following important update.
Read More “2023 Tax Season – the key updates2023 Tax Season” »
The federal government’s budget deficit during the period from April to October this year amounted to 15.1 billion. In October alone, it reached 7 billion, while for the same seven months last year, the deficit was 200 million. The Federal Ministry of Finance stated in its monthly fiscal monitoring that the budget deficit of the…
A 52-year-old woman has been accused by her former employer of “alleged check fraud” and faced her first trial this week, allegedly defrauding her Burnaby employer of nearly $2 million over a decade. Sharina Rattan, a bookkeeper and office manager at Vidcom Communications Ltd.’s Burnaby headquarters, was charged on Friday (22nd). The charges include using…
Get ready, starting from next month, your net income will decrease due to increased taxes! The treatment of the Canada Pension Plan (CPP) on the personal income tax return has changed since 2019. This means that, in the case of a regular maximum contribution of $3,867.50, $631.00 will be deductible on the T1 (rather than…
The Financial Transactions and Reports Analysis Centre of Canada has imposed a $7.4 million fine on the Royal Bank of Canada (RBC) for non-compliance with anti-money laundering and anti-terrorist financing measures. According to the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), the violations included failure to submit suspicious transaction reports when there were…
Read More “RBC Bank suspected of concealing money laundering, fined $7.4 million!” »