• Canadians have long prospered on the backs of those who dug for buried treasure in this country. But with southern metal deposits increasingly hard to find, the treasure is up north these days, and increasingly difficult and pricey to get to.

    According to a new industry study, the cost to explore and build new mines is as much as 2.5 times higher in Canada’s far North than in the south, due to a lack of access, power lines, and just about everything you need to extract and ship tonnes of ore.

    “There are no roads, so you have to build roads,” says Pierre Gratton, CEO of the Mining Association of Canada, which produced the study along with the Prospectors & Developers Association of Canada, the Association of Consulting Engineering Companies, the NWT & Nunavut Chamber of Mines, and the Yukon Chamber of Mines.

    “Depending on the nature of your commodity, you may need shipping. So base metals and precious metals, you often need some kind of port infrastructure. So you have to put that in.

    Read More »from Canada’s ‘rocks and trees’ economy faces high northern price tag: study
  • Apple’s ResearchKit Takes Medical Research Years Into the Future

    Apple just released what history might say is its most important product ever.

    And guess what? Hardly anyone even knows it exists.

    It’s called ResearchKit. It’s a software toolkit that lets researchers write iPhone apps for medical studies.

    Yawn, right?

    No. This is a huge deal.

    Every year, people buy 1 billion smartphones and 70 million wearable health trackers. These devices monitor how much we move and sleep, and where we are in the world. Some of them track our pulse, stress, posture, sunlight exposure, perspiration, and so on.

    Yet how much of this data is available to scientists? None of it. These phones and trackers spew out terabytes of useful data a day — and scientists can’t get at it, analyze it, or parse it to draw conclusions about medicine and health. We’re conducting the biggest clinical trial in human history, and we are throwing away the results.

    How studies are conducted now

    What is science, anyway? It’s “the systematic study of the structure and behavior of the

    Read More »from Apple’s ResearchKit Takes Medical Research Years Into the Future

  • Things are looking brighter for the loonie – but not bright enough to make cross border jaunts as worthwhile as last summer.

    “Where we are now at 80 U.S. cents, the price differential between the U.S. and Canada isn’t as attractive as it was when we were at parity or 95 U.S. cents,” Benjamin Reitzes, senior economist at BMO Capital Markets, told Yahoo Canada Finance. “That 20 per cent premium you’re paying now is probably going to be difficult to swallow for some people.”

    Even still, the lifting loonie is welcomed after spending most of February, March and the first two weeks of April in the 79-to 80-U.S.-cent gutter against the greenback. In the back half of April, the Canadian dollar started to gain momentum, closing out the month around $0.83.

    The loonie’s climb shows it’s still in a square dance with the price of oil, matching step for step.

    “We’ve seen oil prices rebound nicely from their lows over the past couple of months,” says Reitzes. “You can chart oil on top of the Canadian

    Read More »from Loonie’s latest rise will be shortlived: analysts
  • Procrastinating Canadians breathed a sigh of relief when the Canada Revenue Agency announced that the tax-filing deadline this year has been pushed back to May 5. That means that those who owe money have a little more time to earn interest on their dollars.

    It’s not the first time the CRA has flubbed up.

    This year’s blunder arose because of human error. Someone at the CRA inadvertently sent out an email indicating the deadline was May 5. In fact, that was last year’s deadline, which was extended after the Heartbleed bug forced a five-day shutdown of its electronic services.

    “Talk about proof of the need to proofread your emails before sending them out,” says H&R Block senior tax analyst Caroline Battista of this year’s mistake. “It’s an extension for the second year in a row, but I would not encourage people to get used to the idea, nor would I encourage people who were procrastinating till April 30 to wait until the 4th of May to get their paper work in order. Use this time instead of

    Read More »from Canada Revenue Agency’s blunder this year not its first
  • Union membership a ticket to the upper middle class, says CCPA study

    Canadian organized labour got another slap in the face this week when General Motors said it will cut production at its huge plant in Oshawa. That means pink slips for workers and, according to a new study by the Canadian Centre for Policy Alternatives, a further hollowing out of the middle class.

    The CCPA study concludes that a reduction of unionized jobs over the past few decades is closely tied to declining private-sector incomes and less upward mobility, or the ability to improve your lot in life.

    “We can expect the middle class to shrink and upward mobility to stall, as long as union representation continues to decline,” says economist and study co-author Hugh Mackenzie.

    The study, released to coincide with International Workers Day, looks at income and union participation going back 30 years, focusing on where union workers stand on the income spectrum, and how steadily they move higher.

    The report shows that the majority of unionized workers in the country occupy the higher

    Read More »from Union membership a ticket to the upper middle class, says CCPA study
  • Women are more likely than men to ask for directions, studies have shown, which means less wasted time and fuel driving around in circles convinced they’re on the right track. 

    The same logic appears to apply to men and women in the boardroom around deciding the right move to make with mergers and acquisitions.

    A joint study from the University of British Columbia and the University of Utah shows corporate boards that include women are more likely to seek help from investment bankers and/or financial advisers when faced with a takeover offer. The result is less risk of backlash and even litigation from unhappy shareholders.

    “Women do make a difference in business,” states the report, co-authored by Maurice Levi and Kai Li, finance professors at UBC’s Sauder School of Business and Feng Zhang, assistant professor at the David Eccles School of Business at the University of Utah (and former UBC student).

    In an interview, Li said the study was done amid growing calls around the world for

    Read More »from Deal on the table? Better have a female executive on your team
  • The results are in: if you work as a floor assembler, you have the lousiest entry-level job out there.

    That’s according to WalletHub’s 2015 Entry-Level Jobs Report, which looks at the first-timer employment landscape by comparing 109 different types of entry-level positions based on 11 key metrics, such as starting salary, industry growth rate, and injury rate.

    For high-school students getting ready to graduate, here are the top 10 jobs that will make you wish you stayed in school.

    Floor assembler: The median annual salary is $35,467, according to Salary.com. The job involves simple, routine, and repetitive tasks involving physical labour and the use of hand and power tools, all while working under close supervision. Ominous note: “Primary job functions do not typically require exercising independent judgment,” Salary.com says in its job description.

    Sheetmetal mechanic: Plan on spending your days setting up and operating machines such as drill presses, punch presses, shears, bending

    Read More »from The worst entry-level jobs in 2015
  • Two Canadian cities are at “high risk” of a housing correction, but it’s not the ones you might think.

    Canada Mortgage and Housing Corporation (CMHC) says Regina and Winnipeg face “problematic market conditions,” due to quickly rising prices, overvaluation and overbuilding, especially in the condo markets.

    “In Winnipeg, risk of overvaluation and overbuilding are detected,” said the CMHC in its latest House Price Analysis and Assessment (HPAA), which takes the temperature of Canada’s housing market. The HPAA looks at economic, financial and demographic drivers of housing markets across the country.

    As for Regina, “the inventory of completed and unsold units is at a record high,” CMHC says, despite fewer starts in 2014. It notes builders have been scaling back production this year. 

    Toronto and Vancouver – two cities often cites as being the most overheated due to rising prices and seemingly unstoppable building trends – don’t appear to be raising alarm bells at the CMHC.

    “Low overall

    Read More »from Winnipeg, Regina housing markets at 'high risk' for correction: CMHC
  • It’s no secret Canadians are an indebted bunch – recently hitting cantankerous record debt levels of $1.63 of credit market debt for every dollar of disposable income – but a new paper by Statistics Canada finds that the value of assets we’re spending on is also climbing.

    While the median debt rose by 64 per cent between 1999 and 2012, median assets actually saw a bigger boost, rising by 80 per cent. According to the paper, over those 13 years the median debt held by families grew by $23,400 (in 2012 constant dollars) to $60,100. Median assets of those families – which includes things like employer pension and real estate –rose by $179,800 to $405,200.

    “I think what it says to me, is the very large increase in house prices over the last number of years is what’s driving this, it’s pretty much the whole story,” says Matthew Stewart and economist and associate director of national forecast at the Conference Board of Canada.

    He points to the discrepancies between age groups.

    “All the

    Read More »from Canadians owe more, but they have more too: StatsCan
  • A weaker dollar and cheaper gas is help keeping Canadians at home. The result – less cross border trips and more shopping and spending at restaurants closer to home.

    Spending across the country rose by 5.78 per cent in the first quarter of 2015, versus the same time last year, according to the MonerisMetrics quarterly report by debit and credit payment processor Moneris.

    At the top of that list, was spending at restaurants, which saw a 10.9 per cent growth in the fast food category and 7.84 per cent leap in the bars and clubs realm.

    “I think some of that is extra money in our pockets from lower gasoline prices so people are just going out a bit more, eating out,” says Sal Guatieri, senior economist at BMO.

    Retail also saw a spike according to Moneris’ data. The clear winners were the shoe stores and women’s accessories, which saw increases of 9.32 per cent and 7.27 per cent. Men’s clothing on the other hand saw a modest 3.45 per cent increase while family clothing saw a 4.25 per cent

    Read More »from Weaker dollar, cheaper gas boost Canadian spending in Q1
  • Generation X and Y are advised not to bank on the wealth built up by their Baby Boomer parents to get by later in life. A new survey shows the money may not come.

    HSBC’s latest global retirement survey says Canadians are among the most likely to spend their money before they die, and are the least likely to financially support their adult children.

    It shows 27 per cent of Canadian respondents think it’s better to blow all of their money while they’re still alive, and let their children fend for themselves. That’s compared to a global average of 21 per cent, among the 15 countries surveyed, who felt it was better to spend their money and let the next generation create its own wealth.

    Only 7 per cent of Canadians felt it was best to save as much as possible to pass along to their kids. The other two-thirds plan to save some for the next generation, but also spend more on themselves too.

    The survey also shows just 11 per cent of Canadians close to retirement plan to support their adult

    Read More »from Canadians more likely to burn through retirement savings: HSBC
  • While Nepal reels from the 7.8-maginitude earthquake that crippled the mountainous nation this weekend, killing more than 3,700, relief organizations are mobilizing to offer their support to the region. But amidst the rubble and humanitarian rush, concerned Canadians should be weary of misinformation and sham charities looking to take advantage of your goodwill.

    “The reality is, that period of immediate disaster relief usually is only the first few days, and I don’t think that money given now is actually going to go for that,” says Mark Blumberg, a lawyer at Blumberg Segal LLP focused on non-profit and charity law who also maintains www.SmartGiving.ca.

    Last year, Canadians gave $70 million to scammers with emotional scams ranking second on the Canadian Anti-Fraud Centre’s list.

    “Where there’s a major disaster and a lot of media attention, you end up (with people) setting up a website or Facebook pages to help collect funds,” says Blumberg. “In some cases it’s not that they’re being

    Read More »from How to avoid Nepal earthquake relief scams
  • Apple is no bellwether for the market

    It’s the biggest stock in the world, but don’t call it a bellwether. Apple (AAPL) is worth more than any company in history, at more than $750 billion. It is followed by more analysts and showered with more hype than all the Republican presidential contenders combined.

    Yet when Apple reports its hotly anticipated results for its fiscal second quarter, the numbers will tell us almost nothing about the state of the economy, and its stock reaction will deliver no clues about the broad market’s prospects. That’s because the Apple economy is a singular thing, operating within the global market for goods and services but only marginally dependent on them.

    And Apple shares have shown a stark tendency to remain out of step with the stock market as a whole. Which means that when the company reports what are almost certain to be powerfully strong profits after the close today, it won’t tell us much at all about the condition of the tech industry or the rest of the business world.

    Consider what

    Read More »from Apple is no bellwether for the market
  • With the annual income tax deadline just a few days away, Canadians can be forgiven for being a bit more irritable.

    Whether you do your own taxes, or hand over a shoebox filled with receipts to an accountant, many would argue the tax system is becoming increasingly complicated.

    A new report shows the system isn’t just more complex, but says it’s also costing filers more money.  

    “Canadian families and businesses incur significant costs complying with the tax system,” states the Fraser Institute report called Measuring Tax Complexity in Canada.

    “Those costs include direct spending on items such as accountants, lawyers, and computer software, as well as the financial cost of the time it takes to compile the materials and complete the forms. Governments also incur costs to administer and collect taxes.”

    The think tank is calling on the federal government to start simplifying the tax system to save filers both time and money. It may even have the added benefit of helping to reduce some

    Read More »from Canada’s complicated income tax system costing Canadians: report
  • Meds by mail (Thinkstock/Ackab)Meds by mail (Thinkstock/Ackab)

    A mother in Britain is mourning the loss of her 21-year-old daughter after the woman consumed diet pills she’d purchased online.

    Eloise Aimee Parry accidentally overdosed on pills that contained the toxic ingredient dinitrophenol (DNP). A lethal dose is two tablets; Parry had taken eight.

    The tragedy prompted police to remind people about the dangers of buying slimming pills or other medicines or supplements over the Internet.  “Substances from unregistered websites could put your health at risk, as they could be extremely harmful, out of date, or fake,” Chief Inspector Jennifer Mattinson told the Guardian.  

    Diet pills are just one item to avoid buying online. Here are a few other products that you’re better off buying at a bricks-and-mortar store after consulting a qualified health professional.

    Prescription drugs without a prescription

    There are legitimate pharmacies out there, but also many that are not. Referred to as rogue websites, they may sell controlled substances such as

    Read More »from Buyer beware: The most dangerous products to order online
  • The flag of Canada at Parliament Hill in Ottawa.The flag of Canada at Parliament Hill in Ottawa.

    When Mehmet Gulec looks back on the days and weeks following his family’s arrival in Canada from Turkey in December 2013, he says he’s still amazed by everything the foursome overcame in fleeing their homeland. It wasn’t just the severe ice storm that hit Burlington, Ontario, three days after they landed there that they found challenging. So too was getting settled in their new country with extremely limited means.

    “We came – four people – with $1,000 Canadian cash,” Gulec says of his wife and two sons. “We survived, and when I turn back even myself I cannot understand how we did it. It was because we were not alone: Canadians are unbelievable people.”

    Gulec, who worked for 20 years as a production manager in the automotive industry in Turkey, says several organizations helped the family get established, including the Centre for Skills Development & Training, which offers a program called Enhanced Language Training to help immigrants who are beginning their careers in Canada. Gulec is

    Read More »from New immigrants to Canada face unexpected costs
  • Social media is a great place to post pictures of your food or prove that you’re the only one with an opinion on Jay-Z’s failing Tidal music streaming service.

    It is not, however, a good place to boast about your recent flirtation with tax evasion.

    “You’re seeing some stock brokers bragging on social media about how successful they’ve been taking the $10,000 or whatever they’ve put into TFSAs and turning it into $100,000 based on speculative stock trades and I think to myself – you idiots!” says James Rhodes, a Waterloo-based tax lawyer. “If I was an auditor I’d be printing their comments out and using it to create an audit link and send an auditor on them.”

    The catch is – the Canada Revenue Agency can do just that. After all, anything in the public record is fair play, CRA spokesperson Jelica Zdero told Yahoo Canada in an email response.

    “The Canada Revenue Agency does not disclose the specific tools and methods used during an audit or criminal investigation,” she writes. “However,

    Read More »from Can the CRA use your social media accounts against you?
  • Commuters are getting a long-term promise of better transit and roadways through increased infrastructure spending and some special interest groups will see their funding continue, but there were no major incentives in the Ontario budget for everyday citizens living in Canada’s largest province.

    There is another way to look at it though: There were no personal tax increases (unless you count the new beer charge), which means the broader public was spared what could’ve been a more painful path to balance the books.

    Economists say it wouldn’t have been prudent for the Ontario government to provide broader perks to people in the province, given its balancing act between reducing the deficit and trying to capitalize on economic growth.

    “With a return to balance the priority, there was limited fiscal room for new initiatives in this budget,” said TD economists Leslie Preston and Jonathan Bendiner in a note after the budget was tabled on Thursday. TD described the budget as a “progress

    Read More »from Mixed bag for consumers in Ontario budget
  • Canada’s banks have been ranked the strongest in the world for seven straight years and recently reported first quarter profits that topped $8 billion for the group. And to be clear, that’s $8 billion for five banks over three months.

    So, time for a hiring spree, right? Not quite. To look at the recent headlines, you’d think it’s tough times for the big lenders.

    According to reports this week, Bank of Montreal has cut some 50 jobs on its capital markets side, and Toronto-Dominion is paring jobs from several departments. This follows Scotiabank’s announcement in the fall that it will cut 1,500 jobs, most of them in Canada.

    Of course, the big banks each employ tens of thousands, so these aren’t exactly mass layoffs. But the banks are clearly in a cost-cutting mindset, and their quarterly reports show headcounts lower this year than last.

    “2015 is going to be a bad year for Canadian banks,” says Ian Lee, a former banker and current business professor at Carleton University.

    Now, it should

    Read More »from Jobs cut as tough times loom for Canada’s billionaire banks
  • The new Clear appThe new Clear app


    A new app offers a spring-cleaning service which instantly turns you from a foul-mouthed, offensive layabout into a hot employment prospect.

    Well, on Facebook and Twitter at least.

    The app, Clear, is available on iTunes now, in an early test version which will automatically spruce up both Twitter and Facebook accounts.

    It was created by Ethan Czahor, after he was fired from a top job in politics for offensive Facebook posts - and automatically scans for generalisations such as ‘gay’ as well as swearwords.

    The app flags potentially offensive messages - it also scans your language for negative-sounding or angry posts - and you can opt to delete them directly within the app.

    It also works with Instagram and Twitter. It’s in testing at the moment at this site.

        [ Robotic Chef Can Cook Michelin Star Food In Your Kitchen By Mimicking World's Best Cooks ]

    ‘'The most challenging part of this is determining which tweets are actually offensive, and that’s something that will take a while to get

    Read More »from New App Instantly 'Cleans Up' Your Facebook Account For Job Interviews
  • Canadians are reluctant to give up cash in their portfolios and see home ownership as the best investment, according to a newly released investor sentiment survey from Manulife Financial.

    The survey shows Canadians are more conservative than Americans in their investments, which makes sense given the difference in economic growth outlooks between the two nations. Canada’s economic growth is picking up, but not as quickly as many economists expect, research shows, while the U.S. economy is rebounding more strongly. Canada’s main stock index has also underperformed the main U.S. indexes over the past year.

    About one-third (34 per cent) of Canadians surveyed by Manulife said now is a good time to hold on to cash, compared to 13 per cent of Americans. Canadians aren’t avoiding equities, but the survey shows only 44 per cent said it was a good time to invest in stocks, compared to 60 per cent of Americans.

    The results are similar to a survey Manulife released earlier this year showing 

    Read More »from Canadians continue to see home ownership as the best investment: survey
  • Small businesses, seniors and Canadians with extra money to sock away will benefit most from the federal government’s pre-election budget.

    There were few surprises in the document released on Tuesday, given much of the contents were already reported leading up to budget day, helping the government gain momentum for its policies as it readies to meet voters this fall.

    “It’s obviously an election-year budget,” said Deb MacPherson, national leader of KPMG’s Enterprise Tax practice, and a partner in the company’s Calgary office.

    Measures such as increasing the contribution level Canadians can make to their Tax-Free Savings Account (TFSA) — to $10,000 from $5,500 starting this year — and reducing the small business tax rate to 9 per cent from 11 per cent by 2019, are some of the goodies.

    MacPherson said both are beneficial, but taxpayers should consider them in the context of their own personal or business situations.

    She said a higher TFSA limit is only good news if you have another $4,500

    Read More »from Budget can help retirement savings, small businesses, but not all will benefit
  • After years of teasing and poking Canada’s real estate market in its bloated and overvalued gut, British periodical – The Economist – has finally given us top honours, pegging Canada’s housing market as the most overvalued in the world compared to rental rates, at 89 per cent, and third when compared to incomes at 35 per cent.

    All in, of the 26 markets examined by the magazine, seven had housing prices more than 25 per cent overvalued including Australia, France, Britain and Sweden. Belgium was the highest, with house prices 50 per cent overvalued when compared to income.

    The catalyst of the “off kilter” housing market, is cheap borrowing meant to stimulate the economy and propel us out of the recession, which ultimately encouraged homebuyers to get into the market. Increased demand boosted prices, creating a bubble where prices outpaced incomes and rental costs.

    The Economist joins a chorus of voices all harmonizing around overvaluation  including the Deutsche Bank, which put the

    Read More »from Economists split over Canada’s overvalued housing market
  • Vancouver may have milder weather and picturesque mountains, and Toronto a wider range of higher-paying jobs, but people in smaller cities across Canada are happier, a new study suggests.

    The report, released through Statistics Canada, shows people in cities such as Saguenay and Trois-Rivieres, Que., St. John’s, Nfld. and Sudbury, Ont. have some of the highest life satisfaction levels in Canada, while Toronto and Vancouver are among the lowest.

    While the study doesn’t offer an explanation as to why small-city Canada is more content, experts believe it’s the closer connection to and support from their communities.

    “Part of it is because modern cities are less able automatically to provide social connections such as trust, friendly reception and ability and ease of putting down your roots, which small towns provide more quickly,” said John Helliwell, a senior fellow at the Canadian Institute for Advanced Research (CIFAR) and professor emeritus at the University of British Columbia.

    Read More »from Vancouver is unhappiest city in Canada: study
  • It’s no secret that the plunge in oil prices is wreaking havoc in Canada’s oil-producing provinces, but economists had expected that to be partially offset by an improvement in other parts of the economy that benefit from cheaper energy.

    According to a report by the Conference Board of Canada, it isn’t playing out that way.

    In a “primer” ahead of the release of the federal budget next week, the Conference Board says, in so many words, that Canada is getting the sour, but missing out on the sweet.

    “You’d think (weak oil) would have a positive effect, that low gasoline prices would boost the consumer and that would have a positive effect on retail and then hopefully business investment,” says Matthew Stewart, associate director of the Conference Board’s National Forecast. “That hasn’t really happened.”

    To be sure, consensus is that the overall impact of falling oil is bad for the economy, and Stewart estimates oil producing firms will cut their budgets by about one-third, which is major

    Read More »from With budget looming, non-oil provinces not seeing benefit of cheap energy: report
  • Immigrants come to Canada with an average of $47,000 saved up to start their new life, then spend more than half of it getting settled, a new survey shows. 

    About one-fifth of immigrants arrive without any savings, looking to build some wealth in Canada.

    The report from BMO Wealth Management paints a picture of eager new Canadians looking for a safe, stable country in which to live, although some may be unprepared for the higher cost of living in some parts of the country.

    Immigrants came to Alberta with less money than other provinces, or an average of $28,784, and were left with just $9,800 after the move, according to the survey. It includes responses from people who moved to Canada in the past decade. 

    In Quebec, immigrants arrive with an average of $36,527 and were left with $7,388 after getting settled. It appears cheaper to get started in Ontario, where an average of $27,579 was left from an average of $51,847 in savings brought to Canada.

    Immigrants were prepared for the high

    Read More »from One-fifth of immigrants to Canada arrive with no savings: BMO
  • December 2015 is shaping up to be a heckuva month. First, we’re getting a new Star Wars movie. And the ways things are looking, you’ll be able to stop at the supermarket on the way home for a post-movie 6-pack.

    Yes, Kathleen Wynne has confirmed what we already knew: that she’s more politically savvy than anyone thought two years ago (Gas plants? What gas plants?), announcing that beer will be available in supermarkets as early as this Christmas.

    “The days of the status quo are over and the days of monopoly are done,” Wynne says.

    In the spirit of open markets, here’s a primer of what’s to come:

    1.     Eggs, cereal, and milk in one trip!

    You know that panic when you’re finishing up the shopping and you realize you don’t have time to stop for beer on the way home? That ends soon. The government is selling up to 450 licenses for supermarket sales, which means there should eventually be as many private sellers as there currently are beer stores. There will be rules, such as restricted

    Read More »from Top five things to know about Ontario’s beer revolution
  • When financial times are good, Canadians eat out, often dining amongst the romantic fluorescent lighting of chain restaurants.

    In 2014, it was pre-oil crash Albertans who trumped the rest of their Canadians peers by spending $2,137 per capita, representing the largest commercial foodservice sales last year, according to GE Capital’s annual Canadian Chain Restaurant Industry Review

    “Usually, whatever economic area is doing well you see restaurants also doing the best,” James Rilett, vice president of Ontario for the Canadian Restaurant and Foodservices Association (CRFA) told Yahoo Canada Finance. “For now we are seeing positive growth and a lot of it is (attributed) to the lower dollar, which gives more household income and free money to spend.”

    Overall, Canadians spent more than $57.5 billion at restaurants last year – which is about four per cent of the overall GDP. It’s also a 4.9 per cent increase on 2013. GE Capital expects that number to grow to $59.8 billion in 2015.

    Ontario

    Read More »from Canadians spending more at chain restaurants: report
  • The federal government has a number of programs to support entrepreneurship in Canada, but a new report shows the rate of business start-ups has been falling and proposes a major policy change to fix the problem.

    The Fraser Institute is calling for an overhaul of Canada’s capital gains tax, which includes an idea of scrapping it altogether.

    It says benefits of the tax are slim for government, but come at a “considerable economic cost” for entrepreneurs.

    The tax reduces the return both entrepreneurs and investors receive from the sale of a business, “which is the return to them for risk-taking, innovation, hard work, and low early stage compensation,” the report states. 

    That discourages the creation of new ventures, which in turn hampers economic growth across Canada.

    The report says Canada has an opportunity to “supercharge its entrepreneurial environment” by reducing the capital gains tax rate, creating a rollover similar to what happens in the U.S., or dropping the tax entirely.

    It

    Read More »from Canada’s aging population, capital gains tax stiffing entrepreneurship: report
  • Taxes aren’t fun to deal with at the best of times, but you may find yourself even more irked if you get a T4 amendment in the mail.

    The good news is that it’s not uncommon to receive such a notice.

    “Amended T4s are generally sent out to correct errors,” says James Bell, director of Tax Solutions Canada, who worked at the Canada Revenue Agency for 22 years before starting his company in 2013. Those errors are on behalf of the employer, which means there’s nothing you can do to prevent getting one.

    “T4s get amended because of an oversight on the part of the employer,” Bell says. “It’s a routine occurrence,” he adds. “It happens all the time.”

    Reasons a “Statement of Remuneration Paid” could be amended are wide-ranging; examples include improper classification of an amount (such as the under- or over-reporting of income), improper calculation of benefits to employees who participate in a stock-purchase plan, or the lack of inclusion of other taxable benefits or an incorrect tally of those

    Read More »from Tax error? What to do when you have to refile

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