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Tag: Tax

  • Calgary City Council Rejects Tax Cut Proposal

    Calgary City Council Rejects Tax Cut Proposal

    Canada Global(Web News)Calgary City Council on Tuesday rejected a motion to reopen the city’s proposed 2024 budget in hopes of more than $23 million in tax breaks to offset property tax increases.

    The original motion directs the city administration to find $23 million in savings to cover the cost of a one percent change in the tax share from businesses to residents and in return provide some relief from this year’s property tax bills. .
    Councilors Terri Wong, Sonya Sharp, Dan McLean, Andre Chabot, Jennifer Vines and Sean Chu co-signed the motion, which was first introduced at the Jan. 23 executive committee meeting.
    The tax changes, along with a package of 28 spending items in November’s budget, increased property taxes for Calgary homeowners by 7.8 per cent overall this year.
    At Tuesday’s council meeting, Coun. Sharpe amended the motion to recommend a one-time operating and capital budget adjustment to city administration to reduce the 2024 budget by $23 million.
    Wong and Sharp said they’ve heard from constituents that raising property taxes during a life crisis is too burdensome.
    In November, the city administration proposed shifting the share of the tax between businesses and homeowners by one percent annually over the next year.
    Currently residential properties cover 52 percent of property taxes in Calgary, with businesses paying the remaining 48 percent.
  • Decision To Take Data From 145 Federal And Provincial Institutions To Increase The Tax Net

    Decision To Take Data From 145 Federal And Provincial Institutions To Increase The Tax Net

     Canada Global(Web News) The government has decided to collect data from 145 federal and provincial institutions to increase the tax net.

    To expand the tax net and bring new people into the tax net, the federal government has provided real-time data to a total of 145 federal and provincial institutions including all banks, defense housing authorities, housing societies, civil aviation, provincial excise. . and taxation departments. It has been decided to make it mandatory to connect to the system of Federal Board of Revenue for sharing.

    The Federal Board of Revenue (FBR) has decided to amend the Income Tax Rules 2002 for which draft amendments to the Income Tax Rules have been prepared and released for suggestions and comments from stakeholders. And stakeholders have been asked to send their feedback and suggestions within 7 days, comments and suggestions received after the prescribed period will not be entertained and the amended rules will be implemented through gazette notification.
    In the proposed rules, 145 institutions have been asked to be connected to the real-time data analysis radar, and in the ongoing notification of the FBR, banks, including federal and provincial departments, will also have to be connected to the system and institutions that are not. Violation after connection or not sharing real-time data, action will be taken against the responsible officers under which they will be fined and punished.

    According to the document, the establishment of the system will provide real-time information from various databases to the tax authorities. The FBR has issued a notification of draft amendments to the Income Tax Laws to establish a real-time system, adding that the FBR will have full access to the databases of various institutions. The proposed amendments to the rules laid down by the FBR have set a target of connecting all institutions to the radar system by January 15, 2024.

  • Alberta’s carbon tax increase rise should be offset ‘for most households’

    Alberta’s carbon tax increase rise should be offset ‘for most households’

    Canada Global (Web News) The cost to heat houses and run other petrol appliances will climb as a result of the federal carbon price increase, which goes into effect on April 1. Household rebates, particularly for Albertans with average or below average salaries, are anticipated to offset a significant portion of that.

    According to Kent Fellows, an assistant professor at the University of Calgary’s School of Public Policy, “from the median household income and down, the household rebate on the carbon tax should be — for most of those households — higher than what they are facing in increasing carbon prices.” “So we price the carbon to try to convince people to switch away from it, but then there is a top-up that comes through that rebate,” the author said.

    According to Fellows, for many homes with higher-than-average incomes, the equation is reversed.

    Drivers attempted to avoid the rise because they anticipated sticker shock at the pump.

    It’s preferable to fill up now rather than later because prices change and, based on what I’ve heard, they might increase, according to Kamran Bukhari.

    While the stations close to my house were still charging $1.20 or $1.21 per litre, Calgarian Daryl Lavallee remarked, “I was heading home and all the stations started to say like $1.40 a litre, so I figured I’d best fill up for less while I can.”

    We have already paid about 11 cents of the estimated 14 cents per litre carbon tax on fuel.

    When it comes to the effects on industry, certain fields like agriculture and major emitters are adversely effected.

    The federal carbon policies, according to Fellows, are created with that in mind.

    For the petrol or diesel they use to cultivate and harvest crops, farmers already enjoy an exemption.

    A recent private member’s bill that exempts farmers from the carbon tax on the natural gas and propane they used to dry crops and heat barns was also passed.

    The law won’t go into force, though, until this fall.

  • Ontario will include new 10 per cent income tax credit for manufacturing

    Ontario will include new 10 per cent income tax credit for manufacturing

    Canada Global (Web News) A new tax credit that the government is recommending in its forthcoming budget would allow manufacturers in Ontario to receive up to $2 million annually.

    Private corporations under Canadian management having a physical presence in Ontario may claim the 10% refundable corporate income tax credit on eligible purchases of structures, machines, and equipment for manufacturing or processing.

    The announcement was made on Wednesday in Oakville, Ontario, by Premier Doug Ford and his ministers of finance and economic development, one day before the budget is scheduled to be presented.

    According to Ford, this new tax credit will support local manufacturers’ expansion, innovation, competitiveness, and—most importantly—ability to produce well-paying employment.

    The cost of the Ontario Made Manufacturing Investment Tax Credit is estimated by the government to be $780 million over three years.

    Up to $20 million in qualifying investments per year would be eligible for the tax credit.

    The new tax credit is supported by Canadian Manufacturers & Exporters, according to its president and CEO.

    Dennis Darby stated in a statement that “this new loan will go a long way to broadening our industrial strategy — providing dependable funding for key equipment purchases and greater productivity to support business growth.”

  • Yamaha raises motorbike prices owing to GST hike

    Yamaha raises motorbike prices owing to GST hike

    Canada Global (Web News) Yamaha Motor Company increased the price of their motorbikes by between Rs3,000 and Rs3,500 in order to pass along to customers the impact of the increase in sales tax from 17 percent to 18 percent. The updated prices go into effect on February 21.

    The Yamaha YB125Z will now retail for Rs308,500 after a Rs3,000 price increase. The YB125Z DX now costs Rs330,500 after a price increase of Rs3,500. The price of the YBR125 is now Rs339,500 after an additional rise of Rs3,500. The price of YBR125G has increased by Rs3,500 to between Rs353,000 and Rs356,000 (for matt dark gray).

    According to Sabir Sheikh, chairman of the Association of Pakistan Motorbike Assemblers (APMA), price increases and inflation have significantly reduced demand for motorcycles. Notwithstanding the fact that the supply is hampered by CKD import issues and dealers are unable to acquire the units, there are only a small number of buyers on the market, he continued.

  • FBR fails to meet sales tax collection target

    FBR fails to meet sales tax collection target

    Canada Global (Web News) According to a study made public by the Finance Ministry, the Federal Board of Revenue (FBR) did not collect enough sales tax during the course of the six-month period (July-Dec).

    With a six-month aim of Rs1538 billion, the sales tax collection target for the current fiscal year 2022–23 (FY 2022-23) was set at Rs3076 billion. However, the FBR was only able to raise Rs1272 billion, or Rs266 billion, short of their goal. The aim was Rs256 billion on a monthly basis, however the FBR was only able to maintain a monthly average of Rs212 billion, resulting in a loss of Rs44 billion.

    It is important to note that the authority had set a three-month goal of reaching Rs769 billion, but it fell short by Rs127 billion after collecting only Rs642 billion instead.

    If the FBR’s behaviour continues, the government may suffer a loss of Rs532 billion each year. Additionally, the International Monetary Fund (IMF) has “suggested” raising the sales tax by 1 percentage point, bringing it to a maximum of 18 percentage points.

  • Government preparing Rs200 billion mini budget

    Government preparing Rs200 billion mini budget

    Canada Global (Web News) Government is putting together an order to present a minibudget of Rs 200 billion, which is anticipated to contain a Rs 100 billion flood charge tax.

    According to sources in the Ministry of Finance, a number of measures have been discussed to impose the tax on non-filers, including the collection of Rs100 billion in withholding tax by ordinance.

    Sources claim that petroleum products should be subject to sales tax at the retail price. Before deciding to increase the fuel levy rate, the Prime Minister will be consulted.

    The International Monetary Fund (IMF) wants the ordinance to be in place before the mission departs because, according to sources, the IMF would send a team to Pakistan after the law is put into effect.

  • Manitoba premier suggests financial aid, budget consultations float more tax cuts

    Manitoba premier suggests financial aid, budget consultations float more tax cuts

    Canada Global (Web News) In the next days, Manitoba Premier Heather Stefanson may announce further financial assistance to help residents cope with inflation.

    Everyone is having trouble making ends meet, according to Stefanson, and more information on how the government will assist will be released later this week.

    The administration of the Progressive Conservatives gave checks to low-income seniors and middle-class families with kids last October.

    Stefanson said that because inflation is affecting everyone, the government is now considering a wider variety of people.

    The pre-budget survey from the Progressive Conservative government was published online over the weekend and asks people what kind of aid they would like to see.

    One-time rebate checks for all Manitobans, income tax reductions, and a reduction in the sales tax are a few ideas.

  • Mayor announces Toronto’s residential tax rate will rise by 5.5%

    Mayor announces Toronto’s residential tax rate will rise by 5.5%

    Canada Global (Web News) Mayor unveil the 2023 budget, Mayor John Tory has announced that Toronto’s residential tax rate will rise by 5.5%.

    Tory made the announcement on Tuesday and stated that the increase is less than the 6.6 percent rate of inflation.

    “However, I recognise that it is a significant increase and that we are asking people to pay more,” Tory added. “I wish it could be lower because I know that any cost increase at this time is difficult for people to bear.”

    Tory stated that, while he wishes it could be lower, the city’s budget faced severe challenges this year, including ongoing COVID-19 pandemic costs of $5.5 billion since it began in 2020.

    Tory declared, “I don’t think we can afford to reduce the fire service, the ambulance service, parks, or help for housing.

    To solve this gap, he added, “I do not want to suspend or cancel more projects since I know this will have bad implications on our city short term, longer term, and on much needed jobs.”

    The city building levy increase of 1.5% was added to the 2.9% property tax rise in Toronto in 2022. The average homeowner’s bill increased by around $140 as a result.

    Tory added that a proposed 3% tax hike for water, wastewater, and solid waste is also included in the 2023 budget. He further mentioned the “hotel tax.”

    The planned rate increase for commercial properties is 2.75 percent, and the proposed tax increase for industrial properties is 5.5 percent.

  • Tax season strike? Union at Canada Revenue Agency says voting starts this month

    Tax season strike? Union at Canada Revenue Agency says voting starts this month

    Canada Global (Web News) More than 35,000 employees of the Canada Revenue Agency, who have been working without a contract for more than a year, will soon vote on whether to strike during tax season, according to their union.

    Negotiations broke down over pay and remote work, the Public Service Alliance of Canada and the Union of Taxation Employees (PSAC-UTE) will hold strike votes later this month.

    The union announced in a news release on Tuesday that strike voting will take place between January 31 and April 7. With workers going more than a year without a contract, the union claimed in September that negotiations with the government had come to a standstill.

    Between February 20 and April 30, Canadians can file their income tax and benefit return for 2022.

    PSAC-UTE and the organisation will move on to Public Interest Commission hearings on January 27 and February 20 with the Federal Public Sector Labour Relations and Employment Board, the union stated. Their non-binding recommendations to achieve an agreement are anticipated this spring.

    If members approve a strike mandate, PSAC-UTE claimed it will be in a legal position to strike after the commission releases its report.

    “When Canadians needed us most during the pandemic, we delivered,” said Marc Brière, UTE national president, in the press announcement. “We processed over 30 million CERB applications and provided historic financial relief to millions of those hardest afflicted by COVID-19.”

    But the Canada Revenue Agency has completely disregarded employees at the bargaining table, and the greatest way to increase pressure to secure a fair deal for our members is with a strong strike mandate.

  • Alberta to pass legislation to re-index income tax, finance minister.

    Alberta to pass legislation to re-index income tax, finance minister.

    Canada Global (Web News) Alberta’s finance minister says legislation will be introduced next month to re-index both income tax brackets and benefit payments for seniors and people with severe disabilities.

    But Travis Toews says action on the proposed new health spending accounts won’t come until the spring budget

    Further legislation will be introduced in this fall’s session and will certainly support the commitments we have made to date on reindexing.

    But Travis Toews said it would be a combination of additional tax relief and some targeted support for those who are really feeling it right now.

    Three years ago the government abolished income tax rates and benefit payments

    Premier Daniel Smith has said a broader inflation-fighting package is coming soon, promising help with petrol taxes and electricity bills.

    The comments came after Smith released an outline of goals and priorities for his department.

  • Biden issues a windfall tax warning against “war profiteering” oil companies.

    Biden issues a windfall tax warning against “war profiteering” oil companies.

    Joe Biden, the vice president of the United States, criticised the oil and gas industry for making large profits after the rise in crude prices that followed Russia’s invasion of Ukraine.

    Prior to the midterm elections on November 8, Biden cautioned that major oil firms risk paying a windfall tax if they do not contribute a portion of their profits in lowering costs for American consumers.

    It’s time for these businesses to stop making money off of war, fulfil their obligations to this nation, and offer the American people a break while still doing well, he said.

    The president also cautioned that there may be “additional constraints” and a “higher tax on their surplus profits” for businesses.
    Chevron and ExxonMobil, two US competitors, estimated profits in the neighbourhood of $70 billion this year, nearly a three-fold increase from 2021.

    A “windfall from the horrible conflict that is devouring Ukraine and hurting tens of thousands of people throughout the world,” according to Biden, is how he described the record profits.

    According to the American Automobile Association, the average gallon of gas cost more than $4.80 in July. After the Biden administration removed 180 million barrels from the Strategic Petroleum Reserve earlier this year, it has subsequently dropped to an average price of $3.76.

    Jordan claimed that “this was an opportunity for the president to come out and tell voters that he is still working on this problem” because “the Biden administration knows that Americans look at the price of gasoline as a forerunner of how they are doing overall economically.”

    The CEO of the American Exploration & Production Council, Anne Bradbury, said the possibility of a windfall tax “would certainly backfire by further driving up energy costs for American households and businesses.” Industry groups have denounced the idea.

    The House of Representatives and Senate, where the Democrats have a tenuous hold on power, would need to pass a windfall tax.