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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, July 2, 2008
2008-049

The Honourable Jim Flaherty, Minister of Finance, today released new guidelines for stock exchanges that seek to become Designated Stock Exchanges for income tax purposes. The guidelines will provide greater transparency and increased opportunities for investors, and will improve the ability of Canadian capital markets to respond to global market developments.

“With today’s release of principles that will guide our government’s official designation of domestic and foreign stock exchanges, Canadians can make informed investment decisions confident that securities trade on well-governed, regulated and transparent markets,” said Minister Flaherty. “At the same time, foreign exchanges can now rely on clear rules in their efforts to attract Canadian investments.”

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The following is available on the Canada Newsroom:

Ottawa, June 18, 2008
2008-046

The Honourable Jim Flaherty, Minister of Finance, today welcomed the support of the Senate and the House of Commons for the passage of Bill C-50, legislation that will help strengthen the Canadian economy. The bill received Royal Assent today, allowing for the implementation of important elements of Budget 2008. Key measures in the bill include the Tax-Free Savings Account, initiatives to modernize Canada’s immigration system, increased funding for more front-line police officers and public transit across Canada, and increased support for post-secondary students.

“Our government is providing responsible leadership in challenging times by focusing on the priorities of Canadians, cutting taxes, and investing in people, knowledge and communities,” said Minister Flaherty. “Bill C-50 is a balanced, focused and prudent bill that will strengthen our economic fundamentals and better position Canada to compete in this highly competitive global economy.”

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Personally, I don’t electronically file T2 Corporation Tax Returns and probably never will. It’s not a big deal to paper file. A separate bar Federal Bar Code coversheet attached to the RSI Printing summary of the entire T2 is not a waste of paper consumption in my mind, and usually (for my clients) assessments usually happen between 2 and 4 weeks for corporate returns. I’m “old school”! I have my clients sign the filing copy of T2 and deliver it with a cover page right to Canada Revenue Agency’s door myself. CRA stopped sending back acknowledgement notices or mailing receipts, but I be sure to smile for the cameras and point the envelope cover to the camera.

Of course if your company is required to make large instalments and by the time you file your T2 Tax Return you have a loss in the company and want your refund as quick as possible, then Efiling might be the way to go. Assessments (for clients of other professionals that I know) usually happen within 10-15 days. I am not suggesting that one way is better or worse than the other. As you know .. most refunds people and corporations are getting - are their own money. Some want it back as soon as possible, and others don’t mind carrying it forward towards the next fiscal year.

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The following is now available on the CRA Web site:

Did You Know …

That you can file your goods and services tax/harmonized sales tax (GST/HST) return electronically from your home or office? Eligible registrants can use the access code from their personalized return to file returns with an amount owing, a nil balance, or a refund of $10,000 or less using GST/HST NETFILE or GST/HST TELEFILE.

When you file a return electronically, there is no need to send the Canada Revenue Agency a paper copy of your return. You will also benefit from immediate confirmation that your return has been received and faster refunds. Need to pay a balance owing? Many businesses find it convenient to use their financial institution’s Internet or telephone banking service.

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The following is now available on the CRA Web site:

News Release:

Average refund for 2007 tax year increases almost $200 over last year

Ottawa, Ontario, May 30, 2008… The Honourable Gordon O’Connor, Minister of National Revenue, today announced the average refund for the 2007 tax year is worth approximately $1,440 to Canadians—an increase of almost $200 per person since last year.

“As a result of our government’s various tax relief measures, income tax refunds are up significantly this year,” said Minister O’Connor. “Thanks to measures such as the children’s fitness tax credit, the public transit amount, and pension income splitting, Canadians everywhere can use that money to save, invest, or spend it on things they need.”

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The following is now available on the CRA Web site:

Did you know…

That you can access even more of your tax information from the convenience of your desktop computer? Recent enhancements to My Business Account make tax time easier for sole proprietors, partners, directors, and officers.

As a business owner, you can now:

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The following News Release or Speech was posted on the Finance Canada Site

Ottawa, May 23, 2008
2008-039

The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for March 2008.
Highlights

March 2008: budgetary deficit of $1.2 billion

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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, May 8, 2008
2008-037

The Honourable Jim Flaherty, Minister of Finance, today announced regulatory changes are now in effect allowing Canadians to take advantage of Budget 2008 improvements to the administration of Life Income Funds (LIFs).

“Many people, such as seniors, pensioners and individuals facing financial hardship, will now have greater freedom to move their investments and use the money when they want, for what they want,” said Minister Flaherty. “These changes simply reflect the greater range of employment and lifestyle choices available in our fast-paced global economy.”

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* It’s about time! Although I do not have any corporate clients from Ontario anymore .. back in the ‘ole’ days .. I did have clients with multi-jurisdictions. I always dreaded the filing of these wasteful and additional Alberta and Ontario T2’s - it really was a waste of paper. … // HART

The following is now available on the CRA Web site:

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The following is now available on the CRA Web site:

Tax Alert:

The Canada Revenue Agency (CRA) is reminding Canadians to properly indicate their province or territory of residence on their tax returns. This ensures that you are paying the taxes you owe, and allows the CRA to properly distribute the taxes it collects on behalf of provinces and territories.

When you let us know where you were living on December 31, it helps to determine which province or territory will receive your tax dollars. The CRA collects taxes for individuals on behalf of all provinces and territories except Quebec. Services and social programs that you and your family use on a day-to-day basis are directly affected when you don’t pay taxes to the proper province or territory.

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