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The following was released on the Canada News Site ..

OTTAWA, ONTARIO, December 21, 2007

Human Resources and Social Development Canada today announced the latest benefit rates for the Canada Pension Plan (CPP) and Old Age Security (OAS).

Canadians already receiving CPP benefits as of December 2007 will get an increase of 2.0 percent on January 1, 2008. Canada Pension Plan benefits are adjusted once a year, in January. Increases are based on changes over a 12-month period in the Consumer Price Index, which is the cost-of-living measure used by Statistics Canada.

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The following is now available on the CRA Web site:

Fact Sheet

Each year, certain personal income tax amounts are indexed to inflation using the Consumer Price Index data, as reported by Statistics Canada.

Increases to tax bracket thresholds, personal amounts and other amounts relating to non-refundable credits, as well as the refundable medical expense supplement and Old Age Security repayment threshold, will take effect as of January 1, 2008. Increases to the Canada Child Tax Benefit (including the National Child Benefit supplement and the Child Disability Benefit) and the Goods and Services Tax Credit will take effect as of July 1, 2008, to coincide with the beginning of the “program year” for payment of these benefits.

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

Ottawa, December 14, 2007
2007-101

The Honourable Jim Flaherty, Minister of Finance, today announced that Bill C-28—the final 2007 budget implementation bill—has received Royal Assent, providing further tax relief for individuals, families and businesses. This bill enacts into law measures included in Budget 2007 and the 2007 Economic Statement.

“Our government is establishing a proud legacy of tax relief for all Canadians,” said Minister Flaherty. “Since coming to office nearly two years ago, we have reduced the overall tax burden by about $190 billion, bringing taxes to their lowest level in nearly half a century.”

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

December 14, 2007
2007-100

The Honourable Jim Flaherty, Minister of Finance, today announced that, as a result of Bill S-2 having received Royal Assent, Canada has now completed the steps required in this country to give effect to the fifth Protocol to the Canada-United States Income Tax Convention. The Protocol will come into effect once it has been ratified by the United States and the two countries have formally notified each other that their procedures are complete.

“Modernizing this long-standing treaty will encourage further trade and investment in Canada and the United States and help us to better compete in the global economy,” said Minister Flaherty. “I am hopeful that the U.S. will soon ratify the Protocol so that individuals and businesses on both sides of the border, including manufacturers, can realize the significant benefits of the updated treaty.”

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The following is now available on the CRA Web site:

News release

Ottawa, Ontario, December 7, 2007… The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates are calculated quarterly in accordance with applicable legislation and will be in effect from January 1, 2008, to March 31, 2008.

Income tax

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Last week (Monday November 26, 2007) .. I sent via our Canada Post (parcel Post) a VHS video to a friend in England. He received it Friday, November 30, 2007 delivered to his door. Isn’t that amazing?

You were probably wondering that you might want to support our troops overseas by wishing them a Merry Christmas or Seasons Greeting message, but it probably wouldn’t be delivered in time. Not so! There is still lots of time! In fact …

….. The following has been posted on the Canada News Website…..

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The following is available online ..

No. H 227/07
For release - November 30, 2007

OTTAWA — The Government of Canada is proposing an amendment to the Motor Vehicle Safety Regulations (MVSR) to clarify and make it easier for Canadians to import vehicles from the United States built as of September 1, 2007, which are already equipped with an electronic immobilization system or can be fitted with one.

The proposed amendment will be published in the Canada Gazette Part I on December 1, 2007. It would modify section 12 of the Motor Vehicle Safety Regulations as it pertains to importing new vehicles sold in the United States. Interested parties have 15 days to comment. The proposed regulation would take effect shortly after the consultation period.

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News Release

Ottawa, Ontario, November 29, 2007…The Canada Revenue Agency (CRA) has issued a Notice of Suspension to International Charity Association Network (ICAN), a registered charity under the Income Tax Act (ITA), stating that it has been suspended for one year beginning on November 28, 2007.

As stated in the Notice of Suspension:

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The following is now available on the CRA Web site

Alert

The Canada Revenue Agency (CRA) is finding an increasing number of questionable Registered Retirement Savings Plan (RRSP) and Registered Retirement Income Fund (RRIF) tax-free withdrawal schemes. The CRA is warning that investing in such schemes could result in you losing your entire retirement savings to unscrupulous promoters and in a reassessment of your tax returns.

Stats and Facts

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Canada’s Environment Minister, John Baird, today issued the following statement on the release of the United Nations Development Program’s Report 2007/2008 - Climate Change and Human Development. The annual report outlines a human development index, ranking most of the world’s countries on health, educational and economic indicators. This year Canada is ranked in fourth place, a climb up from last year’s sixth place.