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News Update

Capital tax rebate for Ontario manufacturers and resource companies

The final round of the McGuinty government's capital tax rebate cheques for Ontario manufacturers and resource companies is being delivered this month. Eliminating capital taxes helps Ontario manufacturers and resource companies get through the current economic challenges caused by high oil prices, a high dollar and a slumping American economy.

Scotiabank On the Move With Small Business Cross-Country Tour

GTA Next Stop on Scotiabank 'Get Growing to a Million' Small Business RV Tour. Scotiabank has taken to the highway with its Small Business Banking initiative and will visit the Greater Toronto Area, (GTA), in September as part of a five month cross-country tour to deliver Scotiabank's Small Business Banking tools, experts and services to small businesses who want to 'Get Growing'.

Financial Hiring Forecast more positive for fourth quarter

Hiring in accounting and finance is expected to increase in the final months of 2008, according to executives interviewed for the most recent Robert Half International Financial Hiring Index. Ten percent of chief financial officers (CFOs) surveyed said they plan to expand the size of their teams in the fourth quarter, while 5 percent anticipate personnel reductions. The net 5 percent increase is up five points from the third-quarter projection.

EDC establishes representation in Singapore

Export Development Canada (EDC) established a representation in Singapore to better serve its customers and partners in Southeast Asia. “As a major financial and commercial centre, Singapore is a gateway into the Asian economy,” said EDC President and CEO Eric Siegel, who is in Singapore to meet with Canadian and local business leaders. “Singapore is already home to more than 80 Canadian companies, key Asian financial partners and many EDC clients.

Economic and Revenue Forecasting and Analysis Branch

Ontario Economy Slows in First Quarter of 2008 Ontario’s real Gross Domestic Product declined 0.3% in the first calendar quarter of 2008, following a 0.1% increase in the fourth quarter of 2007. The decline in constant-dollar GDP was largely due to a drop in business inventories, softer business investment, and continuing weakness in exports. In 2007, Ontario’s GDP rose by 2.2%, following growth of 2.5% in 2006.

The U.S. Housing Slump Has Yet To Hit Bottom, According to Scotia Economics

It is far too early to call an end to the U.S. housing downturn, according to the latest Real Estate Trends released by Scotia Economics. The report notes that there have been a number of encouraging signs in recent weeks that the two-and-a-half-year slide in U.S. housing activity may finally be coming to an end. While combined new and existing home sales in June fell to a fresh cycle low of 5.4 million annualized units, and are now down roughly 35 per cent from their late 2005 peak, the rate of decline has moderated since the spring.

Doc.It® Announces the Release of Doc.It® Suite 3.0

Doc.It®, a leading provider of a complete document and workflow management technology, proudly announces the release of Doc.It® Suite 3.0, which includes a dynamic new user interface and PDF Editor. This release represents Doc.It’s most significant enhancement since the introduction of the Doc.It® Suite of technology into the accounting professional marketplace in 2001.

News Update

Toronto Stock Fell

Toronto stock fell with the global sell-off in equities resulting bankruptcy of American investment bank Leman Brothers Holdings Inc., and sales of Merrill Lynch. The S&P/TSX composite index plunged about 400 points or over 3% at the opening bell led lower by Canadian Imperial Bank of Commerce (CM/TSX). CIBC.

TD Canada Trust gives back to Brampton and the largest conservation area in the GTA

As part of its commitment to building a strong presence in Canada's many diverse and growing communities, TD Canada Trust announced the grand opening of its new location in Brampton at 9085 Airport Road. Today's grand opening festivities included a $5,000 donation to Friends of Claireville and the kick off for a draw for two premium bicycles.

RBC provides $2.6 million for after-school programs across Canada

Community-based programs help build self-esteem, confidence. RBC Foundation announced that it will be providing $2.6 million in funding for 95 of Canada's leading after-school programs for the 2008-2009 school year. The recipients represent a diverse range of community-based organizations, and were chosen by panels of local citizens.

New Tax Free Savings Accounts will jumpstart Canadian savings rate after years of decline

Most dramatic change in Canada's savings system since the RRSP will result in an additional $115 billion to be "socked away" by 2013, says CIBC World Markets report - Socking money away is becoming a bigger priority for Canadians, and that trend will likely lead to a huge uptake in the new Tax Free Savings Account (TFSA) plan which will be introduced to Canadians in January 2009, notes a new CIBC World Markets report.

Immigrants, aboriginals and older workers key to skills solution

Canada needs to do a much better job of helping immigrants integrate into the workforce and developing capacity in apprenticeship programs, according to a report released today publishing the results of an exhaustive cross-Canada consultation and engagement exercise organized by the Public Policy Forum and sponsored by the Certified General Accountants Association of Canada (CGA-Canada).

Energy costs erode bottom line amid corporate confidence decline

Corporate confidence in the Canadian economy is barely registering, with only six per cent of executives saying they are more confident than a year ago, according to respondents in the CICA/RBC Business Monitor report. As well, boardroom optimism about the economy has plunged to 23 per cent from 67 per cent over the past 12 months, based on the report’s quarterly survey of Chartered Accountants in executive corporate positions across Canada.

Financial industry needs more women investment advisors

The financial industry needs more women investment advisors to meet the evolving needs of clients, according to RBC Dominion Securities. As part of its ongoing commitment to develop its women investment advisors, RBC Dominion Securities is hosting the first national Women in Wealth Management Symposium from September 7 to 9, 2008, in Vancouver.

Ernst & Young zeroes in on IFRS for human resources departments

Human resources professionals need to pay close attention to the ways International Financial Reporting Standards (IFRS) will affect compensation plans, training and retention of key resources, Ernst & Young says. “With IFRS conversion slated for January 2011, it’s time to start thinking about these crucial issues now,” says Bruce Sprague, Ernst & Young Human Capital Partner. “In many business sectors, IFRS will change earnings, earnings per share and financial position; which will impact the entire organization.”

News Update

New Excise Stamping Regime for Tobacco Products

In an effort to prevent contraband tobacco products from entering the Canadian market, and to ensure the integrity of the tobacco tax system which supports the Government's health objectives, the Canada Revenue Agency (CRA) is implementing a new excise duty stamping regime for tobacco products.

Interest rates for the fourth calendar quarter

The Canada Revenue Agency (CRA) 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 October 1, 2008 to December 31, 2008.

Tax-free Savings Account (TFSA)

Application Package - Approval Process. Before filing an election to register an arrangement as a tax-free savings account (TFSA), the issuer of the arrangement has to get a TFSA identification number. To get a number, the issuer has to complete Form RC236 Application for a Tax-free Savings Account Identification Number and send the form as part of the issuer's application package to the Registered Plans Directorate at the Canada Revenue Agency (CRA).

Government of Canada invests $20 million in anti-tobacco activities

The Honourable Gordon O'Connor, Minister of National Revenue announced a $20 million investment over the next four years to combat contraband tobacco and its damaging effects on the health of Canadians.

Financial hiring forecast more possitive for fourth quarter

East South Central, New England States to See Greatest Hiring Increases Hiring in accounting and finance is expected to increase in the final months of 2008, according to executives interviewed for the most recent Robert Half International Financial Hiring Index. Ten percent of chief financial officers (CFOs) surveyed said they plan to expand the size of their teams in the fourth quarter, while 5 percent anticipate personnel reductions.

Bank of Canada keeps overnight rate target at 3 per cent

The Bank of Canada announced that it is maintaining its target for the overnight rate at 3 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 1/4 per cent.

Rate of Employment and Unemployment

Following a decline in July, employment edged up by 15,000 in August. The unemployment rate remained unchanged at 6.1%. Since the start of the year, employment has increased by 87,000 (+0.5%), a much smaller increase compared to the 221,000 (+1.3%) of the first eight months of 2007.

News Update

2008 Law Enforcement Award of Excellence for Counterfeit Deterrence

The Bank of Canada is pleased to announce the recipients of its 2008 Law Enforcement Award of Excellence for Counterfeit Deterrence. Corporal Tim Laurence, Corporal Susan MacLean, and now-retired Staff Sergeant Ken MacDonald of the Integrated Counterfeit Enforcement Team, RCMP Toronto West, were honoured during the annual conference of the Canadian Association of Chiefs of Police in Montréal, Quebec.

Study from Robert Half International and CareerBuilder.com reveals tale of two Job Markets

Survey Shows Both Employees and Employers Face Challenges in Tough Economy.

While many workers are having a tough time finding suitable employment in today’s uncertain economy, companies also face challenges finding highly skilled people. According to the fourth annual Employment Dynamics and GrowthExpectations (EDGE) Report by Robert Half International and CareerBuilder.com, employees rated the level of challenge in finding a job at 3.56 on a one-to-five sliding scale; similarly, employers rated the level of challenge in finding qualified candidates at 3.47.

Government of Canada Moves to Implement Outstanding Tax Measures

The Honourable Jim Flaherty, Minister of Finance, released draft legislative proposals to implement the remaining tax measures from Budget 2008 along with several previously announced tax initiatives for consultation. "Our government is not only reducing the tax burden on all Canadians, many of the measures contained in this second Budget Implementation Bill will modernize our tax system and make it more efficient," said Minister Flaherty.

Canada Supports U.S. Technical Explanation of the Fifth Protocol to the Income Tax Convention

The Honourable Jim Flaherty, Minister of Finance, indicated Canadian agreement with the United States Treasury Department’s Technical Explanation to the Fifth Protocol to the Canada-United States Tax Convention. Canada ratified the Protocol on December 14, 2007, when Bill S-2 received Royal Assent.

Government of Canada Eases Tax Compliance Burden for Internationally-Engaged Canadian Businesses The Honourable Jim Flaherty, Minister of Finance, proposed changes to the Income Tax Act for Canadian businesses with foreign affiliates and those that report earnings in a foreign currency.

Bank of Canada releases Monetary Policy Report Update

2008 Ontario Savings Bonds higher rates

Bonds More Competitive – Same Flexible Purchase Options The Ontario government announced higher interest rates for the 2008 issue of Ontario Savings Bonds (OSBs) to keep pace with a changing investment market.

Private equity outshines public companies despite credit crunch

Ernst & Young study highlights long-term strengths of private equity model Private equity-owned businesses around the world excelled in 2007 and beat public company benchmarks for the third consecutive year, Ernst & Young said in a new study.

Global Talent Shortage continues in Accounting and Finance

Report Finds Hiring and Retaining Skilled Professionals Still Challenging A shortage of experienced accounting and finance professionals continues to affect employers around the world, according to the second annual Robert Half Global Financial Employment Monitor. For the second consecutive year, more than half (56 percent) of the finance and human resources managers surveyed worldwide reported difficulty finding skilled job candidates.

News Update

CRA revokes the charitable status of International Charity Association Network

The Canada Revenue Agency (CRA) has revoked the registered charity status of International Charity Association Network (ICAN) effective August 9, 2008. On December 3, 2007, the Minister of National Revenue issued a notice of intent to revoke the charitable registration of ICAN, in accordance with subsection 168(2) of the Income Tax Act. ICAN filed a motion with the Federal Court of Appeal seeking an extended period before revocation, which was subsequently dismissed. In its decision, the Court stated, in part, that.

FCAC encourages consumers to understand credit card fees before travelling abroad

Agency updates its Credit Cards and You interactive tool Financial Consumer Agency of Canada (FCAC) released the latest update to its Credit Cards and You comparison tool. This tool compares over 200 credit cards, allowing consumers to easily select the one that best suits their needs based on annual fees, interest rates, rewards, benefits and more.

Canada and the rising cost of energy

Higher oil prices have sharply raised the cost of filling up at the pump for drivers. However, driving and commuting habits have been slow to change since 2002, partly because the squeeze of higher gasoline bills on household budgets has been partly offset by lower prices for other goods such as autos as well as by higher incomes. Meanwhile, higher prices have lifted energy to Canada's leading export so far in 2008.

Canadian international merchandise trade

Canada's trade surplus with the world expanded to $5.8 billion in June from $5.2 billion in May, as energy exports to the United States increased. Canadian companies exported merchandise worth $43.2 billion in June, up 3.1% from the previous month, as prices increased 4.5% and volumes declined 1.4%. Overall, export prices have been on the rise for the past eight months, while volumes have been trending downward.

Domestic sales of refined petroleum products

A 3.4% decline in the sales of refined petroleum products in June, compared with the same month in 2007, was led by lower demand for motor gasoline and diesel fuel oil. This was the second consecutive month of a year-over-year decline in sales for motor gasoline and diesel fuel oil.

Minister of Industry Stands Up for Consumers on Text Messaging Fees

As I committed to on July 9, I have now met with the chief executive officers of Bell Mobility and TELUS and have expressed, on behalf of Canadian consumers, my serious concerns with their plans to potentially charge for unsolicited, unwanted spam text messages.

BMO Spend & Payment Solutions Renews Partnership with the Province of Ontario

BMO Spend & Payment Solutions, a division of BMO Financial Group, announced that it has been awarded a new contract by the Ontario Government to provide a fully integrated corporate travel and purchase card program that will enhance the Province’s ability to track, analyze and manage purchasing and employee travel-related expenses.

News Update

Inflation to hit 6 per cent in 2009: CIBC World Markets

Inflation in the U.S. will hit six per cent within the next six months forcing the Federal Reserve Board to raise interest rates by at least 200 basis points, forecasts a new CIBC World Markets report.

Appointment to the Canada Revenue Board of Management

The Honourable Gordon O'Connor, Minister of National Revenue announced the appointment of Mr. Norman Halldorson to the Canada Revenue Agency (CRA) Board of Management. Mr. Halldorson was nominated by the Province of Saskatchewan.

HSBC Bank Canada to acquire HSBC Financial Corporation Limited

HSBC Bank Canada and HSBC Financial Corporation Limited have jointly announced that HSBC Bank Canada intends to acquire HSBC Financial Corporation Limited from HSBC Finance Corporation in the United States. The planned internal transaction is the result of an ongoing strategic review of the HSBC Group’s North American operations and is expected to close by the end of 2008, subject to regulatory and Board approvals.

FINCAD Analytics Software Integratation

Financial Tradeware, supplier of automated portfolio management, trading and accounting solutions to the funds industry, has joined the FINCAD Alliance Program to integrate FINCAD Analytics into its products which automate the activities of the investment, asset and hedge fund industries.

Bank of Canada releases 2009 schedule of dates for its policy interest rate announcements

The Bank of Canada released its 2009 schedule of eight dates for announcing decisions on its key policy interest rate, and confirmed the announcement dates for the remainder of this year. The announcement dates from September 2008 through December 2009.

Labour Force Survey

Following gains at the beginning of 2008, and little change from April to June, employment dropped by 55,000 in July. The unemployment rate edged down 0.1 percentage points to 6.1%, as many people, particularly youth, left the labour force.

Business Conditions Survey: Traveller accommodation industries

Hoteliers' expectations for the summer quarter of 2008 are less optimistic than expectations recorded for the previous four quarters. Only 12% of hoteliers expected that the number of room nights booked between July and September this year would be higher than in the third quarter of 2007. In contrast, more than one-half expected the number of bookings to be lower.

News Update

Government of Canada Moves to Implement Outstanding Tax Measures

Fifth Protocol to the Canada-United States Income Tax Convention

Tax Compliance Burden Eased for Internationally-Engaged Canadian Businesses

The Honourable Jim Flaherty, Minister of Finance, proposed changes to the Income Tax Act for Canadian businesses with foreign affiliates and those that report earnings in a foreign currency. "Our government is committed to creating a corporate tax system that is both fair and internationally competitive," said Minister Flaherty. "The proposals I am announcing will improve the tax system and will assist Canadian businesses in complying with the tax law."

Bank of Canada releases Monetary Policy Report Update

The Bank of Canada released its July Monetary Policy Report Update. In it, the Bank described three major developments affecting the Canadian economy: protracted weakness in the U.S. economy, ongoing turbulence in global financial markets, and sharp increases in the prices of certain commodities, particularly energy. While the first two developments are evolving roughly in line with expectations outlined in the April Monetary Policy Report, many commodity prices continue to outpace earlier expectations, which has altered the outlook for global and domestic inflation.

2008 Ontario Savings Bonds higher rates announce

Private equity outshines public companies despite credit crunch

Global Talent Shortage continues in Accounting and Finance

Report Finds Hiring and Retaining Skilled Professionals Still Challenging. A shortage of experienced accounting and finance professionals continues to affect employers around the world, according to the second annual Robert Half Global Financial Employment Monitor.