Credit where it's due

Article Abstract:

Revenue Canada has been witnessing a sharp decline in the number of claims for Scientific Research and Experimental Development (R&D) tax credits since the elimination of retroactive claims on Sep 13, 1994. The move compelled companies to disregard tax credit claims, believing that obtaining the benefits of tax incentives is not worth the trouble of filing one. In addressing the problem, Revenue Canada undertook a series of measures aimed towards enhancing its client service oriented activities. Professional advisers are also encouraged to promote the use of information reporting systems and disseminate technical and financial information.

Research & Development, Scientific Research and Development Services, Management, Industrial research, Research institutes, Tax credits, Canada. Customs and Revenue Agency

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When a donation is not a gift

Article Abstract:

Canadian Finance Minister Paul Martin has introduced a bill which provides for the reduction of tax benefits granted to corporations that offer non-qualifying securities to charitable institutions. The bill is primarily aimed at preventing companies from issuing valueless donations or gifts which do not benefit tax payers nor charities. The proposed legislation further attempts to deter the circulation of loan-back gifts and non-qualifying shares in charities and other related institutions.;

SOCIAL SERVICES, Private Social Services, Social Assistance, Laws, regulations and rules, Charities, Charitable contributions, Charitable donations

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No

Article Abstract:

The adoption of an independent tax collecting agency in Canada would only jeopardize the country's tax system and make its tax policies more intricate. An autonomous tax body would not only enhance the political prowess of government officials but would promote internal bureaucracy, as well. Further, the move is expected to increase the financial burden of taxpayers, while depriving them of certain tax privileges.

Tax Administration, Evaluation, Tax administration and procedure, Tax collection

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