The Ledger, Dec. 17: The week that was in Canadian accounting news
Liberals wrap up tax reform policies for 2017
TORONTO, Dec. 17, 2017 – Canadian Accountant's weekly round-up of Canadian accounting news stories:
Morneau wraps up income splitting
On Wednesday, Bill Morneau wrapped up a rough year on tax reform by announcing the government’s rules on income splitting, watered down from previous policy. We called it “heading for the off-ramp.” The Globe and Mail called it “constant retreat.” The Sun Media chain — hardly a fan of any Liberal government — called it “choking by red tape.”
Twinkle Twinkle, Toronto Star
Amidst the announcements on personal tax policies, the Toronto Star shone by running series on the divergent paths of corporate and personal tax. “100 years of Canadian income taxes” wins the award for most boring headline of the year but excellent work by the Star and Corporate Knights on tracking the gap statistically.
CRA VDP coverage MIA
The government wrapped up the week with a lump of coal for anyone caught hiding money offshore—especially if your name is leaked in another Paradise Papers. The news was pretty much ignored by most media, with the exception of Canadian Accountant, but may have far-reaching repercussions.
Casino economy fills government coffers
News that Asian gangs were using the River Rock casino in B.C. to launder money has given Canadians a rare look into the byzantine business dealings between private casino corporations and governments dependent on gambling revenue. The Globe and Mail reported that Ontario is probing Great Canadian Gaming, which operates in Ontario as well as B.C.
OSC to publish non-GAAP formal rules this spring
The Globe and Mail says “Canadian companies are hooked on their own, rosier versions of their earnings performance.” Well, gee. Al Rosen’s been saying that for years. But their article brings news that the Ontario Securities Commission will be publishing formal rules in the spring on non-GAAP financial disclosure.
Colin Ellis is editor-in-chief of Canadian Accountant.