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The Ledger, Feb. 18: The week that was in Canadian accounting news

The CRA's tax raids headlined news but there was plenty of opinion on the future of NAFTA

Author: Colin Ellis

TORONTO, Feb. 18, 2018 – Canadian Accountant's weekly round-up of Canadian accounting news stories: 

Canada Revenue Agency makes it moves

The biggest news for Canadian accountants this week came from the CRA, which finally agreed to release the data necessary to calculate Canada’s tax gap. Then they followed that news with three major raids in Canadian cities linked to alleged tax evasion as leaked in the Panama Papers. We reported extensively on the news and were the only outlet to question the timing of the news

Among the better reporting on the tax gap and raids came from the Toronto Star. Of course, the CRA continues to shoot itself in the foot, this time by going after serves for their tips at one PEI restaurant group

Numerous NAFTA opinions but no NAFTA news

Lots of opining this week on NAFTA but no real news. Unlike former Prime Minister Stephen Harper, who infamously disparaged the Canadian negotiating team, Canadian Conservative icons Brian Mulroney and David Frum said playing for time and sticking to one’s guns was the right move.  

There’s support for that view in the U.S. as well, though there are Canadian pundits who would like to see NAFTA cancelled anyway or at least some form of capitulation. But the Trump team now wants renegotiation, not cancellation.

Talks are scheduled to begin on February 25 in Mexico City on the thorny issue of the auto sector. Here are the views from Bloomberg, Global news, and the CEO of Magna, who was also interviewed here.

BC Hydro debt explained

For one view of deferred expenses and its use in public utility accounting, we bring you this analysis from a former KPMG partner and an economist.

Cryptocurrency tax reporting

Canadian holders of cryptocurrencies such as Bitcoin are not reporting their holdings as investments, says one of the few lawyers specializing in cryptocurrency law.

Colin Ellis is managing editor of Canadian Accountant.

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