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The Ledger, Feb. 25: The week that was in Canadian accounting news

The Income Tax Act needs changes, says left and right policy think tanks.

Author: Colin Ellis

TORONTO, Feb. 245 2018 – Canadian Accountant's weekly round-up of Canadian accounting news stories:

Addressing Canada’s Income Tax Act

This week we saw a number of think tanks stake out their position on reforming the Income Tax Act. The Canadian Taxpayers’ Federation called for a complete overhaul, while the Broadbent Institute published a very handy guide to five tax loopholes that they claim should be closed in this February’s budget. Of course, what some people call “loopholes,” others call “incentives.”

Carillion collapse worth a look from Canadian Accountants

Canadian accountants may want to take a look at coverage of the collapse of a public sector conglomerate in the UK known as Carillion. This week, senior executives from KPMG and Deloitte were hauled before a committee and skewered by UK MPs. Coverage here as well from Economia and The Times

NAFTA talks resume in Mexico City

As NAFTA talks move on to the auto sector and steel tariffs, the possibility of extended talks past the March deadline and into the Mexico elections is looking even more likely as Mexico’s ruling party has begin campaigning.

The Vancouver Board of Trade is worried about labour mobility. US House Democrats are concerned about low wages in Mexico. Meanwhile, Mexico has begun to turn to Brazilian corn imports, impacting US trade. The Wall Street Journal is critical of Trudeau’s attempts to insert “political correctness” into negotiations.

Phoenix payroll problems always on fire

The Public Service Alliance of Canada, the union for government workers, isn’t happy with the ongoing problems of the Phoenix payroll system and wants municipalities to get involved in pressuring the feds.

Warm hearts at Root Bissonnette Walker LLP

The warm-hearted folks at Fonthill, Ont. accounting firm Root Bissonnette Walker brave the coldest night of the year to raise money for the local Open Arms Mission in Welland. The firm also does the shelter’s finances.

Colin Ellis is managing editor of Canadian Accountant.

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