The Ledger, March 4: The week that was in Canadian accounting news
Federal budget on tax evasion, Trump threatens steel tariffs, plus financial shenanigans
TORONTO, March 4, 2018 – Canadian Accountant's weekly round-up of Canadian accounting news stories:
Federal budget brings more tax evasion scrutiny
In the tremendous amount of coverage given the federal budget last week, a few angles stood out as particularly pertinent to Canadian accountants:
Canada Pushes Back Against Corporate Tax Cuts (Wall Street Journal)
What’s next for Canada’s economy (The Economist)
Morneau eyes tax evasion crackdown that would share confidential information (Canadian Business)
The fintech sector wondered why it was being ignored (Globe and Mail)
Trump threatens trade war over steel
The second major story, of particular interest to corporate accountants, is the looming spectre of a trade war, as U.S. President Donald Trump lashed out at trading partners and threatened steel tariffs:
Fed officials voice concern about Trump tariffs (Financial Times)
The Trump Steel Tariffs Are Economically Small and Symbolically Huge (New York Times)
IWK financial shenanigans make it snow in June
The CBC has obtained financial records from the IWK Health Centre in the Maritimes through Freedom of Information requests. Documents suggest at the very least a lack of accounting and financial controls. Halifax Regional Police are investigating. The Centre says it won’t comment until the release of an auditor general’s report.
Tax avoidance trial delayed due to lack of resources
It’s bad enough that Canada has a reputation for lax rules when it comes to white collar crime. Now a Toronto judge says a tax avoidance trial can’t go to court due to a lack of resources.
Investors trust financial advisors more than tax accountants?
Farmers warned of tax bills at FarmTech
Self-Employed get some free tax advice as well
Colin Ellis is managing editor of Canadian Accountant.