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The Ledger, March 4: The week that was in Canadian accounting news

Federal budget on tax evasion, Trump threatens steel tariffs, plus financial shenanigans

Author: Colin Ellis

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:

Budget 2018: Liberals spend billions to close gaps for working women, Indigenous families (CBC)

Canada Pushes Back Against Corporate Tax Cuts (Wall Street Journal)

Top disappointments of Budget 2018, by the numbers (Rabble.ca)

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)

Morneau eyes tax evasion crackdown that would share confidential information (Financial Post)

Budget 2018 includes plan to share Canadian tax info with foreign governments (CTV) 

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)

I've Seen The Horror Of Trump's Tariffs Before, With Reagan's Terrible Trade Policies (Forbes)

The Daily 202: Trump triangulates on trade. Here are five takeaways from the tariff announcement (The Washington Post)

China 'won't sit idly by' if US harms trade (Rappler)

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?

It’s true, at least according to a TD Ameritrade survey of U.S. investors, that, when it comes to tax advice, accountants come second to the financial advisors.

Farmers warned of tax bills at FarmTech

CPAs give farmers some free tax advice at Alberta farming conference.

Self-Employed get some free tax advice as well

Got a “side hustle?” Don’t forget the tax man, even in the cashless economy.

Colin Ellis is managing editor of Canadian Accountant.

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