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The Ledger, Dec. 3: The week that was in Canadian accounting news

Tax overhauls, M&A activity, CRA rulebooks and financial report cards

Author: Colin Ellis

TORONTO, Dec. 3, 2017 – Canadian Accountant's weekly round-up of Canadian accounting news stories:

Republicans trump tax opponents

The biggest news in Canadian accounting didn’t even happen in Canada. It was the early Saturday morning announcement that U.S. Senate Republicans had passed a massive tax bill that would cost a trillion dollars over 10 years and lower the corporate tax rate to around 20 per cent. You don’t need links on this one because the news is everywhere. As Justin Trudeau’s father once said, living next to the U.S. is like sleeping with an elephant.

Mergers & Acquisitions

While the major news of the week in accounting M&A was the acquisition of Collins Barrow Toronto by RSM International, it wasn’t the only M&A activity. In Victoria, Hulko Cameron Wellburn merged with MNP, while Grant Thornton acquired F. Kent Williams CA, Inc., an accounting firm in New Glasgow, Nova Scotia.

CRA Rulebooks?

Accusations are building that the Canada Revenue Agency has one set of tax rules for average Canadians and another for the wealthy, according to coverage here and here.

Municipal Finances Report Card

Want to find out which cities can boast the best fiscal accountability and budget clarity? Read the report by the C.D. Howe Institute here or reports from Surrey, Calgary, and Toronto.

Gimme Shelter

Thunder Bay CPA David Facca was profiled by the CBC this week for his volunteer work in cooking meals at a local shelter once a month for the past year.

Colin Ellis is editor-in-chief of Canadian Accountant.

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