Tag: Department of Finance

90% of Businesses Exempt From Federal Bill Mandating Ownership Disclosure: Report

July 21, 2023
Bill C-42Canadacorporate registryDepartment of FinanceDepartment of IndustryTransparency International CanadaWorld
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Only around 10 percent of businesses in Canada are legally obliged to disclose ownership details to the federal government, says a Department of Industry briefing note. Ninety percent of companies are registered within their home province or territory and are not covered by the legislation. The vast majority of Canadian businesses, therefore, are exempt from…

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Federal Report Proposes Non-Profits Disclose Suspicious Cash Transactions

May 24, 2023
CanadaDepartment of Financemoney launderingNon-profitWorld
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The federal government would like to make non-profit groups disclose suspicious cash transactions, according to documents. The proposal is in a federal report by the Department of Finance, which says non-profits are “at risk of terrorist financing abuse,” according to Blacklock’s Reporter. “These organizations were identified as being at risk of terrorist financing abuse as…

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CRA Aims to Mandate That Tax Payments Over $10K Must Be Done Electronically

April 26, 2023
CanadaCanada Revenue AgencyDepartment of FinanceWorld
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The Canada Revenue Agency (CRA) has introduced a new proposed mandate dictating that all tax payments over $10,000 must be done electronically rather than by mailed cheque, MPs on a House of Commons committee heard Tuesday. Lindsay Gwyer, the Department of Finance’s director general of its tax policy branch, told the Commons Standing Committee on Finance…

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More Canadians Against Than in Favour of Sending Additional Aid to Ukraine: Federal Research

April 11, 2023
Aid to UkraineCanadaDepartment of FinanceUkraineWorld
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A greater number of Canadians are against rather than in favour of sending additional financial aid to Ukraine out of concerns that it will add to Canada’s deficit, according to internal research by the federal Department of Finance. The department’s findings were based on 10 online focus groups and questionnaires surveying over 2,000 people across the country…

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Finance Committee Urges Freeland to Raise Taxes in New Budget

March 16, 2023
CanadaChrystia FreelandDepartment of Financeluxury taxWorld
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The House of Commons Standing Committee on Finance is urging Finance Minister Chrystia Freeland to introduce tax hikes in the federal government’s upcoming budget, which will be tabled near the end of March. Some witnesses who testified before the committee called on the government to “address growing income inequality,” according to a committee report presented to the House on…

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