Friday , February 23 2018
Breaking News


Canada’s container trade growth set to sail past U.S: Maersk


OTTAWA: The signing of two major trade deals with global trading partners will help send Canada’s growth in imports and exports by container surging past that of the United States, marine shipper Maersk Line says. As free-trade talks with the United States and Mexico drag on, Canada launched a trade agreement with Europe in September and is set to sign ... Read More »

Oil pipeline squeeze to cost Canadian economy $10.7b in 2018 Scotiabank says


OTTAWA:  Delayed oil pipeline construction is causing a steep discount for Canadian crude prices that is costing the economy roughly $15.6 billion a year or about 0.75 per cent of GDP, according to Scotiabank. Pipeline approval delays have imposed clear, demonstrable and substantial economic costs on the Canadian economy,” said bank chief economist Jean-Francois Perrault in a report Tuesday. The ... Read More »

Value of Canada’s avocado, cherry imports soars in 2017


OTTAWA: The value of both cherry and avocado imports into Canada rose by nearly a third in 2017, despite volumes of the latter only increasing by 3% year-on-year. Data from the International Trade Center (ITC) shows the North American country imported US$224 million of avocados last year, marking a 28% lift from 2016. Volumes, however, rose by a much more modest ... Read More »

Canada evaluating impact of lower U.S. corporate tax


TORONTO: The Canadian government is evaluating what impact lower U.S. corporate taxes could have on competitiveness north of the border, the finance minister said on Friday, though he gave no details on what Canada might do in response. Finance Minister Bill Morneau met with a group of private sector economists earlier in the day to discuss the Canadian outlook ahead ... Read More »

Service allows Canadian e-commerce retailers to ship to China

e-commerce taxation

TORONTO: Delivery Net is partnering with SF Express, a Chinese logistics service provider and a highly regarded player in the express delivery and logistics industry to offer express delivery services for businesses who want to ship parcels from Canada to Asia. This allows both B2B and B2C e-commerce retailers in Canada to send parcels to recipients in Asia, with delivery times as fast as four days. Canadian ... Read More »

Canadian dollar notches one-week high as stock market


OTTAWA: Canadian dollar strengthened to a one-week high against its U.S. counterpart on Wednesday as a rally in stocks suggested that the turbulence in financial markets is fading. The currency’s weakest level of the session was C1.2649, while it touched its strongest since Feb. 7 at $1.2502. U.S. stocks rose as investors shrugged off stronger-than-expected inflation data and a surprise ... Read More »

Canada needs to slash corporate taxes to remain competitive


OTTAWA: A contentious but mostly growth-boosting tax system overhaul finally passed through the United States Congress shortly before Christmas and was signed into law by U.S. President Donald Trump. While it didn’t simplify and clean up the Byzantine and incomprehensible U.S. tax code, it did do several things that make the U.S. economy more competitive versus its allies and rivals. ... Read More »

States look to lower drug costs consider Canadian imports


OTTAWA: Lawmakers in more than two-thirds of the states are considering ways to reduce prescription drug costs, including importing them from Canada, as they strive to balance budgets without knowing for sure what their government’s share of the tab will be. A total of 87 bills in 34 states of all political stripes seek to save money on prescription drugs, ... Read More »

Canada plans to toughen arms export rules but will honour Saudi arms deal


OTTAWA: The federal government has found no “conclusive” evidence Canadian-made armoured vehicles were used to commit human-rights violations in Saudi Arabia’s restive Eastern Province last summer, Foreign Affairs Minister Chrystia Freeland told a parliamentary committee Thursday. That was the result of a “full and thorough” investigation by Global Affairs officials after videos and photos surfaced last July of Saudi special ... Read More »

Bill to allow Rx imports from Canada considered


OTTAWA: The Vermont Senate Committee on Finance is considering legislation that would allow the state to import prescription drugs from Canada. The bill would essentially make Vermont a wholesaler, allowing the state to buy drugs from Canada at a much lower cost. The measure has already received the support of the committee on health and welfare despite some concern over ... Read More »

Canada income tax implications on sale of Cryptocurrency


OTTAWA: The starting point for determining the tax treatment on the sale of cryptocurrency is to determine whether the sale was on account of income or capital. Unlike what may be reported, this is an unresolved question for taxpayers. There is plenty of case law on determining whether the sale of a property occurred on income or capital; it is likely ... Read More »

U.S. tax reform to bring double taxation to some Canadians


OTTAWA: While much of the commentary on U.S. tax reform has focused on the impact on business, some nasty surprises are in store for individual Canadians, particularly those with dual citizenship or who hold a U.S. green card. “The Americans have fundamentally changed the way that foreign income is taxed for U.S. citizens and residents,” says Roy Berg, director, U.S. ... Read More »

LNG Canada needs prefab steel duties resolved before final investment decision


OTTAWA: LNG Canada has short-listed two international consortiums for the design, procurement and construction of its proposed liquefied natural gas plant in Kitimat. But before Shell and its partners make a final investment decision – expected in the second half of this year  it needs Ottawa to exempt the project from trade duties on prefabricated steel from China and Spain, ... Read More »

Canadian investors looking for exposure to U.S. tax cuts


OTTAWA: A significant amount of discussion of late centering on the new tax rules, which are now in effect in the U.S., Canadian investors looking to capitalize on this new regulatory environment certainly have a significant amount of homework to do. After all, tax cuts do not affect every sector or even every company within the same sector to the ... Read More »

Canada is losing its competition for export markets with U.S.


OTTAWA: Canada’s overwhelming dependence on one market for its oil and gas exports comes with a serious price tag. Canadian Western Select crude oil sells at a substantially lower price than oil from other jurisdictions, such as West Texas Intermediary, Brent crude or Mexican Maya crude. In 2016, Canadians were getting 25 to 30 per cent less per barrel of ... Read More »

Canada’s income tax system fails in correcting rising inequality


OTTAWA: Data from the 2016 Census show that income inequality grew quite significantly over the decade from 2005 to 2015, and that the supposedly most progressive part of our overall tax system failed to make much of a difference. This underlines the need for progressive tax reform in the next federal budget. One key way of thinking about income inequality ... Read More »

Steel imports increased by more than 15% in 2017


OTTAWA: The December total of 2.45 million net tons of imports was down 10 percent from November. This followed an 11.4 percent slide from October to November. Imports from Brazil plummeted more than 29 percent to 355,000 net tons in December, a total that was nearly unchanged from December 2016, while imports from the European Union slid nearly 24 percent ... Read More »

Fortune Customs office move on hold after officials meet


OTTAWA: The Canadian Border Services Agency office in Fortune isn’t moving at least for now. Fortune Mayor Charles Penwell told CBC’s On the Go on Monday that a dispute between the agency and the local port authority over rent had staff packing up over the weekend for an expected move to the RCMP building in nearby Grand Bank. Right now, under federal ... Read More »

Canada seeks to move NAFTA talks forward, highlight progress


OTTAWA: The negotiations to amend and modernize NAFTA  a trade pact concluded between Canada, Mexico, and the US back in 1994 have faltered without yielding any major breakthroughs throughout past several months. However, Canadian representatives suggest the talks should move to another round, whilst the Trump administration is increasingly leaning toward abandoning what it sees as an unfair trade agreement. Canada’s chief negotiator Steve Verheul says trade representatives ... Read More »

CBSA celebrates International Customs Day


OTTAWA:  Today, along with its customs and border management partners around the world, the Canada Border Services Agency (CBSA) celebrates International Customs Day. Guided by the World Customs Organization (WCO) under a new theme each year, this tradition provides a great opportunity to recognize the outstanding work carried out each day by CBSA employees across Canada. The WCO is dedicating 2018 to ... Read More »