| Companies Worldwide Increase Tax Risk Focus
Corporate tax functions throughout the world are making progress in responding to intense levels of scrutiny and pressure caused by regulatory and other change. According to Ernst & Young’s Global Tax Risk Survey 2006, Tax Risk: External Change, Internal Challenge, ensuring tax accounts and disclosures in financial statements are correct and tax risk management in general are the two leading measurements of tax department performance. Download the full report or read the news release for highlights.
Eliminate the “Net” Debt by 2021—and Pass the Savings on to Taxpayers
In his November 23, 2006, fiscal update, the Federal Finance Minister Jim Flaherty confirmed the government’s plans to share Canada’s fiscal bounty with all Canadians. While no specific tax measures were announced, the government outlined in broad terms an ambitious agenda of long-term tax relief through debt elimination. Read this Tax Alert (pdf, 73K) for Ernst & Young’s review of the fiscal update.
Holiday Season Looks Profitable for Canadian Retailers as Consumers Continue Spending
As we mark the beginning of the busiest shopping season for Canadian retailers, this year retailers can expect to see a positive increase in sales of 6-7% over the holiday season, faring slightly better than last year, according to our 2006 Canadian Holiday Sales Forecast. The forecast also suggests retail performance will not be even across the country. Read the news release and the forecast (pdf, 37K) to learn more.
|
2006-2007 Personal Tax Guide Now Available
Personal income tax may well be one of the largest cash outlays you make over a lifetime, so it makes good sense to use tax-saving strategies. Ernst & Young's Managing Your Personal Taxes is an easy-to-read guide to personal tax planning that can help you pay less tax—whether you are an avid investor, a business owner, an employee, raising a family, or in your retirement years. A special feature of this year’s guide is a pull-out section on Tax Assistance for Long Term Eldercare. Download (pdf, 1.3Mb) your copy today.
Canadian P3s Working But There’s Room for Improvement
Leaders in the public-private partnership (P3) community report that better managed deal flow and a standardized procurement process are vital if Canada is to develop a national, competitive and sustainable market for P3s, according to a new Ernst & Young report, Issues Facing the Canadian P3 Market. Despite the challenges, the report notes that Canada is making great strides toward a stable and efficient P3 market. Download the full report (pdf, 1.4Mb) or read the news release for highlights.
IFRS Conversion: Role of the Audit Committee
Converting to IFRS is probably one of the most fundamental changes that publicly accountable enterprises (PAEs) will have to deal with over the next few years. By 2011, PAEs in Canada will be expected to adopt IFRS and apply these standards in their consolidated financial statements. Read our brochure to learn more (pdf, 134k).
|
Income Trust Tax Developments Addressed
On Monday, November 6, 2006 Ernst & Young's Transaction Advisory Services hosted a conference call for the private equity and corporate community to address the income trust tax developments announced by Canadian Finance Minister Jim Flaherty. Moderated by Greg Boehmer, EY’s Canadian Transaction Tax Leader, the conference call provided an opportunity for a panel of EY professionals to share their perspectives on the announcement and its implications. Listen to the income trust conference call.
Government Plans to Tax Income Trusts and Limited Partnerships Like Corporations
There has been concern for several years in both the federal and provincial governments over the growth of the income trust sector in Canada. Such concerns range from the absolute loss of tax revenues, to a perceived shift in tax burden from the corporate sector to individuals, to provincial tax shifting, to concerns over the income trust model itself. Consequently, the government intends to tax income funds and limited partnerships more like corporations. This Tax Alert (pdf, 94K) discusses the implications of these changes. A Notice of Ways and Means Motion was tabled on November 1, but did not include any additional details. |
