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Tax Fairness

Saturday October 21, 2017

October 20, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday October 21, 2017

Bill Morneau bristles at questions about personal finances

Finance Minister Bill Morneau dodged questions about his use of numbered companies to hold investments Friday, suggesting he does not have to defend his personal financial choices to journalists.

September 22, 2017

After a week of questions about his own fortune, Morneau showed signs of exasperation during an event in Waterloo, Ont., where he was pitching the government’s “step back” on proposed changes  to the small business tax regime.

Morneau batted away a question about why he held some of his investments in an Alberta company rather than one domiciled in Ontario, where he lives.

“So, is the question why are they numbered companies and they don’t have names?” he said with a shrug.

“Seriously, what I’ve done is expose all my assets to the ethics commissioner. The process we have in our country isn’t that I report to journalists on my personal situation. It’s that I report to the ethics commissioner and I make sure she fully understands my situation so we can get to the recommendations.”

Owning investments in a personal holding company can provide various tax and non-tax benefits. Income in an operating company can face a lower tax rate by using small business deductions, for example.

Morneau said he has now agreed to do more than what the commissioner, Mary Dawson, recommended he do when he took office.

Morneau did not place his considerable holdings in a family company — the publicly traded human resources firm Morneau Shepell — in a blind trust because Dawson had only recommended the creation of an “ethical screen” to ensure he wasn’t making policy decisions to his own financial benefit. The screen was to be administered by Morneau’s chief of staff. (Source: CBC News) 


Letter to the Editor

One-sided cartoon unfair to Morneau

RE: Oct. editorial cartoon

This amusing cartoon, portraying our finance minister doing hoops for his salvation from not putting his family business in trust, is surely very one sided.

He originally sought the advice of our ethics commissioner, who told him that it was not a necessity for him to do so. Now that he is trying to rectify his “mistake” he is subjected to much scorn by the opposition parties.

A cheering Justin Trudeau reminds me that it is hard to recall one MacKay cartoon with something positive about our PM.

A bigger concern is the lack of media support for left-wing Canada. It is easy to list six families/corporations who own the majority of our major print and broadcast media and are all supporters of the Conservatives. Even the CBC, with its president and eight Harper-appointed directors, too often follows suit.

The Star and Spectator used to provide regular support but these days, I find that to be hit and miss. All issues should be subject to scrutiny but it would be refreshing to have more balance.

Richard Ring, Grimsby

 

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Posted in: Canada Tagged: Bill Morneau, blind trust, Canada, conflict of interest, Feedback, France, loopholes, Tax Fairness, taxes, villa, wealth

Thursday October 12, 2017

October 11, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday October 12, 2017

Tough Times for Sears and CRA

Sears Canada workers are feeling confused and angry after learning on Tuesday that the retailer plans to close its remaining 130 stores.

June 23, 2017

If Sears gets court approval, it would start liquidating the stores as early as Oct. 19, putting the retailer out of business and about 12,000 employees out of work.

“Many of us feel frustrated, anger, betrayal,” a Sears manager told CBC News in an email on Tuesday. He and another employee interviewed asked that we not publish their names because they still work for the retailer and fear retribution.

“People don’t know what to do,” said the manager about staff at his location. “Many people went home already as they were physically upset and needed some personal space.”

A Sears memo sent to staff Wednesday said workers will lose their jobs as early as within the next few days, but that some will stay on for a few months. It also explained that employees will lose their benefits as soon as they’re terminated. (Source: CBC) 

Meanwhile, The federal government appears to be doing away with a controversial tax policy interpretation that would have seen employees taxed for discounts they get at work.

Amid a growing controversy, a spokesperson for National Revenue Minister Diane Lebouthillier said Wednesday that the government will pull the new wording at the heart of the debate from the Canada Revenue Agency website.

Spokesperson John Power said the CRA made the original decision to change the wording, not Lebouthillier.

“This document was not approved by the minister and we are deeply disappointed that the agency posted something that has been misinterpreted like this,” he said in an emailed statement.

The CRA will hold an internal review on the wording change, which will be followed by a consultation on the issue with industry groups, Power added.

The former wording in the employer’s guide on the issue of employee benefits was to be reinstated as early as Wednesday afternoon. (Source: Toronto Star) 

 

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Posted in: Canada Tagged: bankruptcy, Canada, CRA, Employment, layoff, retail, rvenue, Sears, Tax Fairness, taxes

Friday September 22, 2017

September 21, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday September 22, 2017

Bill Morneau, Justin Trudeau left untouched by proposed new tax rules

The proposed new small business tax changes do not impact family trusts or numbered companies, used by Canadian Finance Minister Bill Morneau and Prime Minister Justin Trudeau to shield their family’s vast fortunes.

April 6, 2016

Trudeau’s personal wealth, which was inherited from his father, is held in numbered corporations. And Morneau has money in a family trust and numbered corporations.

The NDP took direct aim at Morneau who argued that the Liberals are going after wealthy people who try to use small-business structures to avoid paying taxes, but would not respond to questions about his family businesses and why the new rules leave out the sheltering of funds for both Trudeau and himself.

April 5, 2016

Morneau is the beneficiary of a number of Canadian companies on one hand, and on the other states “we also want to make sure that we do not have a situation where some people that are, frankly, very well compensated, pay a lower tax rate than others,” said Trudeau. (Source: Global News) 


 

Framing Canadian tax reform: https://t.co/1pkIaAjt6f #cdnpoli #TaxFairness pic.twitter.com/MyWwihtqMX

— Graeme MacKay (@mackaycartoons) September 21, 2017

 

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Posted in: Canada Tagged: Aga Khan, banking, Bill Morneau, Canada, family trust, haven, Justin Trudeau, Liberal, middle class, off shore, shelters, sprinkling, tax, Tax Fairness, wealth

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