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The Dilemma of Taxing Online Purchases

When Canadian consumers buy goods or services from retailers located outside their province, or outside Canada, it is very difficult to collect sales taxes on these transactions. Taxes on a certain portion of such purchases in other provinces and countries therefore go uncollected. The fact that these purchases are less expensive puts local online retailers, as well as brick-and-mortar retailers, at a disadvantage, as they are faced with a kind of unfair competition. Governments are also deprived, at first glance, of substantial revenues. What solutions are proposed to resolve this situation—and are they realistic?

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Are tax breaks available for private school tuition?

While there are no explicit private school tax deductions or tax credits, there are a number of ways that parents at private schools can indirectly reduce their taxes.

Tax deductions and credits related to private school tuition
Charity: Parents at private schools offering both academic and religious education (e.g. Christian schools, Jewish schools) may be able to claim a tax credit for tuition, as a charitable contribution. While the amount you can claim varies from…

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Not your standard audit

by Taryn Abate

Here are four key pieces of advice to help ensure your experience working in another country is a good one.

How do you assess risk and conduct audits that meet professional and industry standards when those audits are taking place in other countries and you aren’t familiar with the culture?  It’s a top-of-mind question in today’s increasingly borderless business landscape.

“Even within Canada, as an auditor you need to understand a given company’s culture if you want your client to assist you and to gain access to the information you need.  If you don’t understand the office culture, your life can be miserable there,” says Jane Chung, associate professor of accounting at York University’s Schulich School of Business in Toronto.  “That’s magnified when you go overseas. You need to be sensitive to the national culture wherever you are.”

Failing to observe cultural differences can have significant consequences.  Look at Ernst & Young’s experience auditing China’s failed timber firm Sino-Forest Corp., which led to a $117-million class-action settlement, and $8-million penalty to the Ontario Securities Commission and changes to the firm’s internal policies on emerging markets.

Here are four key pieces of advice to consider to help ensure your experience working in another country is a good one.

Don’t assume that the western business culture or corporate accounting environment is universal.  “For example, in China the government sets the accounting standards and many companies are state-owned, run by highly placed government officials,” says Kathryn Bewley, associate professor of accounting a the Ted Rogers School of Management at Ryerson University in Toronto.   Read more……

Reprinted from CPAmagazine, June/July 2016, with permission Chartered Professional Accountants of Canada, Toronto, Canada.

Any changes to the original material are the sole responsibility of EPR Canada Group Inc. and have not been reviewed or endorsed by the Chartered Professional Accountants of Canada.

14 Things You Should Do at the Start of Every Work Day

The first few hours of the work day can have a significant effect on your level of productivity over the following eight—so it’s important you have a morning routine that sets you up for success.

“Having a good start to the day where you have greater control is critical in achieving better results, and ultimately greater career success,” says Lynn Taylor, a national workplace expert and author of Tame Your Terrible Office Tyrant. “How you begin your morning often sets the tone and your attitude for the day. It can also derail or direct your focus. If you remain committed to good morning work habits, you won’t fall prey to feeling unproductive and distracted at the end of the day or week.”

With the help of career and workplace experts Taylor, David Shindler, Michael Kerr, Anita Attridge, Alexandra Levit and Michael “Dr. Woody” Woodward, I compiled a list of 14 things all workers should do when they…

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