Finance Minister Jim Flaherty (Whitby-Oshawa, ON) released the Fiscal Monitor for June 2011. There was a budgetary deficit of $2.2 billion in June 2011, compared to a deficit of $2.8 billion in June 2010. Revenues increased by $1.6 billion, or 8.7 per cent, reflecting increases in most revenue streams. Program expenses were up $0.9 billion, … Read more
Finance Minister Jim Flaherty (Whitby-Oshawa, ON) released for consultation a package of draft legislative proposals relating to the Income Tax Act and Income Tax Regulations concerning the taxation of Canadian multinational corporations with foreign affiliates. The package includes revisions to the foreign affiliate reorganization and distribution rules originally proposed in a February 27, 2004 release. … Read more
Finance Minister Jim Flaherty (Whitby-Oshawa, ON) told the House of Commons Standing Committee on Finance that Canada is well positioned to face global economic challenges despite renewed uncertainty generated by concerns about the U.S. economic and fiscal situation and the continuing debt problems in Europe. Flaherty said Canada is the only G-7 country to have … Read more
On behalf of Finance Minister Jim Flaherty (Whitby-Oshawa, ON), Parliamentary Secretary to the Minister of Finance Shelly Glover (Saint-Boniface, MB) Parliamentary Secretary to the Minister of Human Resources and Skills Development and to the Minister of Labour Kellie Leitch (Simcoe-Grey, ON) announced the launch of Employment Insurance premium rate-setting consultations. The consultations will focus on … Read more
The Department of Finance released for consultation draft legislative proposals to implement tax measures from Budget 2011, the Next Phase of Canada’s Economic Action Plan—A Low-Tax Plan for Jobs and Growth. The draft legislative proposals will support families and communities, invest in education and training, support job creation and entrepreneurship and preserve Canada's fiscal integrity. … Read more
A tax information exchange agreement between Canada and the Republic of Costa Rica was signed on August 11, 2011. Consistent with Canada’s international efforts to promote transparency and effective exchange of tax information, the Agreement provides for the mutual exchange of tax information that is possessed by, or accessible to, the taxation authorities of either … Read more
Finance Minister Jim Flaherty (Whitby-Oshawa, ON) launched his fifth annual National Policy Retreat in Wakefield, QC, bringing together a number of small- and large-business representatives and academics to discuss a host of economic issues facing Canada. Flaherty said attendees will be discussing challenges and opportunities facing Canadians, and the actions that governments and the private … Read more
Finance Canada said that the Finance Ministers and Central Bank Governors of the G7 affirm their commitment to take all necessary measures to support financial stability and growth in a spirit of close cooperation and confidence in the face of renewed strains on global financial markets. Finance Canada said it is committed to taking coordinated action where needed, … Read more
The Department of Finance announce that Canada's official international reserves increased by an amount equivalent to US $750 million during July to US $63,238 million. The full release is available online. Call 613-996-8080.
Finance Minister Jim Flaherty (Whitby-Oshawa, ON), accompanied by Conservative MP Mike Wallace (Burlington, ON), hosted a roundtable with a number of local small-business people in Burlington, ON, to seek their views and suggestions concerning the general economic direction of the country. Flaherty highlighted a number of key Government initiatives to improve the ability of small … Read more
