Federal Government Reports $343 Billion Budget Deficit - Biggest Since Second World War:
Minister of Finance Bill Morneau revealed on Wednesday that the federal budget is expected to post a deficit of $343 billion - an unprecedented budgetary shortfall, attributed mostly to the government's response measures to the COVID-19 pandemic. Similar levels of spending have not been seen at the federal level since the height of the Second World War.
Morneau, addressing the House of Commons, said that "some will criticize us on the cost of action, but our government knew that the cost of inaction would've been far greater. Those who would have us do less ignore that, without government action, millions of jobs would have been lost, putting the burden of debt onto families and jeopardizing Canada's resilience."
However, Andrew Scheer, the leader of the Official Opposition in Parliament, said that the government's budgetary projection presented a "dire picture of Canada's finances."
Access the "Economic and Fiscal Snapshot 2020" report by clicking here. Read more from CBC News here and from CTV News here.
US Supreme Court Delivers Mixed Rulings on President Trump's Tax Returns:
Two 7-2 decisions by the US Supreme Court, released on Thursday, July 9, deliver a mixed verdict on the issue of President Donald Trump's oft-discussed tax returns and financial records.
On the issue of the President's tax returns, which have long been sought in an investigation underway in the State of New York, the Supreme Court ruled against the President and in-favour of the district attorney's office in Manhattan, Trump's former home-town.
However, on the issue of the President's financial records - which House Democrats have been desperately trying to get possession of, including issuing congressional subpoena's - the Supreme Court decided that the separation of powers in the US Constitution protected the President's records.
Access the decision on the President's tax returns by clicking here and access the decision on the President's financial records by click here. Read more from Global News here.
Canada Revenue Agency Fines Quebec Man Nearly $500k for Tax Evasion:
Robert Kalfayan of Laval, Quebec is facing a substantial fine after pleading guilty to tax evasion charges, the Canada Revenue Agency (CRA) reported this week.
The fine of $495,614 is notable in its own right, but this comes in addition to all applicable outstanding taxes, fines and penalties. The CRA also reported that from April 1, 2014, to March 31, 2020, Canadian courts convicted 263 taxpayers for tax evasion of $118,724,181 in federal tax.
Read more from Advisor's Edge here.
Give Yourself a Break with these Tax Rules:
The Globe and Mail has published an excellent piece which outlines and explains the tax rules for sabbatical planning. This piece is especially timely, considering the effects of COVID-19, and many considering stepping away from work for time off.
You can access the piece from the Globe and Mail by clicking here.
- Corey LeBlanc (JD Candidate, OHLS Class of '21)