Welcome to our “News You Can Use” blog segment!

Monday, October 25, 2021

 


Top Headlines:

Explainer: What are the Facebook Papers?

The Facebook Papers project represents a unique collaboration among 17 American news organizations, including The Associated Press. Journalists from a variety of newsrooms, large and small, worked together to gain access to thousands of pages of internal company documents obtained by Frances Haugen, the former Facebook product manager-turned-whistleblower.

Read More HERE

Canada’s inflation rate hits 4.4%, highest level since 2003

Canada’s inflation rate rose to 4.4 percent in September, a level not seen since February 2003, according to Statistics Canada. Anne Gaviola looks at the impact on the cost of food and gas, and interest rates.

Read More HERE

2022 premium rate statements

Your 2022 premium rate statement will be available mid-December by logging into your myWCB account. Visit myWCB to log in or to reset your ID/password. Our eBusiness support team is available to help Monday to Friday, 8 a.m. to 4:30 p.m.

The 2022 industry rates will be announced December 1 and will be featured on our website and the December edition of Worksight.

Interested in learning more about how premiums are set? Visit our website.

WCB: Updated OHS Laws Take Effect December 1, 2021

(submitted by Alberta Labour and Immigration)

The Ensuring Safety and Cutting Red Tape Act, 2020 was passed in December 2020. This Act updates and enhances workplace laws under the Occupational Health and Safety Act (OHS Act). Alberta’s workplaces will be healthier and safer because the updated laws are easier to understand and apply for employers and workers.

The changes to the OHS Act and revised regulations take effect on Dec. 1, 2021. This includes transferring radiation equipment safety laws from the Radiation Protection Act to the OHS Act and its regulations, so workplace health and safety laws are in one place and consistent with each other.

For employers, the updated OHS laws help them ensure their workplaces are as healthy and safe as possible and reduce the costs associated with workplace injuries and illness. For workers, the updated OHS laws continue to provide fundamental rights and protections to help ensure they are working in healthy and safe environments.

Visit the Alberta Government website for more information on changes to OHS laws.

Tax Updates: new GST/HST regulations for digital economy businesses

Revenue Canada has introduced new GST/HST regulations for digital economy businesses as of July 1, 2021. Digital business such as music or video streaming services or mobile apps have not been previously required to charge Canada’s sales tax when making sales in Canada. It has now changed, and Canadians might have already noticed GST/HST charges when they purchase from affected businesses.

Read More HERE

All you need to know about Voluntary Disclosure to CRA

Voluntary Disclosure Program (VDP) is a compliance measure that allows taxpayers to correct mistakes on their previously filed taxes such as disclosing information regarding unreported income, or to file an income tax return that should have been filed.

For example, if you realized you forgot to report foreign assets and did not submit T1135 in your previous year’s return when you should have, you can voluntarily disclose the foreign assets rather than waiting for the Canada Revenue Agency to find out themselves. Income gained from cryptocurrency trading is also a subject to tax and needs to be reported. Making a volunteer disclosure when filing your cryptocurrency taxes is a common measure to come clean and comply with Canadian tax rules.

You will still have to pay the taxes owing, plus interest that will result from incorrect filings. If Canada Revenue Agency finds out the non-compliance in your filings through CRA audit, you can be subject to tax penalties or prosecution. However, if you file a VDP application and it is accepted by CRA, you will receive prosecution relief, and in some cases penalty relief and partial interest relief.

Read More HERE


DSOS Bookkeeping & Accounting endorses Canadians buying Cryptocurrency from Coinberry.com

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Our Disclaimer can be viewed HERE

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