Welcome to our “News You Can Use” blog segment!
Monday, October 25, 2021
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.
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.
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.
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.
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.