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☆ Bearer of rare 'One Ring' card from 'Lord of the Rings' lore could fetch $2 million and face hefty tax bill
▼ + stars: | 2023-07-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

And the ring bearer — if they choose to sell the "precious" — may owe a hefty tax bill on the profits. Marta Iwanek | Toronto Star | Getty ImagesThe Canadian who acquired The One Ring card would most likely pay tax on half their profits. If The One Ring card were sold for 2 million euros — which appears to be the current top bid — then 1 million euros (about CA$1.46 million) would be taxable. Total Canadian tax bill is 'subjective'But what's Canada's tax rate on the profits? (In reality, the effective tax rate would be slightly lower since Canada's income tax system is progressive, as in the U.S., experts said.

Persons: Elijah Wood, Frodo, Misty, Sauron, Mount Doom, —, Roger Perzan, Marta Iwanek, Plaskett, Howard Gleckman, it's, Scott Plaskett, John Oakey, Oakey, Sir Ian McKellen, Gandalf Organizations: Coast LLC, Canadian, Toronto Star, Getty, Urban, Brookings Tax Policy Center, Total Canadian, Chartered Professional Accountants Canada, Canada Revenue Agency Locations: Rivendell, Toronto, Canada, U.S, Ontario, Scott Plaskett Toronto

☆ Canada Revenue Agency investigating 600 employees over pandemic benefits -Globe and Mail
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: 1 min

June 30 (Reuters) - The Canada Revenue Agency is investigating about 600 of its employees in a review of cases in which workers may have inappropriately received pandemic benefits payments, the Globe and Mail said on Friday. Twenty employees are no longer with the tax agency and more may depart, the newspaper quoted the CRA as saying. The CRA said 600 employees represent less than 1% of its total workforce, according to the paper. The Canada Emergency Response Benefit was rolled out in 2020 to offer broad support to millions of Canadians who lost their jobs amid coronavirus shutdowns. Reporting by Bharat Govind Gautam in Bengaluru; Editing by William Mallard and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Globe and Mail, Bharat Govind Gautam, William Mallard, Edwina Gibbs Organizations: Canada Revenue Agency, Globe and, CRA, Thomson Locations: Canada, Bengaluru

☆ Canada's revenue agency investigates employees over pandemic benefits, 20 let go
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - The Canada Revenue Agency (CRA) on Friday removed 20 of its employees from services and said it was investigating about 1% of its total workforce thereby digging deeper into cases wherein workers may have inappropriately received pandemic benefits payments. The tax agency is investigating a "limited number" representing about 600 of its employees, CRA said in an emailed statement. CRA said the number of people being removed from service is "likely" to increase toward the completion of the review. The Canada Emergency Response Benefit was rolled out in 2020 to offer broad support to millions of Canadians who lost their jobs amid coronavirus shutdowns. It provided financial support to employed and self-employed Canadians who were directly affected by COVID-19.

Persons: Bharat Govind Gautam, Mrinmay Dey, Gokul, William Mallard, Edwina Gibbs, Franklin Paul Organizations: Canada Revenue Agency, Franklin Paul Our, Thomson Locations: Canada, Bengaluru

☆ Canada, revenue agency workers reach deal, heading off Trudeau confrontation
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Canada's government reached a deal with 35,000 revenue agency workers on Thursday, ending a strike that had slowed the processing of annual tax returns and heading off a potential embarrassment for Prime Minister Justin Trudeau. The tentative agreement is very similar to the deal struck on Monday with 120,000 federal employees, according to statements by both the government and the union. Both the revenue agency workers and other federal departments had walked out on April 19. The proposed agreement includes an 11.5% wage increase over four years, with a 0.5% allowance in the third year, and a one-time $2,500 bonus for employees, the Canada Revenue Agency said separately in a statement. The union calculates the deal as a "compounded" overall wage increase of 12.6% in four years.

☆ Canada's Justin Trudeau may be struggling but he still commands his party
▼ + stars: | 2023-05-04 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

OTTAWA, May 4 (Reuters) - Canada's Prime Minister Justin Trudeau will kick off what is likely to be the last Liberal Party convention before the next election on Thursday, and though fatigue with his government has deepened there is little question that he is fully in command of his party. Though some cabinet members and former central banker Mark Carney appear to have ambitions to lead the party after Trudeau, no one has come out publicly against him. "Trudeau is the party brand, for better or worse," said Shachi Kurl, president of Angus Reid research group. Conservatives would win 35% of the vote compared to 29% for the Liberals, according to the Angus Reid poll. But in Montreal, the Liberals lead 38% to 15%, and in the suburbs of Toronto the Liberals are ahead 40% to 34%, Angus Reid said.

☆ Some Canadian workers in wage pact with government to end strike from Monday
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Canada reached agreement for a new wage deal with a union representing 120,000 federal workers, the union said on Monday, bringing an end to the country's largest public sector strike that had crippled services from tax returns to immigration. "Strike action continues across the country for 35,000 members at Canada Revenue Agency," the union said, adding that talks would resume with a new mandate for a fair contract. Their key outstanding concerns include fair wages, the right to work remotely, and the role of seniority in layoffs. However, the Treasury workers' deal exceeded "the employer's original offer before the launch of strike action", the union added. Reporting by Akriti Sharma in Bengaluru and Ismail Shakil in Ottawa; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

[1/5] A sign is pictured in front of the Canada Revenue Agency (CRA) national headquarters in Ottawa, Ontario, Canada March 13, 2017. REUTERS/Chris WattieOTTAWA, April 19 (Reuters) - About 155,000 federal workers in Canada walked off the job on Wednesday after failing to reach a deal for higher wages and work-from-home guarantees, a strike that affects a range of public services from tax returns to passport renewals. The Public Service Alliance of Canada (PSAC) union said contract negotiations would continue, and Liberal Prime Minister Justin Trudeau stressed the urgency of resolving the dispute. The contract negotiations cover two main groups of employees: 120,000 workers under the Treasury Board and more than 35,000 revenue agency workers. Tax agency workers want a pay bump of 22.5% over three years, while the Treasury Board workers are seeking a 13.5% pay rise over three years.

REUTERS/Chris WattieOTTAWA, April 19 (Reuters) - About 155,000 federal workers in Canada walked off the job on Wednesday after failing to reach a deal for higher wages and work-from-home guarantees, a strike that affects a range of public services from tax returns to passport renewals. The Public Service Alliance of Canada (PSAC) union and the federal government said negotiations are ongoing, and Liberal Prime Minister Justin Trudeau stressed the urgency of resolving the dispute. The contract negotiations cover two main groups of employees: 120,000 workers under the Treasury Board and more than 35,000 revenue agency workers. Tax agency workers want a pay bump of 22.5% over three years, while the Treasury Board workers are seeking a 13.5% pay rise over three years. "There's obviously still the concern that this contract could set a precedent for other public sector union negotiations," he said.

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