Business & Finance

Air Canada, banks make C$2.25 billion bid for Aeroplan loyalty program

Reuters) - Air Canada, two Canadian banks and Visa, offered on Wednesday to buy back the Canadian airline's previous Aeroplan frequent flyer program from Aimia Inc., for C$2.25 billion ($1.71 billion).

Air Canada, Canada's largest airline, spun off Aeroplan in 2002 to data analytics firm Aimia, and earlier this year said it would launch its own loyalty program.

Read more: Air Canada, banks make C$2.25 billion bid for Aeroplan loyalty programs

Canada's new export minister to push beyond U.S. market

By Andrea Hopkins

OTTAWA (Reuters) - Canada has created a new Cabinet position to help exporters look beyond the United States and there will be resources for small businesses that want to take advantage of new trade deals, the new minister for export promotion said on Tuesday.

Mary Ng, who vaulted to Cabinet-level last week to take on an existing small business portfolio as well as a new one on export promotion, said she wants to help companies take advantage of new trade deals with the European Union and Pacific nations that have specific provisions to welcome small business trade.

Prime Minister Justin Trudeau's Cabinet shuffle put trade diversification front and center amid rising tensions with the United States, Canada's largest trading partner, with Ng and new Trade Minister Jim Carr tasked with finding new markets for Canadian goods.

Read more: Canada's new export minister to push beyond U.S. market

Exiting the Canadian Tax System Worry-free

MovingMoving or working abroad does not necessarily mean you are considered a non-resident for tax purposes. Depending on your ties to Canada, number of days in Canada, and other factors, the Canada Revenue Agency (CRA) may consider you a factual resident, deemed resident, non-resident, or deemed non-resident.

Read more: Exiting the Canadian Tax System Worry-free

THE END OF THE VOLUNTARY DISCLOSURE PROGRAM?

Wayne Bewick, CPA, CA, CPA (Illinois) Partner, Expatriate Tax
TROWBRIDGE
1-416-214-7833 x 101  
1-855-856-0829
This email address is being protected from spambots. You need JavaScript enabled to view it.

Current VDP guidelines allow Canadians who know they have made mistakes on their previous tax returns, from at least one year prior, to come forward and notify the Canada Revenue Agency (CRA) of their misfiled documents. They can then make the appropriate changes to the information without fear of prosecution. The proposed changes would drastically change these policies, including:

Read more: THE END OF THE VOLUNTARY DISCLOSURE PROGRAM?

Living in the US and receiving Canadian retirement income? Retirement small

Tips on reporting this income to the IRS and related issues

Many former Canadian residents prefer spending their retirement years in the US, especially in the Southern states with better climate and more affordable property values. But this triggers many complexities, especially in reporting Canadian retirement income to the IRS. This article will give some quick tips on reporting of such income to the IRS.

First of all, it is important to determine what type of retirement income you are receiving. Should a person be a resident of Canada, the income would be reported on various T-slips which include but are not limited to:

  • T4RSP slips – to report distributions from RRSP accounts which could be treated as annuity payments or regular account withdrawals;
  • T4A slips – various pension, retirement, annuity or other similar income;
  • T4A(P) slips – Canada Pension Plan benefits;
  • T4A(OAS) slips – Canadian old age security payments.
Read more: Canadian Retirement Income… In The US:

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