Business & Finance

Canada exports hit record, U.S. tariffs hurt steel and aluminum

By David Ljunggren

OTTAWA (Reuters) - Canadian exports hit a record high in June, cutting the country's trade deficit to its lowest in 17 months, although U.S. metals tariffs slashed shipments of steel, Statistics Canada said on Friday.

The June deficit of C$626 million ($482 million) - the lowest since the C$485 shortfall recorded in January 2017 - was far smaller than the C$2.30 billion predicted by analysts in a Reuters poll.

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.

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.

Exiting the Canadian Tax System Worry-free

Moving Moving 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.

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:

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