Published in the Globe and Mail

In the shadow of escalating global conflicts and the pressing demand for military supplies, a critical component of national security is being overlooked: the strategic importance of pulp and paper. Traditionally seen as mundane commodities, these materials are in fact pivotal in the production of military-grade components such as nitrocellulose, a key ingredient in artillery ammunition.

Canada, home to vast tracts of forest, has long been a powerhouse in pulp and paper production. Yet, recent developments raise concerns about national security.

The March, 2023, acquisition of Resolute Forest Products by privately held Paper Excellence – among other purchases of Canadian producers by…

Published in the Financial Post

It is 29 days since the 2024 federal budget announced major changes to capital-gains taxes. Their centrepiece, replete with "make-the-rich-pay” rhetoric, was higher inclusion rates. Other announcements, framed (with no apparent sense of irony) as supporting risk-taking and investment, promised a lower inclusion rate on some gains for some business owners and an increase in the lifetime capital-gains exemption for Canadian owners of farming and fishing properties and small businesses. The budget said many of these changes, most notably the higher inclusion rates, would take effect on June 25.

June 25 is now only 41 days away. That timeline is a big problem, getting bigger every day. Right now,…

Published in the Globe and Mail

Throughout my career, the Income Tax Act has grown increasingly complex – complicating even the simplest transactions. This underscores the need for a thorough review of the ITA.

That’s a sentiment shared by CPA Canada in our 2024 pre-budget submission, which recommended prioritizing a principled approach to tax policy and administration that is driven by purpose and vision. After all, simplicity, fairness, efficiency and competitiveness are among the most basic principles of a good tax system.

Unfortunately, recent approaches to specific tax issues have created rules that escalate compliance costs and administrative burdens, often involving excessive and needless reporting. While tax…