Feeds:
Posts
Comments

Posts Tagged ‘KPMG’

Flags of North America

On June 4, 2011, I heard a successful American commodities futures trader say on a long-running radio program that Canada’s highest marginal dividend income tax rate was 53% (at 29:45), and that Canadian citizens living in Canada can only have 20% of their assets invested in foreign securities.

Now for the reality:

The highest combined federal and provincial dividend income tax rate for foreign securities as of 2011 is 50% in Nova Scotia, with a population of less than one million out of Canada’s 34 million people. For Canadian publicly-traded securities, it’s only 34.85%.

As for the restriction on foreign securities, it only applied to Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs), it was 30%, and was repealed as far back as 2005, leaving no foreign content restrictions.

Having cleared that up, we can now move on to the conservative Heritage Foundation’s Index of Economic Freedom ranking Canada as more economically free than the United States in 2010 and 2011.

Big Four accounting firm KPMG ranked Canada as being more business tax friendly than the United States in 2010. Why is that?

While the U.S. federal government raised taxes to pay for Obamacare for four years before any coverage will be provided, Canada has cut its corporate taxes, leaving the U.S. in the dust with the second-highest corporate tax rate of the 46 OECD countries in 2011, at 35%, with Canada’s rate the third-lowest at only 16.5%.

Finally, Canada had no socialist bank, insurance and mortgage lender bailouts since the 2008 financial crisis, unlike the United States.

Welcome to the new Canada!

Read Full Post »

Hourglass

I heard from a former employee of a dot com bubble company that went bankrupt in 2000 and was still being fought over in court four years later, and I thought that was ridiculous.

Confederation Life, one of Canada’s insurance companies, was forced into liquidation in 1994. As of December 7, 2010, their site reports:

The Liquidator anticipates that there will be one final distribution from the estate. Given the uncertainty surrounding the realization of the remaining non-monetized asset in the estate, the Liquidator is of the view that it will not seek Court approval for the final distribution until the middle of 2011. As soon as the Liquidator is of the view that it is appropriate to recommend approval for the final distribution, it will bring a motion for approval to the Court. At this point, the Liquidator is unable to project a date for such motion.

Las Vegas should start taking bets on when the liquidation will be completed, if they haven’t already.

Read Full Post »

Euromoney publishes a semi-annual “Credit Risk Rating” of 185 sovereign countries.

In their latest publication, from March 2010, eight of the top 10 are “European socialist welfare states,” as they are commonly referred to as.

Rounding out the top 10 are: Norway, Luxembourg, Switzerland, Denmark, Finland, Sweden, Austria, Canada, the Netherlands, and Australia.

Hong Kong and Singapore didn’t make the cut, despite being seen as among the most economically free countries, as one 2010 report ranked them.

Canada continues to buck old perceptions of being less economically free and successful than the U.S., by being ranked more economically free by the conservative Heritage Foundation’s 2010 Index of Economic Freedom, and more tax competitive for business, by Big Four accounting firm KPMG in their 2010 report.

Read Full Post »

Big Four accounting firm, KPMG, released their “Competitiveness Alternatives 2010, Special Report: Focus on Tax” that ranks Canada as the second-most tax friendly country for business out of 10. They are: Mexico, Canada, the Netherlands, Australia, the United Kingdom, the United States, Germany, Italy, Japan and France.

In 2008, Canada was ranked third, while the U.S. was ranked fifth.

This report follows the conservative Heritage Foundation’s 2010 Index of Economic Freedom report, ranking of Canada as more economically free than the United States, and is further confirmation of the pro-business climate in Canada today.

Read Full Post »