Taxation in Canada

Amazon Surpasses $215 Million in Donations to Charities Through AmazonSmile

Wednesday, September 30, 2020 - 2:00pm

AmazonSmile provides a convenient way for customers to support charities they care about every time they shop with Amazon from global humanitarian efforts to local hospitals and school PTAs.

Key Points: 
  • AmazonSmile provides a convenient way for customers to support charities they care about every time they shop with Amazon from global humanitarian efforts to local hospitals and school PTAs.
  • Since 2013, charities that focus on animals, education, health, and disaster relief were most favored by AmazonSmile customers in the U.S., making up almost 50% of all AmazonSmile customer-supported charitable organizations.
  • Donations from AmazonSmile have resulted in hundreds of thousands of charities expanding their meaningful work across global communities making a difference in peoples lives, said Llew Mason, Vice President of Consumer Engagement at Amazon.
  • Charities with a focus on civil rights and social action saw nearly 70% growth in donations from AmazonSmile in the last year.

Enforcement Notification - London resident fined for failing to report two years of sales commissions

Monday, September 28, 2020 - 7:04pm

LONDON, ON, Sept. 28, 2020 /CNW/ - The Canada Revenue Agency (CRA) announced that Toufic R. Zabian of London, Ontario, was fined $117,513 on September 22, 2020.

Key Points: 
  • LONDON, ON, Sept. 28, 2020 /CNW/ - The Canada Revenue Agency (CRA) announced that Toufic R. Zabian of London, Ontario, was fined $117,513 on September 22, 2020.
  • Zabian pleaded guilty in the Ontario Court of Justice in London to two counts of tax evasion under the Income Tax Act for failing to report income and to two counts under the Excise Tax Act for failing to remit goods and services tax/harmonized sales tax (GST/HST).
  • In addition to the court imposed fine, Zabian will also have to pay the full amount of tax owing, plus related interest and any penalties assessed by the CRA.
  • The CRA has set up a free subscription service to help Canadians stay current on the CRA's enforcement efforts.

DWS Closed-End Funds Announce Results of Annual Meeting of Shareholders

Friday, September 25, 2020 - 10:00pm

DWS Municipal Income Trust (NYSE: KTF) and DWS Strategic Municipal Income Trust (NYSE: KSM) (each, a Fund and collectively, the Funds) announced today the results of the 2020 Joint Annual Meeting of Shareholders of the Funds held on September 25, 2020.

Key Points: 
  • DWS Municipal Income Trust (NYSE: KTF) and DWS Strategic Municipal Income Trust (NYSE: KSM) (each, a Fund and collectively, the Funds) announced today the results of the 2020 Joint Annual Meeting of Shareholders of the Funds held on September 25, 2020.
  • For more information on the Funds, including their most recent month-end performance, visit dws.com or call (800) 349-4281.
  • Leverage results in additional risks and can magnify the effect of any gains or losses.
  • The price of a funds shares is determined by a number of factors, several of which are beyond the control of the fund.

MEDIA ALERT: New inflation estimates from Wolters Kluwer offer first look at impact for taxpayers in 2021

Thursday, September 24, 2020 - 3:00pm

An early glimpse at the income tax picture for 2021, as projected under current tax law, is now available from Wolters Kluwer Tax & Accounting .

Key Points: 
  • An early glimpse at the income tax picture for 2021, as projected under current tax law, is now available from Wolters Kluwer Tax & Accounting .
  • The new information includes estimated ranges for each 2021 tax bracket as well as projections for a growing number of inflation-sensitive tax figures, such as the standard deduction.
  • Projections are based on the relevant inflation data recently released by the US Department of Labor.
  • The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering legal, accounting, or other professional services.

First Trust Dynamic Europe Equity Income Fund Declares Its Monthly Common Share Distribution of $0.06 Per Share for October

Monday, September 21, 2020 - 9:56pm

First Trust Dynamic Europe Equity Income Fund (the "Fund") (NYSE: FDEU) has declared the Funds regularly scheduled monthly common share distribution in the amount of $0.06 per share payable on October 15, 2020, to shareholders of record as of October 2, 2020.

Key Points: 
  • First Trust Dynamic Europe Equity Income Fund (the "Fund") (NYSE: FDEU) has declared the Funds regularly scheduled monthly common share distribution in the amount of $0.06 per share payable on October 15, 2020, to shareholders of record as of October 2, 2020.
  • Under the Plan, the Fund intends to continue to pay a monthly distribution in the amount of $0.06 per share.
  • This distribution may consist of net investment income earned by the Fund, net short-term and long-term capital gains and/or tax deferred return of capital.
  • The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income.

Putnam Investments Announces Distribution Rates for Closed-End Funds

Friday, September 18, 2020 - 6:28pm

* Distributions may be comprised of ordinary and/or tax-exempt income, net capital gains and/or a return of capital of your investment in the Fund.

Key Points: 
  • * Distributions may be comprised of ordinary and/or tax-exempt income, net capital gains and/or a return of capital of your investment in the Fund.
  • The funds periodically provide fund-related information on their websites.
  • The following information will be available for each fund at putnam.com at the frequencies indicated: (1) Full holdings will be available monthly beginning on the 8th business day after the end of each month; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.
  • View source version on businesswire.com: https://www.businesswire.com/news/home/20200918005507/en/

Franklin Limited Duration Income Trust Declares Monthly Distribution

Friday, September 18, 2020 - 4:13pm

Franklin Limited Duration Income Trust [NYSE American: FTF], a closed-end investment company managed by Franklin Advisers, Inc., announced today a distribution of $0.0776 per common share, payable October 15, 2020, to shareholders of record on September 30, 2020 (Ex-Dividend Date: September 29, 2020).

Key Points: 
  • Franklin Limited Duration Income Trust [NYSE American: FTF], a closed-end investment company managed by Franklin Advisers, Inc., announced today a distribution of $0.0776 per common share, payable October 15, 2020, to shareholders of record on September 30, 2020 (Ex-Dividend Date: September 29, 2020).
  • The Fund adopted a managed distribution plan and will make monthly distributions to common shareholders at an annual minimum fixed rate of 10 percent, based on the average monthly net asset value (NAV) of the Funds common shares.
  • Under the managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level.
  • Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries.

Tax Tip - The Canada Revenue Agency is resuming additional activities: know when we're contacting you and how to avoid scams

Thursday, September 17, 2020 - 3:19pm

To protect yourself from scams, it's important to know when and how the CRA might contact you.

Key Points: 
  • To protect yourself from scams, it's important to know when and how the CRA might contact you.
  • CRA may offer to assist with tax return preparation or send letters to those who may lose benefits because they have not filed a tax return).
  • Begin contacting clients if we need clarification or supporting documents related to their tax and benefit return.
  • The CRA aims to be completely transparent and proactive in identifying activities that are resuming.

Chelverton UK Dividend Trust plc: Net Asset Value(s)

Thursday, September 17, 2020 - 2:08pm

Chelverton UK Dividend Trust plc: Net Asset Value(s)

Key Points: 

Chelverton UK Dividend Trust plc: Net Asset Value(s)
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
The Net Asset Value (NAV) at 16/09/2020 was:
Number of shares in issue:

Chelverton UK Dividend Trust plc: Net Asset Value(s)

Wednesday, September 16, 2020 - 1:10pm

Chelverton UK Dividend Trust plc: Net Asset Value(s)

Key Points: 

Chelverton UK Dividend Trust plc: Net Asset Value(s)
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
The Net Asset Value (NAV) at 15/09/2020 was:
Number of shares in issue: