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How are you taxed when you sell a small business? + MORE Apr 11th
I recently sold my company last year for $160,000 and purchased it for $90,000 in 1997. Can you please help me with the tax on this? I have called CRA many times and no one knows this simple process.—Peter
The types of taxes you owe when selling a small business
Sorry you have been having tr.... More »
Skip the chocolates and build financial intimacy instead Feb 6th
Money is something many of us were taught not to talk about. Yet, finances shape everything from whether you’ll have kids or buy a home to when you’ll retire—and nothing kills a romantic spark faster than money stress. In relationships, being on the same page financially isn’t optional, itâ€.... More »
Foreign buyer tax won’t fix Toronto housing crisis + MORE Mar 13th
TORONTO — A new report suggests a foreign buyer tax alone can’t solve Toronto’s soaring housing prices.
The report, titled “In High Demand” and released Monday by Ryerson University’s City Building Institute, favours a tax on foreign buyers — similar to the one in.... More »
FHSA withdrawal rules and and rental property advice for a first-time home buyer Oct 11th
Ask MoneySense
Would it be beneficial to open a first-time home buyer’s savings account if I was planning on buying a property soon, say, in 2023 or 2024?
If I purchase a house and live in the basement but rent out the main floor, would that still be taxed as capital gains?
Are there any inv.... More »
Frankie earns $53,000 but has a mountain of credit card debt. Can he ever climb out of this hole? Feb 20th
The 24-year-old Toronto writer says tracking his spending was a ‘wake-up call,’ but feels ‘it’s never too late’ to get his financial house back in order.... More »
US punishing North Korean leader for human rights abuses
– macleans.ca
WASHINGTON – The U.S. imposed sanctions Wednesday on North Korean leader Kim Jong Un and 10 other top officials for human rights abuses in an escalation of Washington’s effort to isolate the authoritarian government.
Although North Korea is already sanctioned to the hilt because of its nuclear weapons program, it is the first time that Kim has been personally sanctioned, and the first time that any North Korean officials have been blacklisted in connection with rights abuses, such as running the nation’s notorious gulag and running down defectors.
“Under Kim Jong Un, North Korea continues to inflict intolerable cruelty and hardship on millions of its own people, including extrajudicial killings, forced labour, and torture,” Adam Szubin, acting under secretary for terrorism and financial intelligence, said in a statement.
Szubin said the sanctions demonstrate the United States’ “determination to see them stopped.”
The Obama administration – with some prodding from Congress, which passed hard-hitting sanctions legislation in February – has cranked up economic restrictions on Pyongyang since it conducted its latest nuclear test in January…
Although North Korea is already sanctioned to the hilt because of its nuclear weapons program, it is the first time that Kim has been personally sanctioned, and the first time that any North Korean officials have been blacklisted in connection with rights abuses, such as running the nation’s notorious gulag and running down defectors.
“Under Kim Jong Un, North Korea continues to inflict intolerable cruelty and hardship on millions of its own people, including extrajudicial killings, forced labour, and torture,” Adam Szubin, acting under secretary for terrorism and financial intelligence, said in a statement.
Szubin said the sanctions demonstrate the United States’ “determination to see them stopped.”
The Obama administration – with some prodding from Congress, which passed hard-hitting sanctions legislation in February – has cranked up economic restrictions on Pyongyang since it conducted its latest nuclear test in January…
Seven Generations Energy buys Paramount Resources assets in $1.9 billion deal
– canadianbusiness.com
CALGARY – Calgary-based Paramount Resources (TSX:POU) is entering into a $1.9-billion deal to sell most of its oil and natural gas producing assets in western Alberta to Calgary rival Seven Generations Energy (TSX:VII).
Under the transaction announced after markets closed Wednesday, Paramount would receive $475 million in cash and Seven Generations shares worth about $837 million. In turn, Seven Generations would take on about $584 million worth of Paramount’s debt.
The deal would give Seven Generations control of about 80,000 hectares of land producing some 30,000 barrels of oil equivalent per day. Paramount would become a much smaller company, with about 10,500 boe/d in production.
Paramount CEO Jim Ridell said the deal offers a premium return for shareholders while reducing debt as well as ongoing benefits through Paramount’s resulting ownership of 10 per cent of Seven Generations’ stock.
Pat Carlson, CEO of Seven Generations, said the acquired lands provides operational and investment synergies to drive expansion…
Under the transaction announced after markets closed Wednesday, Paramount would receive $475 million in cash and Seven Generations shares worth about $837 million. In turn, Seven Generations would take on about $584 million worth of Paramount’s debt.
The deal would give Seven Generations control of about 80,000 hectares of land producing some 30,000 barrels of oil equivalent per day. Paramount would become a much smaller company, with about 10,500 boe/d in production.
Paramount CEO Jim Ridell said the deal offers a premium return for shareholders while reducing debt as well as ongoing benefits through Paramount’s resulting ownership of 10 per cent of Seven Generations’ stock.
Pat Carlson, CEO of Seven Generations, said the acquired lands provides operational and investment synergies to drive expansion…
Calgary-based Paramount Resources is entering into a $1.9-billion deal to sell most of its oil and natural gas producing assets in western Alberta to Calgary rival Seven Generations Energy.
Watchdog: Cambodian PM’s family rules business world, too
– canadianbusiness.com
BANGKOK – An extensive network of businesses controlled by the family of Cambodia’s longtime leader sustains and is sustained by his authoritarian rule, making foreign investment in the country risky, says a report issued Thursday by the research and advocacy group Global Witness.
The London-based group, which focuses on exposing the corrupt exploitation of natural resources in the developing world, says the family of Prime Minister Hun Sen uses a business empire worth at least $200 million along with influential positions they hold in the military and government to keep a lock on power. Significant holdings in the media, along with close ties with other powerholders and business cronies tighten their grip.
The report, ‘Hostile Takeover: The Corporate Takeover of Cambodia’s Ruling Family,’ describes the 30 years Hun Sen has been in power as “characterized by electoral fraud and the brutal suppression of political opposition, including through murder, torture and arbitrary imprisonment,” an assessment shared by human rights groups such as Amnesty International…
The London-based group, which focuses on exposing the corrupt exploitation of natural resources in the developing world, says the family of Prime Minister Hun Sen uses a business empire worth at least $200 million along with influential positions they hold in the military and government to keep a lock on power. Significant holdings in the media, along with close ties with other powerholders and business cronies tighten their grip.
The report, ‘Hostile Takeover: The Corporate Takeover of Cambodia’s Ruling Family,’ describes the 30 years Hun Sen has been in power as “characterized by electoral fraud and the brutal suppression of political opposition, including through murder, torture and arbitrary imprisonment,” an assessment shared by human rights groups such as Amnesty International…
Ex-executive at investment bank admits to $38M fraud scheme
– canadianbusiness.com
NEW YORK, N.Y. – An ex-executive at a New York investment bank has admitted to defrauding investors of more than $38 million, blaming it on his gambling addiction.
Andrew Caspersen pleaded guilty to securities and wire fraud on Wednesday in federal court in Manhattan.
Prosecutors say he scammed clients of PJT Partners Inc. into investing millions of dollars in sham private equity investments. They say he invented fictional financiers, created fake email addresses and arranged misleading domain names to carry out his fraud from last July through March.
The 39-year-old Ivy League graduate is the son of the late Finn M.W. Caspersen, a prominent philanthropist and former chief executive of the financial services firm Beneficial Corp.
Caspersen faces up to 40 years in prison when he’s sentenced in November.
The post Ex-executive at investment bank admits to $38M fraud scheme appeared first on Canadian Business – Your Source For Business News.
Andrew Caspersen pleaded guilty to securities and wire fraud on Wednesday in federal court in Manhattan.
Prosecutors say he scammed clients of PJT Partners Inc. into investing millions of dollars in sham private equity investments. They say he invented fictional financiers, created fake email addresses and arranged misleading domain names to carry out his fraud from last July through March.
The 39-year-old Ivy League graduate is the son of the late Finn M.W. Caspersen, a prominent philanthropist and former chief executive of the financial services firm Beneficial Corp.
Caspersen faces up to 40 years in prison when he’s sentenced in November.
The post Ex-executive at investment bank admits to $38M fraud scheme appeared first on Canadian Business – Your Source For Business News.
