#CanadianresidentswithU.S.citizenshipfacehugetxbills# #DonaldTrump. #BillMorneau, #Trump'staxbillsignedintolaw
Washington/Ottawa, May 14 (Canadian-Media): Thousands of Canadian residents with United States (U.S.) citizenship across the country had been struggling with the impact of huge tax bills as a result of U.S. president Donald Trump's tax bill signed into law just before Christmas, media reports said.
"It's a huge problem for Canadian businesses and it needs to be addressed, so I'm sure it will probably come up in some of the meetings." Wayne Easter, Liberal MP and co-chair of the Canada-United States Interparliamentary Group, said
Particularly hard hit reportedly are those who have been using their corporations to save for retirement as the owner has to declare the money on their 2017 personal tax return.
While those affected can elect to spread the bill over eight years, they have until June 15 to file their tax returns and begin making payments.
Canadian Finance Minister Bill Morneau's office said finance department officials who speak regularly with their American counterparts could not confirm whether they have discussed the impact the tax reform is having in Canada and added,
"I think what's happened here is that a decision was made and there's a whole lot of collateral damage or unintended consequences. There will have to be more government-to-government discussions and we'll be able to, I think, broach the issue and tell members of Congress how problematic this is for Canadians or Americans who are in Canada who set up retirement plans with the best intentions based on the rules that were already in place."
Biil Morneau/Courtesy of Canadian Press
Conservative Senator Michael MacDonald, co-chair of the interparliamentary group, said,
"I'm no tax expert but I am familiar with some of the impact of the bill in terms of double taxation of people and there's a lot of money being drained back into the U.S. from Canadian corporations... In terms of us having a lot of impact in that area, I think the odds are relatively slim because that has been signed into law by the U.S. government, by the president."
#Canada-Caribbeaneconomicrelations, #Canada-Caribbeanclimateresilience, #JustinTrudeau, #Marie-ClaudeBibeau, #CARICOM, #G7ThemeofInvestinginGrowthThatWorksforEveryone, #CaribbeanCommunity’sCouncilforForeignandCommunityRelations, #TheBahamas’DeliveryUnit, #Canada’sFeministInternationalAssistancePolicy
Bahamas/Ottawa, May 9 (Canadian-Media): During a three-day visit to the Bahamas, Caribbean Islands was conluded by Marie-Claude Bibeau, Federal Minister of International Development and La Francophonie, May 9 where she attended the 21st meeting of the Caribbean Community’s (CARICOM’s) Council for Foreign and Community Relations, media reports said.
Bibeau had discussed, in the meeting, important issues like enhancing relations, and strengthening long-term economic and climate resilience in the region.
CARICOM, which was established in 1973, includes 15 members: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago and aims to foster regional economic relatons.
"Canada-Caribbean relationship and addressing key issues of regional importance, such as the impact of climate change, as well as enhanced trade and investment. That is why, as part of our 2018 G7 presidency, development and finance ministers as well as central bank governors will meet this month to discuss solutions that will support climate and economic resilience in this time of need," Bibeau said.
Over $2 million for humanitarian assistance had been provided by Canada in response to hurricanes Maria and Irma in the fall of 2017.
Later Canada had pledged $100 million over five years during UN-CARICOM conference in November 2017, on reconstruction and climate resilience in the Caribbean region.
Bibeau also had participated in a number of bilateral meetings with Caribbean partners and on behalf of Canada's Prime Minister Justin Trudeau, attended the launch of The Bahamas’ Delivery Unit, an initiative to improve accountability and achieve results to improve lives in the region.
Trudeau had announced, at the Summit of the Americas in Peru, in April 2018, an additional $25 million for two initiatives to promote climate-resilience efforts in the Caribbean.
In a meeting reportedly to be held from May 31 to June 2, 2018, in Whistler, British Columbia, Canada, G7 Theme of Investing in Growth That Works for Everyone would be discussed by development and finance ministers and central bank governors .
Bibeau repeated, throughout her visit, Canada’s commitment to support post-hurricane reconstruction and long-term climate and economic resilience in the region which would also be discussed by international forums, such as the G7 and the United Nations.
Promotion of gender equality and the empowerment of women and girls the key issues, highlighted Bibeau, were the main motive of Canada’s Feminist International Assistance Policy, which would strengthen economic growth without leaving anyone behind.
#BankofMontreal, #KGS-AlphaCapitalMarkets, #PatCronin, # BMOFinancialGroup, #mortgage-backedsecurities, #U.S.Treasuries; #KelseyGunderson;
Montreal/U.S., May 2 (Canadian-Media): With an aim to expand its U.S. capital markets business, the Bank of Montreal (BMO) acquiried KGS-Alpha Capital Markets, a New York-based fixed-income broker-dealer that specializes in U.S. mortgage and asset-backed securities. media reports said.
Bank of Montreal/Facebook page
"The acquisition of KGS is highly complementary to our strategy,” Pat Cronin, chief executive of BMO Nesbitt Burns, said in a statement. “The size and scope of the MBS bond market represents a tremendous opportunity to continue to diversify our platform, and grow revenues with key new initiatives.”
KGS-Alpha Capital Markets/Facebook
Founded in 2010, KGS-Alpha specializes in the structuring, trading and distribution of mortgage-backed securities and asset-backed securities.
Its inventory is 96 percent composed of Fannie Mae, Ginnie Mae and Freddie Mac mortgage-backed securities.
According to the report of the BMO Financial Group, the deal for an undisclosed amount expands its existing mortgage-backed securities (MBS) trading business.
For long, BMO had been focusing on Increasing its capital markets business south of the border and the acquisition of KGS promoted BMO's presence in the second-largest U.S. fixed-income securities market, after U.S. Treasuries.
The MBS bond market had US$9.3-trillion worth of outstanding debt as of the third quarter of 2017, and more than $200-billion traded daily, BMO said.
KGS, which employs 135 people, including 84 sales and trading staff, serves primarily institutional investors.
Its employees are concentrated in New York, but the company has seven other offices across the United States.
Ottawa, May 1 (Canadian-Media): Trudeau government had been requested by members of the Senate's Aboriginal peoples committee to put off its marijuana legalization plans for roughly a year to allow Indigenous communities time to prepare, media reports said.
If passed, the amendment would delay the bill's full implementation for up to a year.
As currently written, the bill stipulates the law does not come into force until a date is fixed by an order of the governor-in-council — Prime Minister Justin Trudeau's cabinet.
A final vote on the bill is scheduled to occur in the Senate on or before June 7, with legalization expected to follow eight to 12 weeks later.
The committee, chaired by Liberal Saskatchewan Sen. Lillian Dyck, said in its report on Bill C-45 that the government simply did not consult enough with First Nations, Inuit and Métis communities before pushing ahead with its plan to legalize the drug.
The committee said the government should take that time to negotiate a revenue-sharing agreement with First Nations communities.
"Many communities are really worried about the potential adverse effects on their members, and especially on their youth, and it may be even worse because of the trauma in their communities," Dyck said, adding existing social issues in Indigenous communities could be made worse by increased drug use.
The committee has heeded a request from Manny Jules, the chief commissioner of the First Nations Tax Commission, who recommended the federal government and the provinces hand cannabis taxing authority over to First Nations governments so they can impose their own levy on marijuana grown and sold on reserves.
"The way the bill has been crafted shows there was very little consultation," Conservative Alberta Sen. Scott Tannas told reporters.
"There was no thought given to the [tax issues], and there are First Nations that are keen on economic opportunities that would come from the legitimate production of cannabis and they feel that they're behind. There are Indigenous governments that want to see economic development and get revenue ... None of that appears to have been considered."
First Nations say their governments will face new social challenges from legal cannabis, but they stand to gain nothing from Ottawa's plan.
Under Jules' proposal, Ottawa and the provinces would cede ground to First Nations to collect taxes, providing a new source of much-needed revenue to their communities.
The committee recommended an amendment to the legislation that would implement "appropriate excise tax collection and sharing measures from revenue generated by cannabis produced on First Nations lands."
"The Department of Finance [should] immediately work with interested First Nations and First Nations institutions to allow them to collect cannabis excise tax revenues," the committee report said, calling for an amendment to the First Nations Fiscal Management Act to provide for a First Nation law-making power to levy cannabis excise taxes on reserve lands.
The funds could then be used to develop cannabis-related laws and regulations on-reserve, fund campaigns to educate young people about the dangers of cannabis use and bolster First Nations police forces.
The recommendation to extend taxation powers to First Nations will now be referred to the Senate's social affairs committee, which will make the ultimate decision on which amendments to the bill should get the green light. The whole Senate would have to vote on the amended bill, which — if approved — would go back to the House of Commons for a final vote.
The Aboriginal peoples committee also found there is no "culturally appropriate" educational material ready to ensure Indigenous people understand the new law — which will legalize the drug, lead to the creation of provincially-run retail distribution systems and allow for home cultivation, among other sweeping changes to the country's drug laws.
The committee heard from a number of witnesses who said the public education campaign that addresses the health effects of cannabis is woefully inadequate and is rolling out too close to the proposed legalization date — giving people too little time to learn about its harmful effects.
It also noted a number of First Nations police witnesses warned they are unprepared for a wave of legal pot.
In its report, the committee quoted Steve Burton of the Tsuut'ina Nation Police Service, a reserve outside Calgary, who said his force doesn't have the tools it needs to enforce the act — which actually stiffens penalties for some offences, including giving cannabis to a minor — or to monitor drug-impaired driving.
"We don't have the people trained, the drug recognition experts. Those are training programs that require extensive time ... For us to arrange that training when we're already low on manpower, we have to find a way to backfill that position or positions with other officers," he said.
In an appearance before the Senate's social affairs committee earlier this week, the Canadian Real Estate Association encouraged the government to suspend provisions that will allow people to grow pot at home until there are better regulations in place to avoid property damage and sinking home prices.
The Liberal government has said it plans to limit home marijuana growers to four plants per household. The government initially intended to limit plants to 100 centimetres in height, but the House of Commons approved an amendment that removed that restriction.