Connect with us

Real Estate

CRA appeals $2.2B tax bill dispute decision that ruled in favour of uranium giant Cameco

Editor

Published

on

[ad_1]

The Canada Revenue Agency is appealing a Federal Court of Appeal decision involving a $2.2 billion tax bill dispute with Cameco.

In September, the Tax Court of Canada ruled in favour of Cameco, leaving the CRA with 30 days to appeal.

The revenue agency took issue with a Cameco subsidiary that sold uranium in Switzerland, saying it used the company to avoid paying taxes in Canada. Cameco maintained it was a legal and sound business practice and challenged the CRA’s findings.

“We are disappointed that the CRA has taken this action after such a clear and decisive ruling from the Tax Court,” said Cameco president and CEO Tim Gitzel in a news release.

Cameco president and CEO Tim Gitzel. (Submitted by Cameco)

Cameco’s manager of communications, Carey Hyndman, said the company sees no reason why the original decision would be overturned.

“We are prepared to continue through the appeals process and we believe the appeal will be decided in our favour, just like the [original] decision was,” Hyndman said.

Cameco estimates it could take years for the matter to be decided.

CRA spokesperson TJ Madigan said the government is “administering the acts for which it is responsible in a fair and impartial manner.”

“The government is committed to protecting the tax base by ensuring that all Canadians meet their tax obligations,”  Madigan said in an emailed statement.

Decision ‘thorough and clearly in Cameco’s favour’

Cameco said it will still be making an application to the court to recover costs incurred over the course of the case.

The Tax Court decision and CRA appeal apply only to the 2003, 2005 and 2006 tax years, which were the subject of the original court case.

Cameco said it has already paid half of the $11-million bill for the three years in question and is expecting it will be refunded.

Cameco said it remains cautious about reopening its mines in northern Saskatchewan, but September’s court win was thought to improve the situation. (Cameco)

The company hopes courts will be persuaded to apply the decision to the entire $2.2 billion tax bill, which includes other tax years.

“We had hoped the CRA would have accepted that decision and applied it to the other years in dispute, because the decision that came from the tax court was really thorough and clearly in Cameco’s favour,” Hyndman said.

“There is nothing in the decision that we think would warrant a different outcome.”

She isn’t sure what the CRA is going to bring forward in its appeal.

In July, slow uranium prices meant Cameco indefinitely suspended production at its McArthur River and Key Lake operations. That resulted in the permanent layoff of 550 mine workers and 150 corporate head office employees.

[ad_2]

Source link

قالب وردپرس

Real Estate

7 Tips For First-Time Home Buyers In Calgary

Editor

Published

on

By

Buying a house for the first time can be overwhelming to say the least. If you’re wondering what neighbourhood to go with, what you can afford, or even how to just get started on the process, let us take some stress off your hands! We’ve teamed up with Hopewell Residential to give you 7 tips to ensure the home you end up with is everything you dreamed of.

Hopewell Residential is a five-time Developer of the Year award winner, so their expertise is second-to-none in Calgary and beyond. Who better to learn home-buying tips from than the homebuilders themselves?

Create a checklist of needs & wants

This is a biggie. When you’re buying your very first home, you’ll want to weigh your needs vs. your wants. Ensuring you have what you love in your first home is a big, big deal.

What should you do? Easy. Set up a list of needs and a list of wants, but be pretty strict with yourself, and make sure you take your lifestyle into consideration. With the increase in remote work over the past year, it’s important to keep in mind that a home office or flex room might just be the key to maximizing at home happiness. Especially if you’re thinking you might be expanding your family later on, spare rooms and extra space is key (but more on that later!).

Or for instance, you might need a home in an area with a high walkability score, but you want to be close to certain amenities. Set yourself up with the right level of compromise and the number of homes that actually fit your ‘perfect’ idea will skyrocket.

Continue Reading

Real Estate

‘Don’t give up’: Ottawa Valley realtors share statistics, tips for homebuyers in ‘extreme’ sellers market

Editor

Published

on

By

The real estate market in the Ottawa Valley can be summed up this way: people from far and wide are in a buying frenzy, but there’s hardly anything to buy at the “store,” and the limited inventory is overpriced.

This “stampede” — as one realtor described it — will affect rural towns as residents grapple with finding affordable housing and agonize over their inability to purchase homes in their price range.

“We are seeing a lack of inventory in all price ranges,” said Laura Keller, a real estate agent from Carleton Place.

Helen Vincent, a Renfrew realtor, said she’s never seen a market like this in her 36 years of practice. “We postpone offers for four to five days in order to get all the buyers,” she said.

Multiple offers — between seven and 10 — became the norm, with cash offers and no conditions, as buyers faced bidding wars. “In Ottawa, they have up to 50 (offers),” she added.

“It’s very stressful. You’re going to get nine (people) ticked off, and one happy. So many people are disappointed,” Vincent said.

Terry Stavenow, an Arnprior realtor for 40 years, said that “the pent-up need took over with inventory going low. It made a stampede on everything that was available.“

“Brand new housing — it’s very much gone. Several building developers are rushing to get inventory. They usually don’t do construction in the winter months,” said Stavenow.

Continue Reading

Real Estate

10 Tips For First-Time Home Buyers

Editor

Published

on

By

Buying a home for the first time is exciting and a commitment to the future. It’s often challenging, too, and the process requires a lot of steps, many of which can be tricky to navigate as a first-time home buyer.

What are some things you should keep in mind as a first-time home buyer?

First-Time Home Buyer Tips

Here are 10 tips to keep in mind as you begin your journey toward homeownership.

1. Have Your Finances in Order

It’s wise to begin saving as early as possible once you’ve made the decision to purchase a house. You’ll need to consider the down payment, closing costs (which often range from 2% to 5% of the down payment), as well as move-in expenses.

You also need to understand the other costs of homeownership, such as mortgage insurance. property taxes, utilities, homeowner’s insurance, and more.

2. How Much Can You Afford?

Knowing how much you can realistically afford in a home is another important financial consideration. Look for the home of your dreams that fits your budget.

One way to avoid future financial stress is to set a price range for your home that fits your budget, and then staying within that range. Going through the preapproval process will help you understand what price range is realistic for your budget.

3. Make Sure Your Credit is Good

Another thing to keep in mind as a first-time home buyer is your credit score because it determines whether you qualify for a mortgage and affects the interest rate that lenders offer. 

You can check your credit score from the three credit bureaus – Experian, Equifax, and TransUnion.

This is another good reason for getting preapproved before you start your search. Learn more about the preapproval process and your credit score.

4. Choose The Right Real Estate Agent

A good real estate agent guides you through the process every step of the way. He or she will help you find a home that fits your needs, help you through the financial processes, and help ease any first-time buyer anxiety you may have.

Interview several agents and request references.

5. Research Mortgage Options

A variety of mortgages are available, including conventional mortgages – which are guaranteed by the government – FHA loans, USDA loans, and VA loans (for veterans).

You’ll also have options regarding the mortgage term. A 30-year fixed-rate mortgage is popular among many homebuyers and has an interest rate that doesn’t change over the course of the loan. A 15-year loan usually has a lower interest rate but monthly payments are larger.

6. Talk to Multiple Lenders

It’s worth your time to talk to several lenders and banks before you accept a mortgage offer. The more you shop around, the better deal you’re liable to get – and it may save you thousands of dollars.

7. Get Preapproved First

Getting a mortgage preapproval (in the form of a letter) before you begin hunting for homes is something else to put on your checklist. A lender’s preapproval letter states exactly how much loan money you can get.

Learn more about the preapproval process and how preapproval provides you with a significant competitive advantage in our article How Preapproval Gives You Home Buying Power.

8. Pick the Right House and Neighborhood

Make sure to weigh the pros and cons of the different types of homes based on your budget, lifestyle, etc. Would a condominium or townhome fit your needs better than a house? What type of neighborhood appeals to you?

9. List Your Needs and Must-Haves

The home you purchase should have as many of the features you prefer as possible. List your needs in order of priority; some things may be non-negotiable to you personally.

10. Hire an Inspector

Hiring an inspector is another crucial step in the home buying process. An inspector will tell you about existing or potential problems with the home, and also what’s in good order. You can learn more about home inspections and how to find a home inspector through the American Society of Home Inspectors website.

Buying a home for the first time is a challenge, but it’s one you can handle with the right planning and preparation.

Continue Reading

Chat

Trending