From: email@is.invalid   
      
   Canuck57 wrote:   
      
   > On 17/07/2012 11:45 AM, Alan Baggett wrote:   
   >> Investment industry asks tax man for a little relief : CRA SOTW   
   >>   
   >> Barbara Shecter 2:54 PM ET |   
   >>   
   >> The investment industry is hoping the Canada Revenue Agency is   
   >> willing to do with a little less income tax money to help   
   >> eliminate “cost-ineffective” reporting of corrections to client   
   >> tax slips.   
   >>   
   >> In a letter sent to two CRA officials last week, the Investment   
   >> Industry Association of Canada asked for legislative or   
   >> regulatory changes if necessary to remove a requirement that tax   
   >> slips with corrections — at least those with corrections of less   
   >> than $100 — be mailed to clients and filed with the CRA.   
   >>   
   >> To back the request, the industry association offered up a test   
   >> case in which the requirement to report the tax slip corrections   
   >> would “cost more… than will be collected in revenue.”   
   >>   
   >> In that case, which involved limited partnerships units of a   
   >> mining firm, the correction involved “very small amounts, with   
   >> even smaller income tax revenue effects.” Most of the 598 clients   
   >> affected, some 86%, “would have received tax slips with pennies   
   >> in income.”   
   >>   
   >> The letter suggests the change could help with federal government   
   >> efforts to “eliminate red tape” and would not have to live with   
   >> reduced income tax revenue. In the event that a taxpayer owed   
   >> funds, these could be paid by the securities-issuing firm that   
   >> made the error in the first place, the investment industry   
   >> association suggests.   
   >   
   > It is now easier and less taxing just to go offshore.   
   >   
   > Why bother with the Canadian bu11sh1t?   
      
      
   Baggett is more interested in selling his book than anything else.   
   He probably has an offshore account for the proceeds.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)