Skip to main content

Featured

Wall Street Futures Climb as Alphabet Wins Key Antitrust Ruling; Jobs Data in Focus

  U.S. stock futures rose on Wednesday, led by gains in tech heavyweights after a favorable court ruling for Alphabet. The S&P 500 and Nasdaq futures advanced, while Dow futures were little changed ahead of closely watched labor market data. Alphabet shares jumped over 5% in premarket trading after a Washington judge ruled the company will not be forced to sell its Chrome browser but must share certain data with rivals. The decision also allows Google to continue lucrative payments to Apple, sending the iPhone maker’s stock higher. Analysts said the ruling removes a major legal overhang for Big Tech and signals a preference for pragmatic remedies over structural breakups. Investors are now turning their attention to the Job Openings and Labor Turnover Survey (JOLTS) report, due later in the morning, as part of a week packed with employment data culminating in Friday’s nonfarm payrolls. Weakness in recent jobs reports has fueled expectations of a September interest rate cut, ...
Post a Comment
Read more

article

Labels

"CRA Duped Again: Ontario Construction Tax Credit Scam Costs Millions"

 

The Canada Revenue Agency (CRA) has once again fallen victim to a tax credit scam, this time involving Ontario's construction tax credit scheme. According to sources, the CRA mistakenly paid out tens of millions of dollars to scammers who used fake businesses to claim tax credits for non-existent renovations and construction projects.

The scheme, which began in 2020, allowed businesses to claim tax credits for building or renovating commercial facilities. However, the CRA failed to verify the claims, accepting them without review and paying out the credits without proper scrutiny. This oversight has resulted in significant financial losses, with the exact amount still being calculated but estimated to be in the tens of millions.

Minister of National Revenue Marie-Claude Bibeau has defended the CRA's fraud detection systems, calling them "robust," despite the repeated failures. The CRA has declined to comment on how the scam was missed and has not disclosed specific details about their monitoring strategies.

The Ontario finance ministry has stated that the CRA is responsible for administering the tax credits on behalf of the province, including conducting audits. Both the federal and provincial governments are now working together to address non-compliance and implement measures to minimize fraud in the future.

This latest incident raises questions about the effectiveness of the CRA's fraud detection systems and the accountability for the financial losses incurred.



Labels:

Comments

Post a Comment