KeatsConnelly Cross-Border Weekly Best of the Web 2014-2-20

web-search-greyEvery week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.This week we offer a mix of articles discussing the loonie’s recovery, CPP & OAS, and the possibility of CRA taxing Olympic medalists.

Loonie recovers from big dip(www.advisor.ca) The Canadian dollar was slightly higher Thursday morning while commodity prices declined in the wake of disappointing economic data from China. The loonie added 0.03 of a cent to 90.27 cents US. HSBC’s preliminary version of its monthly China purchasing managers’ index fell to a seven-month low of 48.3 from January’s 49.5 on a 100-point scale. Numbers below 50 show activity contracting…

Canadians don’t understand CPP, OAS (www.advisor.ca) While Canadians appear optimistic about their retirement lifestyle, few have a firm handle on what their cost of living will be and what their pensions will offer, shows a survey by Investors Group. More than two-thirds (69%) of people near retirement are unaware of what the maximum monthly payout is for CPP, Quebec Pension Plan and Old Age Security, yet more than 80% of them say they plan to use these programs as a source of retirement income, and more than 33% anticipate this will be their primary source…

Canada may tax cash prizes awarded to Canadian Olympic medalists (http://business.financialpost.com) The Olympic podium may giveth, but the CRA will taketh away.The Canada Revenue Agency will likely tax Canadian medalists on cash awards they receive from the Canadian Olympic Committee for their achievements at the 2014 Winter Olympics in Sochi, Russia, Toronto tax lawyer William Innes says. It’s a controversial view, especially since Mr. Innes firmly believes the CRA’s position is flawed. The COC’s Athletic Excellence Fund provides Canadian athletes with prizes of $20,000 for a gold medal, $15,000 for silver, and $10,000 for bronze. In the case of team sports, each team member receives a cash award. Since the 2008 summer games, the COC has awarded about $2.9-million to medalists, with individual awards averaging just short of $16,000..

Come back next week for more interesting news and articles.  Enjoy your weekend!

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