“In A Time of Universal Deceit Telling The Truth Is A Revolutionary Act” -George Orwell
TSX Rises For The Day, Rises For The Week
Rising gold stocks helped push the Toronto stock market higher Friday on top of three straight days of advances that have left the TSX at its highest level since April 2011. The S&P/TSX composite index was ahead 56.63 points to 13,888.21. The Canadian dollar slid 0.42 of a cent to 91.11 cents US. U.S. indexes were mixed amid U.S. earnings reports from a variety of sectors and economic data showing rising industrial production and declining housing starts. The Dow Jones industrials rose 41.55 points to 16,458.56, the Nasdaq fell 21.11 points to 4,197.58 and the S&P 500 index was off 7.19 points at 1,838.7.Analysts note that the start to the fourth-quarter earnings season this past week has been positive but with the Dow and S&P 500 trading at all-time highs, there are fairly high expectations.The TSX ran ahead 141 points or 1% this past week, with advances paced by the precious and base metal mining sectors. But the Dow industrials ended the week flat amid the mixed earnings news, up just 22 points or 0.13%.
Tax Cheats Beware: CRA Launches Snitch Line
CRA has a new way to catch up with Canadians cheating on their taxes. The government has launched a tips hotline to catch those hiding money in offshore accounts. On cases worth $100,000 or more, a tipster would get a cut of any money the CRA recovers based on her information. But if she’s convicted as part of the tax scheme herself, she won’t be compensated. The tipster would also have to wait until the CRA has collected all taxes owed and the case has gone through all avenues of appeal. The government has also recently tightened rules surrounding foreign income reporting. It also wants to make reporting international electronic money transfers of more than $10,000 mandatory. The government will spend $15 million over five years to fund the electronic funds transfer program, and another $15 million during that time on compliance and auditing activity. The government promised a tips hotline in the 2013 budget. With its launch, four of the five tax measures in the budget have been implemented, and the fifth will come into effect in 2015. Closing tax loopholes and catching tax avoiders have been increasingly important to the government as it works to eliminate the deficit in time for the 2015 federal election. The hotline is open at 1-855-345-9042.
Market Update as of January 17, 2014
The TSX closed at 13888, up 140 points or 1.02% over the past week. YTD the TSX is up 1.95%.
The DOW closed at 16459, up 22 points or 0.13% over the past week.YTD the DOW is down -0.71%.
The S&P closed at 1839, down -3 points or -0.16% over the past week.YTD the S&P is down -0.49%.
The Nasdaq closed at 4198, up 23 points or 0.55% over the past week.YTD the Nasdaq is up 0.50%.
Gold closed at 1254, up 8.00 points or 0.64% over the past week.YTD gold is up 4.15%.
Oil closed at 94.3, up 1.50 points or 1.62% over the past week.YTD oil is down -4.37%.
The USD/CAD closed at 1.0965, up 0.0075 points or 0.69% over the past week.YTD the USD/CAD is up 3.13%.