Finance Department says it will fix credit-union tax error revealed by auditors

“Minister Flaherty has committed to fix it as soon as possible and ensure no credit union is disadvantaged by this technical issue,” Chisholm Pothier said in an email. “We intend to deal with this through legislation this fall.” The government says the original change was designed to improve the fairness of the tax system by eliminating a preferential tax rate paid by some financial institutions. The intended move was an increase in the tax rate paid by most credit unions and caisses populaires, to 15 per cent on income in excess of the small business limit, from a federal rate of 11 per cent. But Deloitte says the technical error in the legislation unless altered would instead subject them to a federal tax rate nearly double that.

Market Chatter-Corporate finance press digest

government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. * Billionaire Roman Abramovich is close to buying one of the biggest top-end office complexes in Moscow for up to $800 million in what would be Russia’s second-largest office deal, three sources told Reuters. * KKR & Co and TPG Capital are out of the running in the auction for Hutchison Whampoa Ltd’s Hong Kong supermarket chain ParknShop, people close to the matter told Reuters, after their offers failed to meet the company’s expectations. * BlackBerry Ltd is considering spinning off its messaging service into a separate unit, the Wall Street Journal said on Tuesday, quoting people familiar with the matter.

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