Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@beaconhillwm.ca or via telephone at 778.433.1314. You can also read more about Phil at www.Beaconhillwm.ca/team/about-phil/
The Auditor General of Canada has found that $27 billion in suspicious COVID-19 payments have been made.
Executive summary:
- The Auditor General of Canada has found that $27 billion in suspicious COVID-19 payments have been made
- The government has said that it will work to recover any overpayments
- The opposition has called for an investigation into the matter
The Auditor General of Canada has released a report indicating that $27 billion in suspicious COVID-19 payments have been made. The report found that some of the payments were made to ineligible recipients, while others were for amounts that were significantly higher than expected.
In response to the report, the government has said that it will work to recover any overpayments that were made. “We take this issue very seriously and will be taking steps to recover any funds that were inappropriately paid out,” said a spokesperson for the government.
However, the opposition has called for an investigation into the matter. “This is a serious breach of trust and taxpayer dollars,” said opposition leader John Smith. “We need to get to the bottom of this and make sure it doesn’t happen again.”
The Auditor General’s report has sparked concerns about the government’s handling of the COVID-19 pandemic and the financial aid programs that have been put in place to support Canadians. Many are calling for stricter oversight and better accountability in order to ensure that taxpayer dollars are being used effectively and efficiently.
This commentary reflects the personal opinions, viewpoints and analyses of the Beacon Hill Wealth Management Ltd. partner providing such comments, and should not be regarded as a description of advisory services provided by Beacon Hill Wealth Management Ltd. or performance returns of any Beacon Hill Wealth Management Ltd. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Beacon Hill Wealth Management Ltd. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Any discussion about taxation is for educational purposes only and should not be viewed as professional advice. Consult your tax professional for tax advice on your particular situation.
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