OTTAWA, ON, Oct. 30, 2024 /CNW/ – The Taxpayers’ Ombudsperson, Mr. François Boileau, is pleased that the Canada Revenue Agency (CRA) has proactively waived the 2024 filing requirement for bare trusts, unless it makes a direct request.

In July 2024, the Taxpayers’ Ombudsperson announced that our Office was opening a systemic examination into whether the CRA had respected taxpayers’ rights in its administration of bare trust filing requirements for the 2023 tax year.

In carrying out the examination, we heard from stakeholders that the bare trust information the CRA provided for the 2023 tax year had value, but like the 2023 exemption, it came too late. Many tax preparers complete their hiring and training in the fall for each upcoming tax season. Therefore, announcing relief or an exemption beyond November is not timely.

In August and September 2024, the Department of Finance Canada consulted with Canadians on technical amendments clarifying the trust reporting rules. It indicated that the legislative proposal would seek to reduce the administrative burden and to exempt bare trustees from the 2024 bare trust filing requirement.

The CRA’s role is to administer the tax legislation in a manner that is fair and reasonable for taxpayers. It appears unlikely that a bill reflecting the proposed amendments would receive royal assent before many tax preparation firms begin planning for the 2025 tax-filing season. Therefore, it was important that the CRA proactively communicate this exemption, which it did this week.

We are currently in the final stages of drafting our report on our examination into the CRA’s administration of the 2023 bare trust filing requirements. We have met with stakeholders, examined complaints we received, and sought answers from the CRA. We plan to publish the report in early 2025.

Background information

The Office of the Taxpayers’ Ombudsperson works independently from the CRA. Canadians can submit complaints to the Office if they feel they are not receiving the appropriate service from the CRA. Our main objective is to improve the service the CRA provides to taxpayers and benefit recipients by reviewing individual service complaints and service issues that affect more than one person or a segment of the population.

The Taxpayers’ Ombudsperson assists, advises and informs the Minister of National Revenue about matters relating to services provided by the CRA. The Ombudsperson ensures, in particular, that the CRA respects eight of the service rights outlined in the Taxpayer Bill of Rights. 

Quote

“The time to act is now. The CRA exempted bare trustees from their 2023 reporting requirements because it had an unintended impact on Canadians, and it was necessary to bring the exemption back for 2024.

Waiting was therefore not an option. Waiting just causes unnecessary stress, worry and wasted time and effort for taxpayers, tax preparers, lawyers, and accountants. I am pleased that the CRA has taken this initiative. “

Mr. François Boileau, Taxpayers’ Ombudsperson

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NEW YORK, Oct. 30, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global data center it equipment market size is estimated to grow by USD 73.6 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.44%  during the forecast period. Rise in adoption of multi-cloud and network upgrades to support 5G is driving market growth, with a trend towards growing need for edge computing. However, increasing focus on data center consolidation  poses a challenge.Key market players include Arista Networks Inc., China Huaxin Post and Telecom Technologies Co. Ltd., Cisco Systems Inc., CoreSite Realty Corp., CyrusOne LLC, Eaton Corp. Plc, Equinix Inc., Extreme Networks Inc., Fortinet Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., IEI Integration Corp., Infineon Technologies AG, International Business Machines Corp., Juniper Networks Inc., NetApp Inc., Nokia Corp., Oracle Corp., and Schneider Electric SE.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Market Driver

The IoT revolution has led to an unprecedented increase in connected devices, generating vast amounts of data. Industries such as manufacturing, utilities, retail, automotive, and social media are leveraging IoT for enhanced data transmission. By the end of 2021, IoT-enabled devices had increased data center traffic by 40 times. To support this expansion, organizations are investing in data center IT equipment. Edge computing, which enables real-time data analysis, reduces latency, and enhances data security, is driving this growth. The proliferation of 5G networks further fuels the demand for data center IT equipment. Consequently, the global data center IT equipment market is poised for significant growth during the forecast period. 

The Data Center IT Equipment market is experiencing significant growth, driven by the increasing demand for cloud computing and digital transformation. Components such as servers, storage systems, networking equipment, and power and cooling systems are in high demand. New technologies like containerization and artificial intelligence are also trending. The use of advanced technologies like 4G and 5G networks, as well as the integration of IoT devices, is transforming data centers. Companies are focusing on energy efficiency and sustainability, with data center cooling systems and renewable energy sources gaining popularity. The market is expected to continue growing, with CAGRs of up to 10% for some segments. 

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 Market Challenges

The Data Center IT Equipment Market is expected to face challenges due to the increasing trend of Infrastructure-as-a-Service (IaaS) and data center consolidation. With the adoption of virtualization technologies and cloud-based infrastructure, there is a decreasing demand for on-premises IT equipment such as servers, storage devices, and networking equipment. This consolidation can lead to cost savings and efficiency for organizations but may limit growth opportunities for manufacturers and vendors in the market.The Data Center IT Equipment market faces several challenges in today’s digital landscape. One significant challenge is the increasing demand for high-performance, energy-efficient technology. With the growth of cloud computing and the Internet of Things, data centers require more powerful servers and cooling systems. Another challenge is the cost of maintaining and upgrading IT infrastructure. Data centers must balance the need for the latest technology with budget constraints. Additionally, security is a major concern, as data centers house sensitive information. Ensuring data security and implementing cybersecurity measures are essential. Lastly, the complexity of managing and integrating various IT components can be a challenge. Proper planning, implementation, and management of IT equipment are crucial for optimal performance and efficiency.

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This data center it equipment market report extensively covers market segmentation by  

Product 1.1 Server equipment1.2 Storage equipment1.3 Network equipment1.4 OthersEnd-user 2.1 IT and telecommunication2.2 BFSI2.3 Government and public2.4 Healthcare2.5 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Server equipment-  The data center IT equipment market is driven by the increasing demand for cloud-based services, data-intensive applications, and high-performance computing solutions. Enterprises and service providers invest in server infrastructure, shifting from capital expenditure to operational expenditure to optimize costs. Rack servers, the most common type, cater to diverse computing needs, with rack servers and other options like blade, tower, and modular servers available. The market is expanding due to the growth of new data centers and technology refresh cycles, with rack servers popular among SMEs for their space efficiency and scalability.

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Research Analysis

The Data Center IT Equipment Market encompasses various technologies and components essential for cloud computing, IoT, and digital data processing. These include servers, storage systems, networking equipment, hardware, and infrastructure components such as cooling systems and power supply units. In the 4G era, the demand for high-performance computing (HPC) and IT infrastructure, leading to increased end-user expenditure on public cloud services. Telecommunications and data centers play a crucial role in this landscape, with network operators expanding data center capacity to accommodate mobile data traffic. IT and telecom sectors, along with government and defense, healthcare, and other industries, rely on advanced IT infrastructure to manage and process their data efficiently. Gartner’s report highlights the growing importance of energy-efficient solutions, such as AI and HPC, in reducing energy consumption in data centers.

Market Research Overview

The Data Center IT Equipment Market encompasses a range of technologies and solutions designed to support the infrastructure of data centers. These include computing hardware such as servers and processors, storage systems, networking equipment, power and cooling systems, and security solutions. The market is driven by the increasing demand for digital transformation and cloud computing services. The use of advanced technologies like Artificial Intelligence, Machine Learning, and Internet of Things (IoT) is also fueling growth in the market. The need for efficient and scalable data center solutions is a key consideration for businesses and organizations, leading to the adoption of modern data center architectures like hyperscale and edge data centers. The market is expected to continue growing due to the increasing digitization of industries and the rising trend of remote work.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductServer EquipmentStorage EquipmentNetwork EquipmentOthersEnd-userIT And TelecommunicationBFSIGovernment And PublicHealthcareOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

ALLY Energy proudly announces the winners of the 8th Annual GRIT Awards and Best Energy Workplaces, recognized as one of the most prestigious honors in the global energy sector.

HOUSTON, Oct. 30, 2024 /PRNewswire-PRWeb/ — ALLY Energy, the talent and culture platform leveraging AI to power the energy workforce of the future™, is thrilled to announce the winners for the 2024 GRIT Awards and Best Energy Workplaces. This year’s awards recognize candidates from diverse individuals and organizations who embody growth, resilience, innovation, and talent while fostering a purpose-driven culture that is leading the energy transition toward net zero.

The GRIT Awards selection process is known for its rigorous integrity. Nominations are open to the public, and individual evaluations are conducted through a blind application review by external judges. This ensures a fair and equitable assessment of the individual candidates, highlighting those who exemplify excellence and innovation.

Among this year’s honorees are the Lifetime Achievement Awards winners, Vicki Hollub, President and CEO of Occidental; Jan E. Odegard, consultant and former Executive Director of Ion; and Sivasankaran “Soma” Somasundaram, President and CEO of ChampionX. During a fireside chat with these visionaries, attendees gained valuable insights. Standing out as icons for their remarkable careers in advancing energy and climate initiatives, their work spans technology, policy, and workforce development in both the private and public sectors, championing change and progress.

“The GRIT Awards honor those who have shaped the industry and continue to inspire future generations. These winners have demonstrated extraordinary leadership and dedication to driving innovation across the energy landscape,” said Katie Mehnert, Founder and CEO of ALLY Energy.

The 2024 winners include:

The Professional Award – Obianuju Igbokwe, Technology Strategy Consultant at SLBThe Executive Award – Sandhya Ganapathy, Chief Executive Officer at EDP Renewables North AmericaThe Entrepreneur Award – Tara Karimi, Co-Founder & Chief Science Officer at CemvitaThe Sustainability Award – Maru Williams, ESG Manager at ChevronThe Best Affinity Group, Employee Resource Group, or Business Resource Group Award – Occidental Petroleum, FRIENDThe Best Energy Team Award – 1PointFive, Direct Air CaptureThe Top Energy Voices Award – Kathairos Solutions SolutionsThe Best Energy Workplaces Award – EDP Renewables North AmericaThe Best Energy or Climate Startup Award – Syzygy Plasmonics

The People’s Choice awards allowed for open online judging this year. Each person was allowed to vote for one option in each category. The 2024 People’s Choice Award winners include:

The Best Affinity Group, Employee Resource Group, or Business Resource Group Award – Baker Hughes, Multicultural ERGThe Best Energy Team Award – ADNOC Offshore, Project Light PMOThe Best Energy Workplace Award – Baker HughesThe Best Energy or Climate Startup Award – Solaires Enterprises Inc.The Top Energy Voices Award – Sarah Magruder, Founder and President of Savvy Oil & Gas Consulting

About ALLY Energy

ALLY Energy is the most trusted source for companies, startups, professionals, and future workers who want to accelerate their careers, skills, and connections for an equitable energy transition. The community has a presence in 120 countries across energy in oil and natural gas, LNG, renewables, nuclear, and climate technology. To become one of the 2400 companies on the AI platform or the thousands of professionals with a profile, visit http://www.allyenergy.com.

For more information, contact support@allyenergy.com

Media Contact

Kevin McMinn, ALLY Energy Inc, 281-741-5482, support@allyenergy.com, https://www.allyenergy.com/

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SOURCE ALLY Energy Inc