Introduction: Cryptocurrency-Trading Businesses in Canada Canadian cryptocurrency-trading businesses face unique challenges. The mostly unregulated market brings higher risk of fraud and cyber-crime. The volatile markets may bleed profits. And some cryptocurrency traders don’t even realize that they’re carrying on a business, misreporting their profits as capital gains. This article...
Introduction – Indirect Tax Audit Methods Canada’s income tax system is designed around every taxpayer, individual, corporation or trust, filing an annual return which reports all of the income that taxpayer earned during the year. Similarly, GST/HST is administered by requiring suppliers of goods and services to regularly file...
Money transferred from a corporation to its shareholder was reassessed as shareholder benefits This case was a split decision with the taxpayer’s Canadian tax lawyer winning the argument against gross negligence penalties but losing with respect to statute barred years. Mr. Deyab and his spouse carried out engineering consulting...