Introduction – What are Taxable Benefits Under Paragraph 6(1)(a) of the Income Tax Act, a taxable benefit is any advantage or benefit given to an employee from an employer, as well as the employee’s non-arm’s length parties such as his or her children or spouse. A taxable benefit must...
Introduction: What is “Rescission”? Rescission allows for a transaction to be retroactively cancelled, annulled, or set aside in circumstances where there has been a unilateral mistake by parties. In order to qualify for rescission as a remedy, the mistake must have created some injustice for the transacting parties. If...
Introduction – Employee Stock Options Certain corporations offer stock options to their employees as a form of compensation. Employee stock options give employees the right to purchase shares of their corporate employer for a fixed price during a set time period. If the value of the shares exceeds the...
Introduction: Cryptocurrency-Trading Businesses in Canada Canadian cryptocurrency-trading businesses face unique challenges. The mostly unregulated cryptocurrency, non-fungible token (NFT), and blockchain markets brings higher risk of fraud and cyber-crime. The developments in blockchain technology bring about an ever-increasing range of opportunities, arrangements, and assets—smart contracts, cryptocurrency liquidity mining and yield...
Overview – T1135 Reporting Requirement: Exception for Interests in Non-Resident Trusts Not Acquired for Consideration Canadian who own specified foreign property with a combined cost amount of at least $100,000 in a tax year is required to file a T1135 information return with his or her tax return which...
Requirements for Part XIII Withholding Tax on Canadian Interest to Non-Residents – A Toronto Tax Lawyer Guide Introduction – What is Withholding Tax on Interest Paid to Non Residents Under the Income Tax Act, a Canadian tax resident must pay tax on his or her worldwide income, while non-residents...