Archive for Month: May

Taxable Benefits: Canadian Tax Lawyer Analysis

Taxable Benefits: Canadian Tax Lawyer Analysis

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...

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Rescission for Taxpayers: Canadian Tax Lawyer's Guide

Rescission for Taxpayers: Canadian Tax Lawyer’s Guide

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...

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Tax Benefits of Cryptocurrency-Trading Business as a CCPC

Tax Benefits of Cryptocurrency-Trading Business as a CCPC

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...

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