Archive for Author: taxlaw

T1134 CANADIAN INCOME TAX FORM: TORONTO TAX LAWYER’S GUIDE

T1134 Canadian Income Tax Form: Toronto Tax Lawyer’s Guide

T1134 Form – Introduction by Toronto Tax Lawyer The Canadian Income Tax Act levies income tax on the worldwide income of resident Canadians. Multinational business structures are efficient, from both an operational and financial standpoint, and are often necessary in order to transact with certain entities located outside Canada. However,...

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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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Repeated Failure to File Income Tax Penalty

Repeated Failure to File Income Tax Penalty

Introduction – Repeated Failure to File Income Tax Penalty Under Canada’s income tax system, taxpayers are required to calculate, report and pay their taxes in accordance with the applicable deadlines. In particular, the deadline to file 2020 taxes is April 30th 2021 for individual taxpayers and June 15th 2021...

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