Blog 6

Canadian Departure Tax: Canadian Tax Lawyer Guidance

Canadian Departure Tax: Canadian Tax Lawyer Guidance

What is Canadian Departure Tax? When taxpayers emigrate from Canada, for tax purposes they are deemed to have disposed of their capital assets even though no assets are actually sold. Capital gains earned from the disposition of these assets will be taxed. This tax...

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...

CRA's Agreement with Coinsquare in Disclosing Crypto User Information

CRA’s Agreement with Coinsquare in Disclosing Crypto User Information

Introduction – CRA’s Court Order against Coinsquare On September 18, 2020, the CRA filed a Federal Court application against Coinsquare in order to compell the Toronto-based cryptocurrency platform to disclose tax information related to its customers. We covered this issue in depth here (https://taxpage.com/articles-and-tips/cra-wants-coinsquare-to-disclose-confidential-client-info/)...

Upward Adjustments for Tax Notices of Objection

Upward Adjustments for Tax Notices of Objection

What is a Tax Notice of Objection? A tax Notice of Objection is a formal dispute filed with the Canada Revenue Agency wherein the taxpayer appeals tax amounts assessed against the taxpayer by the Canada Revenue Agency. For example, a taxpayer may argue an...

CRA Remission Guide: Canadian Tax Lawyer's Overview

CRA Remission Guide: Canadian Tax Lawyer’s Overview

Introduction – Tax Remission Order Canada’s tax laws contain provisions that are carefully crafted and precisely designed to provide taxpayers with various avenues to resolve their tax issues. However, in certain circumstances, Canada’s tax laws do not provide for adequate relief, or the strict...

TFSA Penalty Relief: Canadian Tax Lawyer's Guidance

TFSA Penalty Relief: Canadian Tax Lawyer’s Guidance

Introduction to the Relevant Law on TFSA Over-Contribution and Non-Resident Contribution Before discussing the case of Ifi v. Canada (Attorney General), 2020 FC 1150, an introduction to the underlying law is necessary to provide context. Tax-Free Savings Accounts (TFSAs) are popular savings and investment...

Tax Guide for Crypto & Bitcoin Businesses: Computing Inventory Costs

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...

Indirect Tax Audit Methods: Toronto Tax Lawyer Guide

Indirect Tax Audit Methods: Toronto Tax Lawyer Guide

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...

CRA’S BUSINESS TAX AUDITS: CANADIAN TAX LAWYER ANALYSIS

CRA’s Business Tax Audits: Canadian Tax Lawyer Analysis

Introduction – Business Tax Audit Business tax audits are a keyway by which the Canada Revenue Agency (CRA) ensures that a business has fulfilled its tax obligations with respect to income tax, payroll deductions, benefits, remittances, and GST/HST, pursuant to the Income Tax Act...

Employee Housing Loans

An employee housing loan refers to any loan that you can get from your employer to buy a home. This is quite convenient, considering employers offer housing loans at incredibly low-interest rates. Applying for a housing loan not only allows you to buy a...