Blockchain or Cryptocurrency Fraud – Cryptocurrency Fraudulent Investment Schemes The advent of blockchain technology and cryptocurrencies has resulted in sudden fortunes for more than a few individuals. At the same time, the technology and economics of the cryptocurrency space are confusing and not well...
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...
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...
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...
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...
Introduction – Taxation of Testamentary Trusts and Estates A testamentary trust is one that is created as a result of the death of an individual. Under the Canadian income tax system, once an individual dies, all of that individual’s assets are deemed to have...
The Canada Revenue Agency’s low prescribed rate opens up income splitting opportunities – A Canadian tax lawyer’s tax guidance The Canada Revenue Agency announced 1 percent prescribed rate starting July 1, 2020 The prescribed rate set by the Canada Revenue Agency (CRA) has been...
Introduction – Tax Search Warrants Canada’s federal Income Tax Act includes provisions that grant the Canada Revenue Agency (the “CRA”) a wide range of powers for administering and enforcing the Act. For instance, section 231.1 grants the CRA the power to tax audit and...
Introduction – Tax Search Warrants Canada’s federal Income Tax Act includes provisions that grant the Canada Revenue Agency (the “CRA”) a wide range of powers for administering and enforcing the Act. For instance, section 231.1 grants the CRA the power to tax audit and...
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...
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...
If you are curious about using a shareholder loan and want to know the potential fallout that it could have for you in terms of taxes in Canada, it is important to educate yourself about these issues well in advance of facing a problem....
Winston Churchill is reputed to have said, “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” While that calls to mind a humourous...
Tax planning is very difficult and stressful to handle on your own and it is not at all easy to achieve the tax planning technique which perfectly fits the case at the first go, so in case of tax errors a rectification order provides...
Tax law is complex and it is unwise to proceed without proper guidance. The extensive powers granted by the Canadian Income Tax Act to the CRA to collect tax creates additional problems, thus certain limitations are imposed on the CRA Collection abilities. These limitations...
Even before a tax debtor has time to react or engage a tax expert his bank accounts can be seized and money taken without a court order. This is because the Canadian Income Tax Act grants extensive powers to the CRA collection officers which...
Tackling tax problems is difficult enough and to add to that if you are dealing with CRA auditors or CRA tax collectors, professional representation from our team of the best Canadian tax lawyers is an absolute necessity. CRA’s tax auditors and tax collectors not...
Tax evasion is an offence under the Income Tax Act and the Excise Tax Act (for GST/HST) but notably it is not a criminal code offence. Over the years CRA has come up with many policies to actively deter Canadian taxpayers from tax evasion...
We are a specialized Canadian tax law firm with 30 years of experience and have seen it all, so our experience tells us that nothing creates as much fear, confusion and stress as a tax audit. Starting from business owners who contact us less...
Any problem related to tax and tax audit is difficult and stressful to manage on your own .In the Canadian income tax system it is up to every taxpayer to properly report their annual income on their income tax return, since the Canadian tax...
Canada’s Tax Act gives sweeping powers to the Canada Revenue Agency and by extension its tax collection officers, to collect the tax debts of taxpayers. In many cases, taxpayers are taken by surprise when their bank accounts are frozen, assets liened or seized and...