Introduction: The CRA’s Voluntary Disclosures Program The Voluntary Disclosures Program (VDP), also known as tax amnesty, is a program offered by the Canada Revenue Agency (CRA) that encourages a taxpayer to voluntarily come forward and disclose any inaccurate or unreported information concerning tax filings. A taxpayer who makes a...
Introduction – Corporate Tax Arrangements of ViacomCBS ViacomCBS is a multinational media corporation that owns the rights to multiple blockbuster franchises including Teenage Mutant Ninja Turtles, SpongeBob and Transformers. According to the New York Times, ViacomCBS is under scrutiny for allegations that the media conglomerate has been going to...
Introduction: Derivative Tax Liability under Section 160 of the Income Tax Act & Transfers to Trustees Section 160 of the Income Tax Act is a tax collection tool. It thwarts a taxpayer who attempts to hide assets from a Canada Revenue Agency tax collector by transferring them to a...
Introduction – Blockchain or Cryptocurrency Liquidity Mining and Yield Farming Blockchain or cryptocurrency liquidity mining (also called cryptocurrency yield farming) is an arrangement whereby you lend cryptocurrency to a start-up cryptocurrency platform seeking to raise capital. In return, the cryptocurrency platform usually gives you units or tokens of the...
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 understood by the general public....
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 tools for Canadians. A taxpayer...
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 but the new policy of...