Category Archives: Article

Home Buyer’s Plan

What is the Home Buyer’s Plan? Struggling to afford to purchase your first home? The Home Buyer’s Plan can be a useful tool for unlocking capital towards purchase of your home. The Home Buyer’s Plan allows eligible first-time homebuyers to withdraw funds from their Registered Retirement Savings Plan (RRSP) tax-free to contribute towards a down payment. Withdrawals […]

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 for self-employed individuals. According to the Canada Revenue Agency (“CRA”), […]

Principal Residence Exemption from Taxation Of Cottages

The Cottage Purchasing Boom With Canadians limited from foreign vacations and many Canadians working remotely over the past year due to the COVID-19 pandemic, there has been a boom in purchasing cottages and other recreational properties. Royal LePage, a major Canadian real estate franchiser and owner-operator, reported that within the first nine months of 2020 […]

When To File a Service Complaint –An Accountant’s Overview

Taxpayers being audited by the Canada Revenue Agency (“CRA“) are not likely to describe the experience as pleasant. After all, the CRA’s main goal during an audit is to uncover errors with the taxpayer’s filings, which would result in the taxpayer owing money. This type of scrutiny, despite being a normal part of a country’s […]

Deducting Home Office Expenses – Employment Expenses

The Canada Revenue Agency (CRA) recently released comprehensive information on a new simplified process for deducting home office expenses for 2020 and 2021. For millions of Canadians, this is the first year in which they are eligible to deduct certain expenses related to working from home on their taxes. It will also be the first […]

Tax Benefits Of Cryptocurrency-Trading Business As A Canadian Controlled Private Corporation (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 farming, and non-fungible tokens (NFT), to […]

The Blockchain-Based Video Game With Real Tax Consequences: The Philippines Isn’t The Only Country That Taxes Axie Infinity Players – Canadian Tax Guidance From An Accountant

Introduction – Axie Infinity: What Is It? Developed by the Vietnamese start-up, Sky Mavis, Axie Infinity is a Pokémon-like online video game allowing players raise, breed, and fight their digital pets called Axies. Like their Pokémon counterparts, Axies appear as imaginary cartoon animals with exaggerated cartoonish features-plump, egg-shaped bodies boasting goat-like horns, acorn-like tails, fish-like […]

CRA Tax Audit & Prosecution For Canadian Crypto Users

Introduction – The IRS Amps Up Efforts to Collect Taxpayer Information from Cryptocurrency Exchanges On April 1, 2021, a federal court in the District of Massachusetts allowed the United States Internal Revenue Service to serve a John Doe summons on the Boston-based cryptocurrency exchange, Circle Internet Financial Inc. and on its spinout company, Poloniex LLC. […]