Introduction Many taxpayers find themselves overwhelmed by tax debts, compounded by other financial obligations and increasing interest charges. If you’re struggling to manage your tax debt, it’s important to know that the Canada Revenue Agency (CRA) has extensive collection powers. These powers can be exercised without a court order and may include: Garnishing your income […]
Category Archives: Blog
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Dec
Dec
Introduction One of the most impactful changes in recent tax policies includes increased funding for tax enforcement in Canada. While tax authorities have assured that additional enforcement efforts will not disproportionately target small businesses or middle-income taxpayers, individuals may still be concerned about how to prepare for potential scrutiny by the Canada Revenue Agency (CRA). […]
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Dec
Dec
Introduction Polymarket, a decentralized prediction market platform, has emerged as one of the most popular decentralized applications (dApps) for betting on future events, such as political elections, sports outcomes, or financial markets. By using cryptocurrencies to trade on predictions, users can profit from correctly forecasting the future. However, similar to other crypto-based activities, participation in […]
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Dec
Dec
Introduction Crypto betting, the practice of placing bets or wagers using cryptocurrencies, has gained popularity as digital currencies continue to integrate into mainstream financial activities. While crypto betting offers users a decentralized, often anonymous platform to engage in gambling activities, it also brings along legal and tax responsibilities that must be understood by Canadian bettors. […]
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Dec
Introduction: The world of cryptocurrency is ever-evolving, and as it continues to grow, so do the tax implications for Canadian crypto investors. One important question that often arises is whether taxes apply when swapping one cryptocurrency for another. In Canada, swapping crypto assets is considered a taxable event, and understanding the implications is crucial for […]
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Dec
Dec
Introduction: The rise of cryptocurrencies and other digital assets has introduced new challenges for accountants, particularly when it comes to complying with accounting standards. In Canada, businesses must adhere to either the International Financial Reporting Standards (IFRS) or Accounting Standards for Private Enterprises (ASPE) when accounting for digital assets. This article explores how these frameworks […]
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Dec
Dec
Introduction: Cryptocurrency has become a central player in the world of investments, offering new ways for Canadians to grow their wealth. But like any investment, understanding the tax implications of your cryptocurrency holdings is essential. In Canada, minimizing taxes on crypto transactions requires a solid understanding of the Canada Revenue Agency’s (CRA) rules on capital […]
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Dec
Dec
Introduction As cryptocurrency transactions become more common in Canada, businesses and individuals need to understand their obligations related to Goods and Services Tax (GST) and Harmonized Sales Tax (HST). The Canada Revenue Agency (CRA) has provided guidelines on how GST/HST applies to cryptocurrency transactions, but there are still complexities to navigate. This article explores the […]
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Dec
Dec
Introduction As decentralized finance (DeFi) grows in popularity, Canadian taxpayers involved in yield farming face increased scrutiny from the Canada Revenue Agency (CRA). Yield farming, which involves staking or lending cryptocurrency in exchange for rewards, is considered taxable income, and the CRA has ramped up its efforts to audit cryptocurrency activities. In this article, we […]
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Dec
Dec
Introduction With the rise of decentralized finance (DeFi) platforms, Canadian investors engaged in yield farming are not only subject to income tax but also need to consider the Goods and Services Tax (GST) and Harmonized Sales Tax (HST). As yield farming involves providing liquidity or staking cryptocurrency in exchange for rewards, the CRA’s stance on […]