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 […]
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24
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). […]
24
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 […]
24
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. […]
25
Oct
Oct
Introduction As yield farming continues to gain popularity among cryptocurrency investors, it’s essential to understand how to report this income to the Canada Revenue Agency (CRA). Accurate reporting is crucial to avoid penalties and ensure compliance with Canadian tax laws. This article outlines the steps to report yield farming income on your tax return. Classifying […]
25
Oct
Oct
Introduction: Cryptocurrency mining can be a lucrative endeavor, but it also comes with tax obligations that must be met. The Canada Revenue Agency (CRA) requires miners to report their income accurately, and failure to do so can lead to penalties. This article provides a step-by-step guide on how to report mining income to the CRA. […]
23
Oct
Oct
Introduction: With the rise of cryptocurrencies, more Canadians are earning rewards through various crypto activities such as staking, mining, and airdrops. However, many may be unaware of the tax obligations associated with these rewards. This article outlines how to properly report crypto rewards as income to the Canada Revenue Agency (CRA). Understanding the CRA’s Guidelines: […]
22
Oct
Oct
Introduction: With the growing popularity of staking as a means of earning cryptocurrency, it’s important for Canadian taxpayers to understand how to report staking rewards on their tax returns. The Canada Revenue Agency (CRA) treats staking rewards as taxable income, and failure to report them properly can result in penalties. This article provides a step-by-step […]
21
Oct
Oct
Introduction: As Bitcoin and other cryptocurrencies become more widely used in Canada, understanding the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) implications for these transactions is crucial. Whether you’re a business accepting Bitcoin as payment or an individual trading Bitcoin, it’s important to know how these taxes apply. This article explores the […]
19
Oct
Oct
Introduction: NFT airdrops and rewards are becoming increasingly common as creators and platforms seek to incentivize participation in the digital economy. However, these transactions come with specific tax implications in Canada that must be understood to ensure compliance. This article explains how NFT airdrops and rewards are taxed in Canada and what recipients need to […]