Cryptocurrencies like Ethereum, Polygon, Fantom, Avalanche, and Bitcoin, to name a few, are digital assets using cryptographic techniques in order to transfer assets securely and create more cryptocurrency units. The main feature is a blockchain (or transaction) recording ledger that is not controlled by the government or any central authority. Cryptocurrencies each have their own […]
Tag Archives: CRYPTO ACCOUNTING & TAX BLOGS
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Dec
Dec
Section 160 of the Income Tax Act in Canada is a tool for tax collection which impedes taxpayers attempting to hide assets from the tax collector by transferring them to related corporations, friends, or relatives. There is a wide variety of transactions, such as those involving cryptocurrency and NFTs, so if you receive anything like […]
28
Dec
Dec
Section 85 rollover allows a Canadian taxpayer to transfer eligible property, deferring the tax to a taxable Canadian corporation. This means a taxpayer can defer part or all of the tax consequences that typically arise on the transfer, depending on objectives. Section 85 rollover applies to the following situations (and more): Estate planning Sole proprietors […]