Tag Archives: CRYPTO ACCOUNTING & TAX BLOGS

Introduction The rise of Non-Fungible Tokens (NFTs) has brought new opportunities and challenges for digital creators and investors alike. As NFTs continue to gain traction, it is essential for Canadian residents involved in the sale of NFTs to understand their tax obligations. This article delves into how capital gains tax applies to the sale of […]

As the popularity of cryptocurrencies like Bitcoin and Ethereum continues to rise, many Canadians are looking for ways to maximize their returns while minimizing their tax liabilities. Cashing out crypto without paying taxes is a topic of interest for many investors. Understanding the intricacies of Canadian tax law and employing strategic planning can help achieve […]

Introduction Cryptocurrency has become a significant part of many businesses and individual investors’ portfolios. As the use of digital currencies like Bitcoin, Ethereum, and other altcoins continues to grow, so does the need for clear guidance on how to handle these transactions in Canadian financial statements.  This article aims to provide a comprehensive overview of […]

Tax Partners Canada is a leading accounting firm specializing in cryptocurrency tax services. With a team of experienced and knowledgeable accountants, Tax Partners Canada is dedicated to helping individuals and businesses navigate the complexities of cryptocurrency taxation. Their expertise in Canadian tax laws and commitment to client satisfaction make them a trusted partner for all […]

Form 1135 is where Canadians report foreign property that exceeds $100,000 CAD. There is no obligation to pay tax but failing to file the T1135 can result in penalties of up to $2,500 per tax year. There is still some grey area when it comes to the T1135 and cryptocurrency. There are two factors in […]

The Section 85 Rollover is a technique that allows taxpayers to defer all or part of their income which would normally be taxed on. This allows the taxpayer to defer paying taxes on any assets that are transferred. These assets include eligible property like capital property, Canadian and foreign property, some inventory, and real estate. […]

Many business that operates as a sole proprietor/self employed sometimes find that they are making more money than anticipated. It may be in their best interest to consider going from sole proprietor to an incorporation. Having said this, many sole proprietors accumulate assets through time and it’s good to know which assets are transferrable to […]

If you own any type of cryptocurrency, then you know that the government has changed a lot regarding the reporting of any capital gains. While just having cryptocurrency does not give rise to any tax, when you purchase, sell or mine then that’s when the transaction will be considered a disposition. All sales and purchases […]

There are 5 basic foreign-reporting rules in Canada’s Income Tax Act, to report specific transactions involving foreign interest. These are the relevant rules: A Canadian resident must file a T106 form if he is doing business with a non-resident. A Canadian resident must file a T1141 form if transferring or loaning property to a non-resident […]

A cryptocurrency asset is intangible and digital and exists through a blockchain or other decentralized network via distributed ledger technology or DLT. A distributed ledger is like a database where electronic records are stored and shared and then replicated across various locations around the globe. They are maintained by a decentralized peer-to-peer network, which means […]