Author Archives: Tax Partners

The director of a corporation can be held liable for any unpaid GST/HST and even payroll remittances. The only way that the CRA can not assess is: The CRA registers a certificate for the remitted amounts The corporation is currently being dissolved or has already become dissolved The corporation is in the process of filing […]

As of July 2017, all Lyft, Uber and other self-employed individuals who transport people and collect a fare must register for GST/HST and than collect and report to the CRA. The definition of Taxi Business has since changed. Previously, it was limited to “a business carried on in Canada of transporting passengers by taxi for […]

If you are operating an Airbnb, chances are you will need to charge GST/HST on the service you provide. There are only two (2) reasons why a leasing of a unit is exempt from GST/HST The unit is rented for longer than one month continuously by the same individual The daily occupancy fee does not […]

Many taxpayers specify in their will the amount an executor will receive. Unless this is clearly stated in the will and is written in plain text, the courts may consider any amounts left to the executor as a gift which then allows the executor to demand compensation alongside the gift received. The impact on the […]

A lot of non-resident vendors try to not carry out business in Canada because of they need to register and remit Canadian Value Added Tax (VAT), which we know it as GST, HST, PST, or QST. With the ever-growing use of digital goods, such as Apple Music, Amazon, Netflix and even Airbnb, these companies are […]

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 […]

Nothing says escape like going to your cottage on the water with your family for a few weeks. Now that your children are all grown up and going to the cottage seems more of a burden than a relaxing experience, you’ve decided to sell it. You may think that any capital gains on your property […]

A Clearance Certificate is issued by the CRA when all the deceased tax obligations have been met and there is no amount owing to the government. This includes federal and provincial taxes and interest and penalties. The main purpose of a clearance certificate is to show that the deceased no longer owes any monies to […]

For a business to fulfill its tax obligation, Business Tax Audits are a key way the CRA can do so. Whether it’s Payroll, Income Tax, Benefits, HST/HST or Remittances. During a business tax audit, it allows the CRA to examine the books, records, financials and other documentation that is relevant to the business. The CRA […]

An ABIL is a capital loss with one special tax treatment. It is 50% of business investment loss. An ABIL is deductible at all sources of income and if they are unused during a tax year than it can be carried forward 10 years and back 3 years. All ABIL that are not used within […]