Introduction As the Canada Revenue Agency (CRA) continues to collect taxes and enforce compliance across Canada, scammers are also increasingly impersonating CRA officials to deceive taxpayers into paying false debts or providing sensitive personal information. Many Canadians now find themselves wary whenever they receive communications from anyone claiming to represent the CRA. This comprehensive guide […]
Author Archives: Tax Partners
12
Oct
Oct
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 […]
11
Oct
Oct
Introduction With the continued rise of cryptocurrency use in Canada, including trading, mining, and staking activities, taxpayers must remain aware of their obligations to report crypto-asset income to the Canada Revenue Agency (CRA). Tax rules surrounding crypto-assets are evolving, and for those carrying on a crypto-asset business, proper reporting and record-keeping are critical. While the […]
10
Oct
Oct
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 […]
09
Oct
Oct
Introduction With the rise of cryptocurrencies like Bitcoin, Ethereum, and other blockchain-based assets, Canadian taxpayers are increasingly engaging in transactions that have tax implications. Whether you are buying, selling, or mining cryptocurrency, it is crucial to maintain accurate records of these activities to comply with Canada Revenue Agency (CRA) regulations. The CRA requires taxpayers to […]
08
Oct
Oct
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 […]
07
Oct
Oct
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 […]
06
Oct
Oct
Introduction As digital currencies, such as Bitcoin and Ethereum, become increasingly mainstream, Canadian taxpayers and businesses need to understand the tax implications associated with using, trading, or earning virtual currencies. Virtual currencies are blockchain-based digital assets that can be used to buy or sell goods and services, or even transferred between users without the need […]
05
Oct
Oct
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 […]
04
Oct
Oct
Introduction As cryptocurrency mining expands globally, many Canadian businesses and individuals are setting up foreign mining operations to take advantage of favorable conditions such as lower electricity costs or more lenient regulations. However, mining operations conducted outside of Canada have important tax implications for Canadian residents. Understanding how foreign mining activities are taxed in Canada […]