Author Archives: Tax Partners

Introduction: Non-Fungible Tokens (NFTs) have rapidly become a popular investment class, attracting both individual and institutional investors.  However, the reporting of NFT investments in financial statements presents unique challenges due to their digital and intangible nature. This article explores how NFTs should be reported in financial statements according to Canadian accounting standards. Classification of NFTs: […]

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 […]

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 […]

Introduction As cryptocurrencies and other crypto-assets continue to gain popularity, it’s essential for Canadian taxpayers to understand the tax implications of their crypto transactions. Crypto-assets, such as Bitcoin, Ethereum, and Tether, are digital assets that exist on a cryptographically secured distributed ledger.  The Canada Revenue Agency (CRA) requires taxpayers to report any capital gains or […]

Introduction: The rise of cryptocurrencies and other digital assets has introduced new challenges for accountants, particularly when it comes to complying with accounting standards.  In Canada, businesses must adhere to either the International Financial Reporting Standards (IFRS) or Accounting Standards for Private Enterprises (ASPE) when accounting for digital assets. This article explores how these frameworks impact the treatment of […]

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 […]

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 […]

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 […]

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 […]

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 […]