The Canada Revenue Agency, or CRA, is clamping down on real estate transactions more than it used to. They claim that tax non-compliance is one reason behind ever-increasing housing prices. In particular, the CRA is interesting in taking a closer look at home and condo flipping, and they have been running an audit on home […]

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 […]

Bitcoin, Ethereum, Polygon, Avalanche, and Fantom are just some of the cryptocurrencies used for investment by many Canadians. There are also non-fungible tokens, or NFTs, which are becoming ever more mainstream in the world of collectibles and art. Considering the growing popularity of both, it’s fair to say a lot of investors need to know […]

If a receipt constitutes income, it’s taxable. However, according to Canadian law, there isn’t an unambiguous definition of ‘income.’ Tax must be paid on taxable income (the taxpayer’s yearly income). Yet, this isn’t clear because the Income Tax Act has income defined as taxable income instead of offering an exact definition. The courts have determined […]

Saving up for a down payment can seem like an impossible task. The good news is that first-time homebuyers in Canada can withdraw funds tax-free from their registered retirement savings plan (RRSP) to contribute to a down payment. The program is called the RRSP Home Buyers’ Plan, and in order to be eligible, there are […]

FIRST THINGS FIRST When a loved one dies, and you are responsible for dealing with their affairs after death, including for administering their estate, you may be experiencing uncertainty about your role, on top of all the emotions that come when grieving a loved one. One of the first duties of the estate trustee, usually […]

Depositing money into a bank means lending that money to the bank, and, in exchange, the bank gives you interest. Yield farming or liquidity mining (these are different terms for the same thing) means lending cryptocurrency to a new crypto platform wanting to raise capital. The lender often gets interest payments for doing this or […]

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 […]

Since the Covid-19 pandemic prevented many Canadians from going on overseas vacations and since so many people are still working from home, it shouldn’t come as a surprise to discover there has been a boom in cottage sales lately. In fact, during the first nine months of 2020, cottage sales went up almost 12% in […]