Introduction Cryptocurrency mining is a growing industry in Canada, offering both individual and corporate entities the opportunity to generate income through the validation of blockchain transactions. Proper accounting for these mining operations is crucial for ensuring compliance with Canadian regulations and maintaining accurate financial records. This article explores the key accounting guidelines for cryptocurrency mining […]
Category Archives: Article
Find trusted tax consultants in Oshawa for expert tax advice and accounting services. Stay informed with our latest articles on tax tips and financial insights.
10
Nov
Nov
Introduction Investing in tokens through Initial DEX Offerings (IDOs) can lead to significant profits. However, these profits are subject to capital gains tax in Canada. This article explains how capital gains tax applies to IDO investments and what Canadian investors need to know. Understanding Capital Gains Tax In Canada, capital gains tax is applied to […]
09
Nov
Nov
Introduction As Bitcoin becomes increasingly integrated into financial portfolios, Canadian businesses and individuals need to understand how to account for Bitcoin holdings. This article provides an overview of how Bitcoin should be recorded and reported under Canadian accounting standards, ensuring accurate financial reporting. Classification of Bitcoin Holdings Under Canadian accounting standards, Bitcoin is generally classified […]
08
Nov
Nov
Introduction Crypto rewards, earned through activities like staking, yield farming, or airdrops, can be a lucrative part of your portfolio. However, understanding how these rewards are taxed in Canada is crucial. This article explores the difference between capital gains and business income as it relates to crypto rewards. Capital Gains Treatment If your crypto rewards […]
13
May
May
On April 30, 2024, Chrystia Freeland, Minister of Finance, introduced legislation in Parliament to put into effect many of the measures announced in the 2024 Federal Budget (“Budget 2024”). Please see the 2024 Federal Budget Commentary we released on April 17, 2024 for full details of all tax measures introduced in Budget 2024. Legislation to support […]
08
Feb
Feb
Income Tax in Canada or the United States is complex and is one of the biggest expenses we pay. It is important to have an accounting firm on your side that can ensure your income tax return is filed correctly. Tax Partners makes it easier whether you are a small business owner, an individual filing […]
03
Feb
Feb
If you own residential property, you should be aware of the newly proposed Underused Housing Tax (“UHT“) set to take effect on January 1, 2022. The UHT is a national, annual 1% tax on the value of non-resident, non-Canadian-owned residential real estate that is vacant or underused. The legislation received royal assent on June 9, 2022 and […]
03
Jan
Jan
Taxpayers being audited by the Canada Revenue Agency (“CRA“) are not likely to describe the experience as pleasant. After all, the CRA’s main goal during an audit is to uncover errors with the taxpayer’s filings, which would result in the taxpayer owing money. This type of scrutiny, despite being a normal part of a country’s […]
03
Jan
Jan
The Canada Revenue Agency (CRA) recently released comprehensive information on a new simplified process for deducting home office expenses for 2020 and 2021. For millions of Canadians, this is the first year in which they are eligible to deduct certain expenses related to working from home on their taxes. It will also be the first […]
02
Oct
Oct
Ontario real estate professionals can now incorporate, thanks to the passing of Bill 145 this past March and legislation passing on October 1, 2020. First—and likely most important—is to understand the tax benefits of incorporation. Of course, once you withdraw funds from a PREC, that money is subject to your personal tax rate. Fortunately, with […]