Introduction Many taxpayers find themselves overwhelmed by tax debts, compounded by other financial obligations and increasing interest charges. If you’re struggling to manage your tax debt, it’s important to know that the Canada Revenue Agency (CRA) has extensive collection powers. These powers can be exercised without a court order and may include: Garnishing your income […]
Tag Archives: CANADIAN ACCOUNTING & TAX BLOGS
Explore Canadian Accounting & Tax Blogs by Tax Partners Oshawa. Stay informed on tax tips, accounting insights, and CRA updates for individuals and businesses.
24
Dec
Dec
Introduction One of the most impactful changes in recent tax policies includes increased funding for tax enforcement in Canada. While tax authorities have assured that additional enforcement efforts will not disproportionately target small businesses or middle-income taxpayers, individuals may still be concerned about how to prepare for potential scrutiny by the Canada Revenue Agency (CRA). […]
09
Dec
Dec
Introduction Yield farming, a popular strategy in decentralized finance (DeFi), involves lending or staking cryptocurrency to earn rewards in the form of interest or additional tokens. As this activity grows in popularity among Canadian investors, proper accounting practices and tax compliance have become essential. The Canada Revenue Agency (CRA) treats yield farming as a taxable […]
06
Dec
Dec
Introduction As cryptocurrency staking continues to gain popularity, businesses in Canada that participate in staking activities must be aware of the accounting and tax implications. The Canada Revenue Agency (CRA) requires businesses to report staking income accurately, and auditors will scrutinize the financial records related to these activities. This article explains the auditing considerations for […]
21
Aug
Aug
Navigating the complex landscape of healthcare taxes can be overwhelming for busy professionals. At Tax Partners Oshawa, we specialize in providing comprehensive Healthcare Industry Tax Services to healthcare practitioners. Our goal is to ensure compliance, maximize tax benefits, and support your practice’s growth. This blog highlights how our expertise in Healthcare Industry Tax Services can […]
13
Aug
Aug
With the rise of cryptocurrency, managing its financial and tax aspects has become increasingly complex. For Canadian investors and businesses involved in digital currencies, finding the right crypto accountant is crucial. A specialized crypto accountant in Canada can help you navigate crypto tax regulations, ensure compliance with the Canada Revenue Agency (CRA), and optimize your […]
05
Aug
Aug
Selecting the right accounting firm is crucial for the financial health and compliance of your business. Canadian accounting firms offer distinct advantages that make them a top choice for businesses. This blog explores the reasons why partnering with a Canadian accounting firm, including those specializing in blockchain and cryptocurrency accounting, can be highly beneficial for […]
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 […]
29
Jan
Jan
New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch many individuals and businesses that may not be aware of their trust-like relationships, exposing them to potential penalties and other consequences for non-compliance. The rules become effective in 2023, […]
05
Nov
Nov
During the pandemic, many employers offered their employees the option of working from home. Some employees have always worked from home. Whichever situation fits you, there are some things that you need to know. In order to claim any work from home expenses, the employer needs to provide the employee with a T2200, Declaration of […]