Tag Archives: CRYPTO ACCOUNTING & TAX BLOGS

Introduction: As Bitcoin and other cryptocurrencies become more widely used in Canada, understanding the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) implications for these transactions is crucial.  Whether you’re a business accepting Bitcoin as payment or an individual trading Bitcoin, it’s important to know how these taxes apply. This article explores the […]

Introduction: NFT airdrops and rewards are becoming increasingly common as creators and platforms seek to incentivize participation in the digital economy.  However, these transactions come with specific tax implications in Canada that must be understood to ensure compliance. This article explains how NFT airdrops and rewards are taxed in Canada and what recipients need to […]

Cryptocurrency has transformed the financial landscape, offering new opportunities and challenges for investors and businesses alike. In Canada, navigating the complexities of cryptocurrency taxation can be particularly daunting. At Tax Partners Oshawa, we specialize in Crypto Tax Canada, providing tailored accounting services to ensure compliance, optimize your tax strategy, and simplify the reporting process. This […]

Introduction Initial DEX Offerings (IDOs) have emerged as a popular method for decentralized finance (DeFi) projects to raise capital. While IDOs offer exciting opportunities for investors, they also come with specific tax obligations in Canada. This article explores what IDOs are and the tax implications they carry for Canadian investors. What Are IDOs? An Initial […]

Introduction As cryptocurrency trading becomes increasingly popular in Canada, understanding the tax implications is crucial for traders.  The Canada Revenue Agency (CRA) has specific guidelines on how crypto transactions should be reported and taxed. This article will guide you through the essential steps to ensure compliance when filing taxes as a crypto trader in Canada. […]

Form 1135 is where Canadians report foreign property that exceeds $100,000 CAD. There is no obligation to pay tax but failing to file the T1135 can result in penalties of up to $2,500 per tax year. There is still some grey area when it comes to the T1135 and cryptocurrency. There are two factors in […]

The Section 85 Rollover is a technique that allows taxpayers to defer all or part of their income which would normally be taxed on. This allows the taxpayer to defer paying taxes on any assets that are transferred. These assets include eligible property like capital property, Canadian and foreign property, some inventory, and real estate. […]

Many business that operates as a sole proprietor/self employed sometimes find that they are making more money than anticipated. It may be in their best interest to consider going from sole proprietor to an incorporation. Having said this, many sole proprietors accumulate assets through time and it’s good to know which assets are transferrable to […]