CRB is over. Will you owe extra tax next spring? Finance Minister Chrystia Freeland announced Oct. 21 that Ottawa would wind down the CRB, along with Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS), as of Oct. 23. While Ottawa withheld 10 per cent tax at source on all CRB payments, […]
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Contrary to the Arbitrary (Tax Assessments) This week we look at another topic that has come up recently with new clients…navigating arbitrary tax assessments. Revenue Canada has the authority to issue arbitrary (or notional) tax assessments to taxpayers who fail to file income tax, payroll or GST/HST returns on time. Arbitrary assessments are CRA’s estimate
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Is Bitcoin Taxable The short answer is “you bet!” There are tax implications when you sell it or use it to buy something. CRA considers buying and selling bitcoin to be similar to buying and selling any other commodity. If you make trades daily and spend hours tracking it’s value and opportunities, your gains may
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It’s Tax Time, Yay! Yes, it’s that time of year. First tip? Get organized. Tax prep and filing for this season actually started a year ago, like it or not. For business clients and sole proprietors it’s really important to track expenses and save receipts as you go along. Putting together the costs associated with your
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