Financial advisors, especially those who are self-employed, can deduct myriad business expenses from their income for tax purposes. But if you’re overly aggressive, both in terms of the quantum and types of expenses you deduct, you could face a reassessment from the Canada Revenue Agency (CRA). That’s what happened in a tax case (Yogeswaran v …
Advisor’s expense claims get cold reception at Tax Court Read More »
With the tax season upon us, the Canada Revenue Agency has highlighted what’s new on income tax and benefit returns. Canada workers benefit. The refundable tax credit for low-income earners has different benefit rates and income thresholds for 2021, as well as a new “secondary earner exemption.” Climate action incentive payment. Prior to 2021, this was a refundable tax credit. …
The parliamentary budget officer is estimating that a new federal tax on vacant, foreign-owned properties may not bring in as much as the Liberals hope. The 1% tax was to take effect at the start of the year and the Finance Department estimates it will bring in $200 million in the 2022-2023 fiscal year, which begins …
What is cryptocurrency? A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on governments, central banks, or other central authorities for backing. …
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