April 01, 2021
The proliferation of Bitcoin and other cryptocurrency investments has led to a multitude of tax-related questions. Clients frequently ask how gains or losses on cryptocurrency should be reported, what audit tools the Canada Revenue Agency (“CRA”) is using to detect cryptocurrency transactions and whether there are any remedies for taxpayers who have inadvertently failed to comply with their obligations under the Income Tax Act (the “Act”).
December 02, 2020
On November 30, 2020, the Minister of Finance proposed a new registration and collection regime for GST/HST payable in respect of supplies of property and services made through online platforms. The proposed regime is conceptually similar to the QST registration and collection regime enacted by Québec in 2019 and to some of the piecemeal PST registration and collection rules enacted by various non-participating provinces, although the mechanics of the proposed regime are entirely different.
December 01, 2020
As promised in the Throne Speech, the Government of Canada released a Notice of Ways and Means Motion as part of its Fall Economic Statement on November 30, 2020, which includes detailed legislative proposals relating to the employee stock option deduction.
November 02, 2020
Many trusts will be subject to proposed new reporting rules (“Reporting Rules”) for their taxation years ending on or after December 31, 2021. These trusts will now be required to disclose personal information to the Canada Revenue Agency (“CRA”) concerning their settlors, trustees, beneficiaries, and other persons that can exert control over the trust (such as protectors).