If you earn, spend, or trade cryptocurrency such as Bitcoin, it is essential to understand that the Canada Revenue Agency (CRA) and Revenu Québec consider digital currencies as commodities. Therefore, you are obligated to report any income or losses resulting from cryptocurrency transactions on your tax return, treating them similarly to other business or investment […]
Navigating Taxes as a Non-Residency Considerations in Canada: Exploring Your Obligations Taxes evoke a mix of emotions among Canadians. While no one relishes seeing their hard-earned money diminish, we also appreciate the presence of healthcare and social programs that support our fellow citizens and communities. However, if you find yourself in Canada without holding non-residency […]
Completing Your Taxes: The Ongoing Assessment Process You Should Know After meticulously organizing your paperwork, performing all the necessary calculations, and submitting your tax return on time, many Canadians believe they can finally set aside their tax-related thoughts for the rest of the year. However, that is not always the case. In reality, once you […]
If you actively participate in online trading and closely monitor the market, you are part of a growing community of Canadians who are taking charge of their investments. Engaging in online trading can be a lucrative method to build and diversify your investment portfolio, potentially resulting in additional income. However, you may be uncertain about […]
Do Canadians really believe their province has the highest tax burden and tax discrepancies? Let’s take a closer look at the results of a recent survey we conducted. Tax Discrepancies: Comparing Provincial Taxes in Canada: Who Pays the Most? When it comes to income taxes in Canada, two factors come into play: the amount […]
Congratulations on completing your academic journey! With your last paper submitted, exams aced, and graduation cap tossed in the air, it’s time to embark on a new chapter. Whether you studied out of province or secured an exciting job opportunity in different moving provinces, it’s essential to understand how your tax situation might be affected. […]
When a loved one passes away, they leave behind certain tax obligations that must be handled by a designated legal representative. The legal representative assumes several responsibilities to ensure the taxes for a deceased person individual’s tax affairs are appropriately managed and their file can be closed in a timely manner. It is highly recommended […]
For understanding HST, the Harmonized Sales Tax (HST) is a consumption tax levied on the sale of goods and services in certain Canadian provinces. It combines both the federal Goods and Services Tax (GST) and the provincial sales tax into a single tax known as the HST. Let’s delve into the key aspects of HST […]
Opinions on renting versus owning a house can vary greatly, often resulting in a 50/50 split among individuals. While various factors come into play when making this decision, such as the quirkiness of neighbors, one crucial aspect to consider is how taxes will be affected. Evaluating the tax implications can be complex, so let us […]
Preparing financial statements for business owners is a crucial aspect of running a successful business. In this blog post, we will highlight key considerations that business owners should keep in mind during the financial statement preparation process. Gather Accurate and Comprehensive Financial Data: The foundation of reliable financial statements lies in accurate and comprehensive financial […]