A Guide To Taxation Of Cryptocurrencies In Canada
Although cryptocurrency has been around for several years now, it is still surrounded in mystery. Many people do not understand what cryptocurrency is, how it is mined, how it is traded, and how to treat it for tax purposes. The taxation of cryptocurrencies in Canada is particularly complex because they may differ in tax treatments […]
Are You Entitled to Claim Input Tax Credits?
Businesses in Canada can generally claim input tax credits to recover the Goods and Services Tax (GST) or the Harmonized Sales Tax (HST) incurred in the course of a ‘commercial activity’. Companies that paid the GST/HST may be eligible to claim credits which reduce their total taxes due. Learn more about these credits and find […]
Degree Granting Institutions and Charging GST/HST
Taxes can be confusing in Canada, especially with certain types of taxes applying to transactions in some situations and not applying in others. Consumers and businesses alike are affected by the tax regime in Canada. Universities must be aware of their own special tax treatment, such as the fact that most undergraduate or associate degree […]
Can You Outsource Canadian Sales Tax Compliance?
Many organizations are concerned about complying with relevant tax laws. One such concern is complying with Canada’s wide array of sales taxes. Some choose to outsource such compliance matters to a third party. If you are considering outsourcing Canada sales tax, consider contacting an experienced tax lawyer at Jeremy Scott Law first by calling (902) […]
GST/HST On Real Estate In Canada
When purchasing real property in Canada, it is important to be aware of how taxes may apply to the purchase price. Various taxes are involved in these purchases, including Goods and Services Tax (GST) or Harmonized Sales Tax (HST) in certain provinces. GST/HST taxes are also relevant to several other real estate matters, not just […]
The New Luxury Sales Tax In Canada
The new luxury sales tax in Canada was approved by the country’s Parliament in August of 2022. This new law is set to go into effect on September 1, 2022 and will require customers to pay an additional tax when purchasing luxury cars, aircraft, and boats. Businesses that purchase, import, or export these luxury items […]
Precious Metals and GST/HST
Canada’s rules regarding Goods and Services Tax (GST) and Harmonized Sales Tax (HST) are confusing for many businesses, partially because there are many gray areas when tax may or may not need to be imposed. One such area of legal contention is regarding precious metals and GST/HST. GST or HST may apply in some circumstances […]
The Intersection Between Canadian Taxes And Money Laundering
In Canada, financial crimes such as tax evasion and money laundering are taken extremely seriously by the criminal justice system and the Canada Revenue Agency (CRA). Citizens and residents should be aware of the relationship between Canadian taxes and money laundering. When preparing taxes, steps should be taken to make sure everything is filed according […]
Canadian Employee or Independent Contractor?
Businesses in Canada primarily hire workers under one of two designations: employees or independent contractors. There are several key differences between these two designations, for both employers and the people they hire. The Canada Revenue Agency (CRA) has criteria that must be met to classify someone as an independent contractor. Businesses should be careful to […]
NFTs And Canadian Taxes
Non-fungible tokens (NFTs) are a newcomer to the cryptocurrency world. Some investors have made significant profits from the creation or sale of these digital assets, but many NFT investors may not be aware of the tax implications of creating, buying, and selling NFTs. Canadian investors who turn a profit off NFTs will owe taxes, but […]