Stay updated with the latest news, tips, and guidance on tax law from our editorial team.
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.
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
Over the past few years, there have been many misunderstandings surrounding Canadian energy traders & GST/HST collection obligations. A few of the issues stem back to a 2014 administration’s decision by the Canadian Revenue Agency to take a more restrictive approach to Section 144 of the Excise Tax Act. As
Many employers in Canada hire staffing agencies, which are often referred to as temporary labour agencies, in order to get cheap temporary help at their company. Recently, the Canada Revenue Agency (CRA) has ramped up tax audits of staffing agencies and business that contract these agencies. The national GST/HST project
The B.C. Government implemented the “PST Rebate on Select Machinery and Equipment” as a temporary provincial sales tax (PST) program to help corporations recover from the financial impacts of COVID-19. The rebate is separate from the existing BC PST Refund process. Under this temporary program, corporations can apply to a
Some consumers have found that the cost to purchase a vehicle in Canada is almost 25% to 50% cheaper than making the same purchase in other countries. A few exporters know about Canada’s “gray market.” This point variance offers the perfect opportunity for Canadian automobile businesses to export their vehicles
The rapidly expanding gig economy in Canada provides countless opportunities to work from the comfort of your home and perform other “gig jobs.” There are an abundance of websites that support finding and posting gig jobs or projects, including but not limited to Fiverr and Upwork. Being a gig worker
Are POS Machine Providers Making Taxable Supplies? The Canada Revenue Agency (CRA) has recently initiated an audit program that is targeting member service providers who are engaged in credit card services, including businesses that provide point-of-sale (POS) systems to merchants. This new initiative can muddle tax issues for these providers
The goods and services tax (GST) and harmonized sales tax (HST) are two important types of tax that the Canada Revenue Agency (CRA) collects. Combined, these taxes bring millions of dollars into the economy each year. One factor that makes GST and HST taxes rather complicated is the requirement for
The Canada Revenue Agency (CRA) is responsible for collecting various taxes, including the Goods and Services Tax (GST) and the Harmonized Sales Tax (HST). When the government does not collect the amount of tax it is due, the CRA may begin initiatives (audits and investigations) targeted to collect this missing
New GST/HST Rules for Airbnb Properties Come into effect July 1, 2022 The New GST/HST Rules As a result of changes to the GST/HST legislation, Airbnb is going to adjust how it handles GST/HST effective July 1, 2022. Under these new rules, GST/HST will apply to all short-term rentals made
Credit Card Intermediaries and the GST/HST Canadian businesses are required to register for the goods and services tax (GST) or in some provinces, the harmonized sales tax (HST). Businesses involved with the supply of most types of goods and services in Canada are required to register for the GST or
CRA Can Now Require Oral Interviews Of Taxpayers The Canada Revenue Agency (CRA) has broad powers of audit that allow it to request records, documents, and evidence from taxpayers. Facing a need for increased revenues and a desire to collect unpaid taxes, the Government of Canada expanded these powers in
Guide To Quebec Sales Tax Those who conduct commercial activities in Quebec are required to register for both the Goods and Services Tax (GST) and the Quebec Sales Tax (QST). For new business owners, fulfilling these requirements may seem overwhelming at first. Canadian tax law can be complicated and confusing,
Changes to ITC Information Requirements In April 2021, the Canadian government implemented changes to ITC information requirements, which could have major implications for Canadian businesses. These changes are expected to make claiming Canadian Input Tax Credits (ITC) easier for business owners. Business owners should be aware of these changes and
Are you Facing Challenges as a result of the Deferral of your GST/HST In an effort to support distressed businesses during the COVID-19 pandemic, the Canada Revenue Agency (CRA) extended the time limit for business owners to file certain tax amounts collected, including GST and HST taxes. However, the deferral
