The Canada Revenue Agency constantly assesses whether a vehicle is being used for personal or business purposes.  In the long run, it does not matter whether the company itself owns the car or if it is owned by the individual who owns the business.  The important factor is how much the vehicle is used for…

Are you wondering how crypto is taxed in Canada? According to the Canada Revenue Agency, cryptocurrency taxes in Canada are not always straightforward. If your investment is treated as a capital gain or a business income, you will pay either Capital Gains Tax or Income Tax on it. This is still not very clear. Our…

Every year, the Canadian government changes or tweaks the existing tax laws. This change makes it hard for salaried people and business owners alike and leaves them confused. There are various factors to observe and decisions to make, from minimizing tax liability to proper cash flow. In addition to keeping up with tax laws, accounting…

We know it’s confusing to deal with taxes. In a recent survey, 41% of Canadians reported enjoying filing their taxes, but many are dissatisfied with the process or frustrated by the confusion and frustration it may bring. Our experts have compiled a list of the top 5 Oakville tax myths to help clear up the…

Freelancers, independent contractors, or gig workers are like business owners. Because you won’t get a T4 slip reporting income for the year, you’ll have to calculate how much income you made and include it on your federal tax return. You need not worry, though! We’ll make it as easy as possible. Whatever you do to…

The tax laws and reporting requirements for cryptocurrency are essential to understand. CRA and IRS, in 2018, introduced a joint effort to identify cryptocurrency users who evaded their tax obligations. They have developed strategies together, as well as other tax authorities. Tax auditors or prosecutors can use this information to identify cryptocurrency users for tax…

How does CRA select taxpayers to audit? There may be no apparent reason for the Canada Revenue Agency (CRA) to audit a business or individual. A CRA audit can generally only be conducted four years after someone files their tax return. However, some cases, like those involving suspected fraud or misrepresentation, can go even farther…

The Canada Revenue Agency (CRA) administers federal taxes and various benefits programs on behalf of the federal government and the provinces and territories. The CRA audits taxpayers to maintain public confidence in Canada’s tax system. A CRA audit verifies that a taxpayer or business follows tax laws correctly, fulfills their tax obligations, and gets the…

Canada and the United States face unique and complex tax issues due to cross-border activities, such as financings, benefits, and losses. Tax legislation and regulations for cross-border taxation must be complied with to ensure dealings are structured so that you can maximize your tax efficiencies and minimize tax liabilities. A non-compliance has the potential to…

In this article, we are going to discuss what is inbound and outbound cross-border taxation. We will go through both categories one by one explaining with the help of straightforward examples.  We begin by examining multinationals based in a home country that invest at home or abroad. To keep things simple, multinationals finance subsidiary investments…