Tax Implications of Bitcoin

Tax Implications of Bitcoin

Anyone who pays attention to the news will probably have heard of Bitcoin, and its recent meteoric rise in value. In January 2011, the trading value of the virtual currency or “cryptocurrency” was as little as $.30 per unit. By mid-December last year, it reached nearly $20,000 per unit! “Investors should be aware that in…

Tax Deductions for Small Businesses

Tax Deductions for Small Businesses

The end of the calendar year also marks the end of many small businesses’ fiscal year – and that signals filing a tax return in April. For small businesses, many of the tax deductions are obvious in terms of hydro, rent, internet, advertising, vehicle leases, etc., but some may not be as obvious. Sharlane Bailey,…

Are Office Parties Tax Deductible?

  It’s the start of the Christmas rush, and if you’re a business owner, you’ve probably already booked a room or a caterer for your office holiday party. But along with planning the date and the dress code, did you know you can plan your tax considerations, too? According to Canada Revenue Agency, social events…

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CRA’s Auditing Focus for 2015

Every year, CRA chooses new criteria for what they will focus their auditing efforts on.  Taxpayers and businesses who meet the criteria they choose are more likely to be audited. For the 2015 tax year, CRA will be looking more closely at individuals and businesses who: claim business losses multiple years in a row, claim…

CRA Email Scam

The only reason CRA will contact you by email will be if you have a MyAccount with them.  Even then, the email will only direct you to log in and view new documents.  They will never contain links for you to follow. If you receive an email with links, do not reply, do not click…