Photo by Rafael Minguet Delgado The taxpayer in Amicarelli v. The King was a full-time employee. In 2017, after hearing from people she knew that they had made hundreds of thousands of dollars from investing in bitcoins, she decided to make the jump and open an account with QuadrigaCX, a Canadian cryptocurrency exchange. In order […]
Is There a Source of Income? Depends Who You Ask
When determining whether a loss is deductible, or conversely, whether income is taxable, there must first be a “source of income” or, in other words, a “business”. A business has traditionally been understood to mean anything that occupies the time, attention and labour of a person for the purpose of profit.
Changes to the CRA Voluntary Disclosures Program Coming on October 1, 2025
The Canada Revenue Agency has updated its information circular dealing with the Voluntary Disclosures Program. Applications received on or after October 1, 2025 will be considered under the new guidelines.
Une cession de créance ne constitue pas un paiement
Un contribuable était actionnaire de plusieurs sociétés. Il avait de plus créé une fiducie pour son bénéfice et celui de sa famille. Au fil des ans, une de ses sociétés lui a octroyé plusieurs prêts et avances. Lors d’une vérification par Revenu Québec, il est venu à l’attention du vérificateur que plusieurs de ces prêts et avances n’avaient pas été remboursés dans le délai prescrit par l’article 115 de la Loi sur les impôts (« L.I. ») de sorte que le contribuable avait reçu plusieurs avantages imposables.
Jumping on the Airbnb Bandwagon Comes with GST/HST
A corporation purchased a condo as an investment property. For the first 9 years, it rented the condo under long-term leases. However, for the last 14 months, it offered the condo through the Airbnb platform under short-term leases. The corporation was later assessed by the CRA for failing to collect the GST/HST on the sale of the condo.