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Bitcoin mining involves a barter exchange of services for bitcoin

Bitcoin mining involves a barter exchange of services for bitcoin

Bitcoin mining is treated by the CRA as a barter exchange involving services in exchange for bitcoin. CRA considers bitcoin mining as a barter exchange and requires miners to report as income either the value of the services rendered or the value of bitcoin received, whichever is more easily valued.

Free parking pass is a taxable benefit, despite employer's business benefits

Free parking pass is a taxable benefit, despite employer's business benefits

The Federal Court of Appeal ruled that a parking pass provided free of charge to an employee was subject to taxation, even though it had benefits for the employer's business. The judge stated that despite the employer's belief that providing a parking pass to flight attendants enhanced their reliability and

Employee home office expenses cannot include property taxes or insurance

Employee home office expenses cannot include property taxes or insurance

In general, expenses related to an employee's home office cannot include property taxes or insurance. CRA previously indicated that property taxes and home insurance costs associated with maintaining an employee's home office may be included in their expenses, except for commission employees under s. 8(1)(f). However, CRA has

Principal residence is determined by the time and personal connection

Principal residence is determined by the time and personal connection

The B.C. Supreme Court ruled that a Calgary executive who owned a large home in British Columbia had his "principal place of residence" in B.C. The individual in question, who was identified as a wealthy CEO of an international energy company, maintained a 600 square foot apartment within

The absence of receipts for expenses covered by the employer can lead to a taxable benefit

The absence of receipts for expenses covered by the employer can lead to a taxable benefit

The CRA determined that the monthly payments made to cover the costs of employed bus drivers were taxable since no receipts were required. The CRA determined that the fixed monthly payments made to school bus drivers to cover the following personal costs: ■ cellular phone usage, ■ bus washing expenses (such as

CRA notes that the travel allowance exemption in s. 6(6)(b)(i) does not include travel from a “temporary” place of residence

CRA notes that the travel allowance exemption in s. 6(6)(b)(i) does not include travel from a “temporary” place of residence

the CRA provided a "question of fact" response regarding whether travel allowances given to employees of auditing firms for their travel to and from audited premises during two-week audit engagements are taxable, depending on whether the client premises are considered "regular places of employment." The CRA further explained that a

The CRA refuses to offer assurance that travel allowances given to employees of accounting firms for their audit-related travel are exempt from taxes.

The CRA refuses to offer assurance that travel allowances given to employees of accounting firms for their audit-related travel are exempt from taxes.

Is it necessary for employees of auditing firms to pay taxes on travel allowances they receive for traveling between their home and the audited premises during audit engagements that typically last for two weeks? The CRA referred to its previous statement in T4130, which defined a "regular place of employment"