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Non-cash compensation to family members - a court ruling Aprile v. R (2005 TCC 216) explained.

Non-cash compensation to family members - a court ruling Aprile v. R (2005 TCC 216) explained.

Providing compensation to family members in forms other than cash may be considered acceptable. Although paying salaries or wages via cheques or electronic transfers is the most simplest and straightforward way to maintain documentation and record-keeping, a court ruling in the case of Aprile v. R (2005 TCC 216) established

Tuition fees for private schools - tax deductions and credits

Tuition fees for private schools - tax deductions and credits

Private school fees can be a significant financial burden for families. However, certain tax deductions and credits are available for parents who pay private school tuition fees in Canada. In this context, we will explore the tax benefits associated with private school tuition fees, including the eligibility criteria and the

90-day timeframe for filing a notice of objection

90-day timeframe for filing a notice of objection

What steps to take when a tax client disputes with the Canada Revenue Agency (CRA) In the event of disagreement with an income tax assessment, a taxpayer have 90 days to file a Notice of Objection. If this deadline is not met, the taxpayer lose the right to appeal without

Cryptocurrency - Tax Implications explained

Cryptocurrency - Tax Implications explained

The following cryptocurrency are recognized as taxable assets in Canada: Bitcoin Ethereum Solana XRP The CRA recognizes that cryptocurrency uses blockchain technology which creates a permanent and indelible record of all transactions, reducing the need for financial institutions to verify transactions. It creates a decentralized network where computers are connected

Reasonable compensation to spouse or children

Reasonable compensation to spouse or children

In certain instances, business owners employ income splitting through salaries. Instead of paying a high salary to the business owner, salaries can be distributed to family members such as a spouse or children. In Canada, reasonable salaries paid to a spouse or children as part of a business operation are

Limitations on expenses for vehicles used by passengers

Limitations on expenses for vehicles used by passengers

Under the Income Tax Act, there are restrictions on the allowable deductions for passenger vehicles, whether new or used, except for zero-emission vehicles (ZEVs) purchased before March 2, 2020, which must be new. The prescribed limits for passenger vehicles acquired or leased after 2000 are as follows: ■ for loans taken

Interest on funds borrowed for investment purposes

Interest on funds borrowed for investment purposes

The interest on the loan taken to purchase investments can be deductible if the investments generate income in the form of dividends or interest, or if there is a reasonable expectation that they will generate income. This deduction can be made from the total income. Please note that the interest