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Tax

Summary of important dates for businesses

Summary of important dates for businesses

Running a business involves more than just making sales and generating revenue. It also requires staying on top of various dates and deadlines throughout the year. From tax deadlines to payroll remittance due dates, missing important dates can result in penalties and fees. As such, it is crucial for business

Maintaining documentation of Crypto Currency

Maintaining documentation of Crypto Currency

The Canada Revenue Agency (CRA) has recognized that digital currencies such as Bitcoin, Ethereum, Solona, and Ripple (XRP) are taxable assets, given that they are based on blockchain technology. This technology features a permanent and unalterable ledger that documents and stores all cryptocurrency transactions, obviating the requirement for financial institutions

Register for a GST/HST account

Register for a GST/HST account

Generally, you will need to register for your business number (BN) before you can register for a GST/HST account. You may register for a BN by using the online service at Business Registration Online. This is the quickest way to register for a BN. Once you have obtained your

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

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

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"