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Tax

Travelling expenses explained - case study

Travelling expenses explained - case study

Travelling expenses As per CRA travelling expenses may include costs for food, beverages, lodging, and modes of transportation such as airplanes, trains, and buses, and can be claimed as deductions as long as the following criteria are met: • You were normally required to work away from your employer's place of

Limited Partnership

Limited Partnership

In Canada, a limited partnership (LP) is a type of business structure that combines elements of both a partnership and a corporation. These types of organization be useful for a variety of business ventures, such as real estate development, venture capital, and private equity. They are popular among entrepreneurs involved

Personal use of company assets

Personal use of company assets

When examining private corporations, we frequently come across a prevalent mistake: possessing personal use assets as corporate assets. Shareholders may assume that buying assets within the corporation is tax-efficient. However, utilizing corporate property for personal purposes by a shareholder is subject to taxation as a benefit. Typically, the benefit amount

CRA: Tax interpretations- average exchange rates

CRA: Tax interpretations- average exchange rates

NEWS: CRA indicates circumscribed acceptance of using average exchange rates For purposes of determining a taxpayer's income, the CRA will generally accept the use of an average exchange rate over a given period of time (e.g., annual, quarterly or monthly) to convert amounts arising from foreign currency transactions, if

Taxpayer's appeal for allowed Motor Vehicle expenses in the Tax Court of Canada

Taxpayer's appeal for allowed Motor Vehicle expenses in the Tax Court of Canada

In 2016, the Canada Revenue Agency reassessed taxpayer and disallowed the motor vehicle expenses she claimed for the 2015 tax year. When she filed her 2015 income tax return, she had claimed $12,868 in motor vehicle expenses under section 8(1)(h.1) of the Income Tax Act. At

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

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