Tax

Tax Alert: CRA Allows Deductions for Ransomware Payments!

When addressing the deductibility of costs tied to ransomware attacks and BEC (business email compromise) scams—encompassing ransom payments, payments to BEC scammers, and recovery expenses—the CRA indicated:

"Expenses arising from ransomware attacks or BEC scams seem to be a prevalent risk for many businesses in today's digital landscape. Consequently, we typically view these as deductible expenses when calculating business income, provided they are reasonable relative to the business's income-generating activities."

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Disclaimer: “Please note that the information provided in this article is of a general nature and may not be accurate for your specific situation. The information is current as of the date of posting and is not intended to provide legal advice. It's always recommended that you consult with a professional accountant and lawyer for personalized guidance and advice."

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