Author Archives: Tax Partners

INPUT TAX CREDITS – GST/HST

When a taxpayer is self-employed or has a corporation, they incur the additional expense of GST/HST, which is payable to suppliers, subcontractors, and other various expenses. To ensure that the consumer is charged the GST/HST, the Excise Tax Act, which levies GST/HST, says that GST/HST expenses can be credited or refunded. This is called Input […]

INFLUENCERS & THE CRA

In December of 2022, the CRA’s auditors confirmed that they will be keeping a close eye on social media influencers such as YouTube, Instagram as well as online gaming streamers. They want to make sure that all income from endorsements is being reported on their personal tax returns. The CRA says that they will focus […]

GST-HST – Corporations & Directors Liability

The director of a corporation can be held liable for any unpaid GST/HST and even payroll remittances. The only way that the CRA can not assess is: The CRA registers a certificate for the remitted amounts The corporation is currently being dissolved or has already become dissolved The corporation is in the process of filing […]

GST/HST – COMMERCIAL RIDES

As of July 2017, all Lyft, Uber and other self-employed individuals who transport people and collect a fare must register for GST/HST and than collect and report to the CRA. The definition of Taxi Business has since changed. Previously, it was limited to “a business carried on in Canada of transporting passengers by taxi for […]

GST/HST – AIRBNB

If you are operating an Airbnb, chances are you will need to charge GST/HST on the service you provide. There are only two (2) reasons why a leasing of a unit is exempt from GST/HST The unit is rented for longer than one month continuously by the same individual The daily occupancy fee does not […]

EXECUTORS & THEIR ROLL

Many taxpayers specify in their will the amount an executor will receive. Unless this is clearly stated in the will and is written in plain text, the courts may consider any amounts left to the executor as a gift which then allows the executor to demand compensation alongside the gift received. The impact on the […]

Digital Goods & Services – Tax Implications

A lot of non-resident vendors try to not carry out business in Canada because of they need to register and remit Canadian Value Added Tax (VAT), which we know it as GST, HST, PST, or QST. With the ever-growing use of digital goods, such as Apple Music, Amazon, Netflix and even Airbnb, these companies are […]

Cryptocurrency

If you own any type of cryptocurrency, then you know that the government has changed a lot regarding the reporting of any capital gains. While just having cryptocurrency does not give rise to any tax, when you purchase, sell or mine then that’s when the transaction will be considered a disposition. All sales and purchases […]

COTTAGES & CAPITAL GAINS

Nothing says escape like going to your cottage on the water with your family for a few weeks. Now that your children are all grown up and going to the cottage seems more of a burden than a relaxing experience, you’ve decided to sell it. You may think that any capital gains on your property […]

CLEARANCE CERTIFICATES & TAXES

A Clearance Certificate is issued by the CRA when all the deceased tax obligations have been met and there is no amount owing to the government. This includes federal and provincial taxes and interest and penalties. The main purpose of a clearance certificate is to show that the deceased no longer owes any monies to […]

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