Recent News From Taxpage

Bill C-8, Economic and Fiscal Update Implementation Act of 2021 was granted royal assent on June 9, 2022. Bill C-8 brings into effect a number of the policies stated in the government economic and fiscal report presented on December 14, 2021, as well as Canada's new underutilized housing tax act. The Act, in its broadest sense, aims to levy an annual tax of 1% on the value of residential prope...

Overview of Tax Avoidance and Tax Evasion Tax Evasion and Tax Avoidance—Do you Know the Difference? The distinctions between tax evasion and tax avoidance will be discussed in this article. The main distinction between the two is that tax avoidance is not a crime but the former, tax evasion, is. To put it more precisely, tax avoidance is the legal arrangement of one's affairs to reduce the tax...

The Canadian Tax Treatment of Halal Mortgages – An Overview Global demand for Islamic or "halal" financial products is rising, and this development is being fueled by the unique ability of these products to bridge financial inclusion gaps impacting Muslims all over the world. These financial products are free of "riba," which loosely translates to "interest," which is...

An Overview A Canadian taxpayer's income includes all income from a productive "source" inside or outside of Canada, according to section 3 of the Canadian Income Tax Act. A list of productive sources of income is provided in Section 3, including: employment; office; property; and business. Income can still come from other sources, though. The Canadian Income Tax Act neither define...

Taxation of stable coins – Introduction For the past several years, the crypto market has exhibited extreme volatility. In actuality, it ranks among the most erratic non-derivative financial assets available. For instance, a single tweet from Elon Musk might cause the price of a Bitcoin to shift by more than 10% in a single day. On the other side, stablecoins have grown significantly as a result o...

Introduction: The Conduct of Wide-Reaching Audits of Falafel Vendors by the Israeli Government for Suspected Unreported Cash Sales The Israeli Tax Authority is at the onset of raising red flags for non-compliance issues in relation to the Israeli falafel industry and Israel's tax laws. The falafel is a staple of Middle Eastern cuisine and is especially well-liked there. Falafel is one of Israe...

In order to increase the number of taxpayers who can comply with tax rules with little or no difficulty, tax authorities are continually adopting measures aimed at simplifying the tax payment procedure. Global tax authorities have responded by taking an increasing number of steps to automate and streamline the filing and payment of taxes as a result. The cost of compliance and enforcement for the ...

On Death Tax Returns and Other Canadian Tax Issues – Analysis and assistance from a Canadian tax lawyer Introduction: Tax Returns After Death A family member or close friend's passing can be a traumatic time. The expert Canadian tax lawyers at our tax law firm are dedicated to providingyou with as much support as we can during this difficult time by offering tax, will, and estate preparation b...