Recent News From Taxpage

Canada has the authority to tax an individual's income depending on two related factors. The first, tax residence of Canadian air pilots, examines the person's ties to Canada on a social and economic level. If the person is a Canadian tax resident, the payment of Canadian income tax on all worldwide income is required. The individual's source of income serves as the second connecting f...

Your bedroom is monitored by CRA! A common-law marriage is an informal union that does not demand the formality of a statutory marriage. Also, a common-law marriage relationship is a reality that is established after considering a multitude of factors and the circumstances of the parties. This suggests that a common-law marriage relationship could exist even without the knowledge of the involved p...

CANADIAN CRYPTOCURRENCY-TRADING BUSINESSES: AN OVERVIEW Canadian cryptocurrency-trading businesses are confronted with particular difficulties. The markets for cryptocurrencies, non-fungible tokens (NFT), and blockchain are mostly uncontrolled, which increases the risk of fraud and cybercrime. Smart contracts, cryptocurrency liquidity mining and yield farming, and non-fungible tokens (NFT), to men...

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...