This year has changed the way a lot of companies and businesses have run. 8.9 million out of the 38 million Canadian residents have recieved one of the many unique Canada Recovery Benefits. Unfortunately, a lot of Canadians may not…
2021: Frustrating and Complicated
It’s going to be a frustrating and complicated 2021 tax season according to the IRS. From the pandemic response benefits, to additional child tax credits, the tax “norm” has changed drastically. Professionals inside and out of North America are watching…
What’s New in 2022
Are you used to getting scammers calling you from the “CRA”? I know, I know… we’ve been telling you for years that they wouldn’t want to call you. What’s new in 2022 is this has changed. Now the CRA might…
What To Expect Next Tax Season
Curious as to what you should expect next tax season? What is new to 2021 tax law? The last couple years have brought huge changes to our lives. Everyday life has been turned upside down, and the world is moving…
Using your Crypto to buy stuff?
What happens when you use crypto to buy things?!? In previous articles we discussed several items in relation to the taxation of cryptocurrencies (crypto) in Canada. We established that CRA seeing these as commodities. Revenue Canada may treat cryptocurrency taxable…
CRA, Cryptocurrencies and Capital Gains
CRA, Cryptocurrencies and Capital Gains In the first article of this series, we discussed that cryptocurrencies are a “digital representation of value” or a “digital medium of exchange”. We established that Revenue Canada treats your cryptocurrencies differently based on either…
Canada Revenue Agency & Cryptocurrencies
CRA and Crypto! In this brief article we will briefly cover the Canada Revenue Agency and their approach to cryptocurrencies. What the heck is a cryptocurrency?!? Let’s start with the basics! A cryptocurrency is a digital currency where transactions are…
New draft 1040 form released by the IRS
New Draft form 1040 Released by the IRS… When filing your 2020 1040 Individual Income Tax Return a “new” question will likely be on page one of this form. The Internal Revenue Service (IRS) has released a new draft of…
Ghost Tax Return Preparer?!? What the?!?
What the heck is a “ghost tax return preparer”?!? Are tax returns preparers being recruited from the great beyond!!! I assure you no poltergeists are involved! Did you know that the IRS mandates that a PAID tax return preparer sign…
More expiring ITINs are coming!
Are expiring ITINs on your radar! Do you have an ITIN? Are the middle digits of your ITINs 83, 84, 85, 86, or 87? Have you not used your ITIN in the last 3 years on a Federal tax return?…