B.C. CAREGIVER CREDIT
The B.C. caregiver tax credit is a new non-refundable tax credit which consolidates the B.C. in-home care of relative tax credit, and the B.C. credit for infirm dependents age 18 or older. The B.C. caregiver credit…
TAX ON SPLIT INCOME
Rules concerning tax on split income (“TOSI”) have existed since 1999. These rules previously prevented the allocation of certain dividends and capital gains to individuals under the age of 18 by subjecting such amounts to the…
CRYPTOCURRENCIES
By Kevin Walsh. Since 2017, there has been a dramatic rise in cryptocurrency transactions such as Bitcoin and other blockchain-based cryptocurrencies. The CRA continues to consider cryptocurrencies to be property for Canadian income tax purposes. Accordingly,…
BE AWARE OF TELEPHONE AND EMAIL SCAMS
It is important to be vigilant of scams throughout the year, but especially during tax time. There has been a rise in fraudulent telephone calls, text messages and emails from individuals posing as Canada Revenue Agency…
MISSING INFORMATION SLIPS AND CRA PENALTIES
An area of ongoing concern is the increase in CRA reviews related to unreported investment income slips, most notably T3’s and T5’s. These reviews can result in significant penalties and interest charges being assessed by the…
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