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- Speculators Get Relief from Crypto Losses
2022 was not a good year for investors. Stocks and bonds tumbled, and bitcoin crumbled. The S&P/TSX composite index was down 8.7%; the S&P 500 lost 19.4%; NASDAQ composite lost 33.1%; the Dow Jones Industrial Average lost 8.8%. Bitcoin, the world’s largest digital coin fell more than 60%. However, t … Read more »
- He Who Writes the Rules Will Win
The Department of Finance’s consultation paper in which it outlines various proposals to bolster the General Anti-avoidance Rule (“GAAR”) in section 245 against taxpayers is a major shift in the fundamental principles of Canadian tax law. The paper lists alternatives to existing tax law, all of whic … Read more »
- Unenforceable Bill of Rights for Taxpayers
A Bill of Rights typically entrenches rights in the law so that individuals can enforce their rights through the legal process. However, unlike Americans – who have their Taxpayer Bill of Rights codified in the Internal Revenue Code – Canadian taxpayers do not have equivalent legal protection. We m … Read more »
- Red Flags for Tax Audits
Millions of employees forced to work from home because of COVID-19 turned their bedrooms, basements, and kitchens into workspaces. In doing so, they took on increased household expenses to do their jobs. The tax rules for employees claiming deductions are narrow and the CRA watches them carefully. N … Read more »
- Twelve Rules that Protect the Tax Collector
Tax rules protect the Tax Collector. They are not intended to protect taxpayers. Taxpayers who do not comply with the rules lose all their rights. There is no Charter protection for taxpayers. Rule 1: Taxpayers must voluntarily self-assess their tax liability and file their tax returns without deman … Read more »