At least 60 governments are now seriously considering issuing their own cryptocurrency, including Canada, which is studying thelaunch of a digital loonie. | Getty Images

Pandemic changes how we pay for goods and services

When we first wrote about bitcoin as a cryptocurrency three and a half years ago it was running at $20,000 per unit. That was substantially higher than the initial trading values of $1,000-$10,000 but still a volatile commodity. Approximately half of the 21 million cap on bitcoins to be issued had then been released but […] Read more

The calculations surrounding capital gains deductions are so complicated and detailed that you might get a lot less than you bargained for, including reduced benefit from the $1 million enhanced capital gains exemption (CGE). | File photo

Maximizing use of capital gains exemption is advised

Tapping capital gains deductions associated with selling qualified farm property might be an appealing way for farmers to reduce their tax bills on such sales. But the calculations surrounding these deductions are so complicated and detailed that you might get a lot less than you bargained for, including reduced benefit from the $1 million enhanced […] Read more

The carbon tax will add about 11 cents per litre for gasoline and diesel next year, growing to almost 40 cents by 2030. | File photo

Carbon taxes will have costly impact for Canadian farms

In our last article we discussed the Supreme Court of Canada’s decision to back the federal government on its ability to set carbon pricing limits over the objection of three provinces that maintained this was usurping provincial constitutional rights. But what is the impact of the carbon tax on your household costs? Most visible is […] Read more

Canadians are being asked to outpunch our bodyweight in taxes to address a global warming problem which we have an absolute miniscule ability to control. | File photo

Carbon pricing, as nice as it sounds, is still just a tax

The world, justifiably, is concerned about global warming. Environmentalists have placed the blame firmly on our use of fossil fuels, with partial justification. There is rarely mentioned other scientific contributors to changes of this condition. The one that is never-mentioned as the greatest carbon balancing act is called carbon-absorbing sinks, namely, forests. Many parts of […] Read more

Google, Twitter, Netflix and Airbnb, among others, are believed to be under-contributing their tax weight compared to what they take out of the Canadian economy. | Screencap via YouTube/Google

CRA looks at e-commerce to top up its tax revenues

In the past year, Canada’s accumulated debt has ballooned to more than $1 trillion dollars. Finding ways to reduce that financial burden, which in effect represents deferred taxes, is not easy. In December, the Canada Revenue Agency signaled it was going after social media influencers and online video game streamers to see if their filed […] Read more

It is uncertain how many Canadians knew their emergency benefits would be taxable. | File photo

Tax department claws back portion of COVID-19 benefits

The federal government has acted, in most cases, reasonably quickly to provide emergency funding to those in our economy who have been most disadvantaged by the COVID-19 pandemic. To its credit, the government also moved promptly to fill in the gaps in its original decisions that left some Canadians out in the cold. We now […] Read more

CEBA was originally launched on April 9, 2020, and by Dec. 1, 2020, almost 800,000 loans had been approved totalling $31 billion. | Screencap via Twitter/@canadabusiness

Emergency Business Account loan continues to evolve

The Canada Emergency Business Account loan is a rarity in government programs. It has quickly adapted to the continued and sometimes increasing stresses placed on Canada’s small business sector by the ongoing COVID pandemic. CEBA was originally launched on April 9, 2020, and by Dec. 1, 2020, almost 800,000 loans had been approved totalling $31 […] Read more

If you are considering listing your winter vacation home you need to plan well ahead with your tax specialist in Canada and a good U.S. lawyer, who is aware of the tax consequences of such a sale by non-U.S. citizens. | Etemad photo

Selling a vacation property in the U.S. requires planning

Many retired and active farmers, along with other Canadians, escape to the southern states in winter to their homes away from home. However, at a certain point, the property might have to be sold for a variety of reasons, including an estate sale or health reasons. This year, there are a few other conditions leading […] Read more

Opting into the Canada Pension Plan at age 60 will reduce monthly benefits by 36 percent.  |  Getty Images

Options for Canada Pension Plan and Old Age Security

Age 65 is one of those milestones most Canadians accept either happily or not but is softened somewhat by the eligibility to receive some of your tax money back in the shape of Canada Pension Plan and Old Age Security OAS benefits. Depending on how much of a betting person you are and how long […] Read more

Tax minimization is OK, but don’t step on a land mine

We’ve been advising you for months now to talk to your tax and financial advisers to figure out your tax liabilities before the end of the year to minimize tax obligations. Many of you might be vulnerable following a year with so many curveballs including COVID-19, the residual fallout affecting the economy, fluctuating markets and […] Read more