In a previous article, we explained the basic nature of Bitcoin, other cryptocurrencies and how they work. In the interim, the cryptocurrencies have continued to exhibit substantial volatility, which should indicate this is not an investment path for the faint of heart. There have been some new developments, however, that indicate it might be moving […] Read more
Tag Archives Money in Your Pocket
Bitcoin begins to move into the mainstream market
Bitcoin craze has taken the world by storm
The wild Bitcoin ride continues but is it taxable? The short answer to the taxation question is yes, and in several different ways, but essentially Canada treats Bitcoin and other cryptocurrencies as a commodity and not a government-issued currency. Its use is considered a barter transaction and is taxed accordingly. Transactions using a cryptocurrency are […] Read more
Government plans to tighten program for tax filing errors
The Canada Revenue Agency is planning to make changes to the voluntary disclosures program. Under the current VDP, taxpayers have a second chance to change a tax return previously filed or to file a return that should have been filed. The taxpayer can request that the CRA provide relief from prosecution and penalties. If the […] Read more
Interpreting tax changes
The government’s proposed changes to the taxation of small business has heated up considerably. Opposition by those small businesses most affected, including farmers, has forced the government into sober second thought. Part of the opposition has been stimulated by a belief that the government was making unfair reversals of past tax policies designed to recognize […] Read more
Unfair to describe tax proposal as ‘closing loophole’
The debate is certainly heating up over the federal government’s proposed tax changes with several observers jumping in on various sides of the argument. There is a fair amount of misinformation and misunderstanding surrounding the issue. To be fair, every year the government routinely issues numerous motions and budget items to alter tax legislation. Why […] Read more
Proposed tax changes limit capital gains exemption claims
The federal government’s controversial proposals to change the tax laws for private corporations would have a big impact on farmers. The government says there are inequities in the taxation benefits available to a wage earner versus those available to the owner of a private corporation who has funded the capital risk. The proposed changes would […] Read more
Small business corporations may lose tax advantages
This is the first of two articles about tax planning using income from private corporations. The Canadian Revenue Agency has proposed legislation and is seeking consultation on tax related issues. This generally means it’s going to happen. Most of the changes affect all Canadian corporation owners, but farmers who have small business corporations will also […] Read more
Making sense of the mechanics of intergenerational land transfers
Farmers preparing their wills and succession plans should be aware of the details of the capital gains exemption and the capital gains deduction. Of course, before you get into the various strategies available to complete a succession transition, it is vital to discuss the interests and views of all parties involved as soon as possible […] Read more
Honest discussions with children vital to farm transition
Older farmers should not assume that their children are interested in taking over the enterprise, even when they are engaged in its operation. The topic of who will carry on the farm is complicated and full of family dynamics, and for that reason family members often do not make their true wishes clear. The sooner […] Read more
What has the latest budget season done for you?
The season for provincial and federal budgets is over and the good news is that most jurisdictions did not raise taxes. The bad news is that most governments, aside from a few provinces, are financing increased deficits that will not disappear soon. A deficit will add to the interest expense line, removing dollars from new […] Read more
