If you buy, sell or store cryptocurrency using exchanges or private wallets, you might be wondering how much of that activity the CRA can actually track. The answer depends on several factors. Cryptocurrency transactions can leave records through exchanges, bank...
With the federal government officially cancelling the proposed increase to Canada’s capital gains tax inclusion rate, first scheduled to come into effect for capital gains realized on or after June 25, 2024, then delayed to January 2026 before being scrapped...
The average person might assume a CRA audit begins with a single issue, an overstated deduction, a late return, or missing receipts. Many audits start quietly, however, triggered by data analytics, lifestyle discrepancies, or financial patterns that don’t add up. Once...
Owning a home in Canada has always carried financial responsibilities: mortgages, upkeep, insurance, etc., but lately, it also carries new obligations that many people never saw coming. Housing has become a lightning rod for policy, economics, and politics, and tax...
The words “tax audit” often evoke a sense of fear and uncertainty among taxpayers, leading to a myriad of misconceptions and myths about the process. In Canada, the tax audit system is designed to ensure compliance and fairness in the tax system, yet many...
According to the CRA’s web pages on audits (there’s one for individuals and one for businesses), “The CRA’s risk-assessment systems identify tax returns that are considered to be at high risk for non-compliance.” In other words, the likelihood of tax reporting...
