BITCOINS: does a digital currency create a foreign reporting requirement

Friday, May 15th, 2015

Sometimes you just never know what kind of assets or property you are going to find in an estate. In determining the nature and extent of the assets held by the estate, suppose you found a direct or indirect interest in a digital currency fund such as Bitcoins. The Canada Revenue ...

Withholdings on Retiring Allowances

Thursday, May 7th, 2015

With the recently concluded round of personal tax filings I have seen a number of tax returns where the taxpayer has reported income from a retiring allowance. More often than not the employer has withheld tax on the withdrawal however the withheld tax isn't always enough to cover the ...

Marital status – has it changed?

Monday, April 20th, 2015

The Canada Revenue Agency (CRA) was recently asked whether a spouses' marital status should be reported as "separated" on their tax return where legally married couple is separated indefinitely for medical reasons. In this case a legally married couple no longer reside together because one spouse has advanced Alzheimer's and has ...