Invest Offshore

Tag: CRA

  • Canadians Paid Over $350B in Income Tax in 2023—And It Doesn’t Stop There

    Canadians Paid Over $350B in Income Tax in 2023—And It Doesn’t Stop There

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    by

    Aaron
    in

    In 2023, Canadians collectively paid over $350 billion in income taxes. While that figure alone is staggering, it barely scratches the surface when you factor in other taxes like Provincial Sales Tax (PST), Carbon Tax, property taxes, excise duties, and a myriad of hidden levies that significantly inflate the overall tax burden. Many Canadians are…

  • CRA to continue with capital tax changes despite prorogation: Finance Department

    CRA to continue with capital tax changes despite prorogation: Finance Department

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    by

    Aaron
    in

    The federal government says the Canada Revenue Agency will continue to administer the capital gains tax changes proposed in the budget last year, even though they haven’t passed in Parliament, which is prorogued until March 24. Definition prorogued (past tense) · prorogued (past participle) The Finance Department says parliamentary convention dictates that taxation proposals such as the capital…

  • Bitcoin Tax Implications and the CRA

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    by

    Aaron
    in

    There are many players in the world of digital currencies, like LiteCoin, Ripple, PeerCoin and DogeCoin. But in the world of cryptocurrencies, Bitcoin is king! Unfortunately, for many unsuspecting Canadians, investing or trading in Bitcoin could hold a potential risk. It could run you afoul of the Canada Revenue Agency for Bitcoin tax. A WILD…