Author: Muriel Schmidt

Passive income is income earned from property (i.e. rental, interest income, royalties, etc.), and active income is generated through active business activities. This article will outline the taxation specifically related to passive income earned in a Canadian-controlled private corporation (CCPC). What are examples of passive income? Passive income streams can come from investing in mutual […]

Most government mail should be eligible for mail forwarding. However, some very important documents like PR Cards may not be forwarded as they are strictly confidential. Mail that is stamped as “Do Not Forward” will not be forwarded. What mail Cannot be forwarded by Canada Post? Canada Post cannot forward mail addressed to individuals who […]

Can you claim medical expenses from previous years? You can claim medical expenses that were paid within any 12 month time period ending in the current tax year, given that it has not already been claimed previously. How far back can you claim medical expenses? Claim Period You may claim medical expenses on your tax […]

It’s an offence to open any person’s mail without their express permission. This applies to any mail, sensitive or not, and not only mail sent to you by mistake, but also mail you might find lying on the street. It’s technically illegal to browse that magazine that was sent to you by mistake. Can I […]

Documents Required for Opening Bank Account in SBI Canada Indian Passport. Canadian Driver’s License. Permanent Resident Card issued in Canada. Provincial ID Card issued in Canada. Proof of your Canadian residential address (a bank statement, a credit card statement, a utility bill, etc.) Can I use Indian SBI account in Canada? Sending money from India […]

When choosing a rural mailbox, ensure it is strong enough to hold the weight of letters and parcels and that it is weatherproof. All rectangular mailboxes must have an opening of at least 17.5 cm (7”) in width and height, and an interior of at least 45 cm (18”) in length. How big is a […]

The CRA provides provides general guidance about the taxation of transactions carried out using cryptocurrency. While the CRA acknowledges that cryptocurrencies are a digital asset that can be used to buy and sell goods or services over the Internet, they are not recognized as legal tender in Canada. Does Bitcoin count as property? IRS Notice […]

Canada ranks 20th out of 26 countries for crypto adoption, according to Finder’s Crypto Adoption November 2022 report, which has so far surveyed 389,345 people in 26 selected countries (14,109 in Canada since April 2022). The crypto ownership rate in Canada is 9%, which is lower than the global average of 15%. How many Canadians […]

Since the CRA doesn’t consider cryptocurrency to be legal tender, it counts as barter. Keep in mind that in terms of business income, 100% of cryptocurrency profits are taxable. For capital gains, this drops to 50% taxable. How much tax do you pay on crypto capital gains? Crypto tax rates 2022 – 2023 Meanwhile, your […]

As of June 2021, every cryptocurrency exchange in Canada must register with FinTRAC (the Financial Transactions and Reports Analysis Centre of Canada). It also has to comply with any requirements for market valuation and margin that are applicable. Is crypto trading regulated in Canada? There is a regulatory regime for crypto platforms in Canada and […]