Veteran TSN sportscaster Darren Dutchyshen has died
Veteran TSN broadcaster Darren 'Dutch' Dutchyshen, one of Canada’s best-known sports journalists, has died. He was 57. His family says 'he passed as he was surrounded by his closest loved ones.'
Digital currencies have taken the world by storm. Where Bitcoin has become a household name, others such as Ethereum, Litecoin, Polkadot and Dogecoin are all growing rapidly.
If you aren't trading in a digital currency, it is my bet you know someone who is. In fact, the popularity has grown to such an extent the Canada Revenue Agency is watching very closely.
Not only are they watching, they want their fair share of tax revenues and that means it could prove very costly if you fail to disclose.
Here is the most important thing you need to know: CRA doesn't consider cryptocurrency to be a currency at all, it is treated more like a commodity akin to gold and silver.
If you have been buying or selling cryptocurrencies this past year – whether trading, gifting, receiving or even making donations -- you need to understand the tax consequences. This is especially true if you are trading crypto like a commodity to turn a fast profit, because those types of transactions would be treated as business gains or losses.
Here is an example:
If you purchased $3,000 in Bitcoin and then sold it two months later for $15,000, that would be considered business income of $12,000. In that case, you would need to also include a business statement with their personal tax return.
If you under report or omit reporting that income, CRA could impose a penalty of $100 or 50 per cent of the understated taxes, whichever is greater. Of course, that’s in addition to the taxes owed.
If you purchase a digital currency for a long-term investment, any increase in value would be treated as a capital gain. However, any losses can only be used to offset gains you are reporting.
You might decide to roll the dice and hope to escape scrutiny. But you need to know, you just might get caught.
According to H&R Block, in 2021 the CRA won a court battle to obtain customer data from cryptocurrency trading platform Coinsquare, including the names and details of all active and inactive customer accounts. In addition, the CRA now co-ordinates exchanges in some capacity with others to track the movement of digital assets.
Simply owning cryptocurrencies isn't taxable; it all comes down to what you do with it. CRA is rapidly getting up to speed and utilizing the resources it needs to ensure you pay your fair share on money owed.
To be fair, this is likely a work in progress and just because you may not be audited this year, please don't assume you are getting a free pass. I would ensure my records are kept up to date and accurate, and all documentation is stored for six years after the tax year they relate to as this data could be requested at any time if you are audited.
If you find yourself in a position where you have been offside and have avoided paying tax, now might be the time to make a voluntary disclosure.
Like CRA, digital currencies are here to stay, so once again I will say it is better to be onside and above board, or the penalties could be onerous.
Veteran TSN broadcaster Darren 'Dutch' Dutchyshen, one of Canada’s best-known sports journalists, has died. He was 57. His family says 'he passed as he was surrounded by his closest loved ones.'
A Montreal father who kidnapped his daughter who has autism and lied to police when they asked where she was should serve three years in prison, a Crown prosecutor said.
Police are alleging that Ontario’s so-called ‘Crypto King’ Aiden Pleterski was soliciting investments as recently as February – almost two years after he was petitioned into bankruptcy for allegedly running a Ponzi scheme worth more than $40 million.
To give Canadians a break on their summer road trips, Conservative Leader Pierre Poilievre is calling on Prime Minister Justin Trudeau to suspend all gas and diesel taxes from Victoria Day to Labour Day.
Many Canadians found a message from the Canada Revenue Agency this week as they received their first direct deposit for the Canada Carbon Rebate.
A medical examiner says a Massachusetts teen who participated in a spicy tortilla chip challenge died from ingesting a substance 'with a high capsaicin concentration.'
Auto technology has evolved and many newer cars use wireless key fobs and push-button starters instead of traditional metal keys. But that technology also makes things easier for thieves.
Scientists from the University of Western Australia and Kelpsie Geociences in the U.K. say they were surprised to discover an underwater camera caught video of a rare deep-sea squid.
Although a global workers' treaty has been in force in Canada since January, an employment lawyer believes it won't do anything more to protect employees from violence and harassment.
Members of Piapot First Nation, students from the University of Winnipeg and various other professionals are learning new techniques that will hopefully be used for ground searches of potential unmarked grave sites in the future.
ALS patient Mathew Brown said he’s hopeful for future ALS patients after news this week of research at Western University of a potential cure for ALS.
When Adam Kirschner wrote 'Slap Shot,' he never imagined the song would be embraced by his favourite team.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A $200 reward is being offered by a North Vancouver family for the safe return of their beloved chicken, Snowflake.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
YES Theatre Young Company opened its acclaimed kids’ show, One Small Step, at Sudbury Theatre Centre on Saturday.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.