How to Account for Disaster Recovery Costs in Canada
After a fire, flood or system failure, the money you spend to get back to work lands in one of two piles for tax. Current expenses are…
How NFT Sales and Trades Are Taxed in Canada
NFT tax in Canada comes down to one question: are you investing or running a business? If you buy an NFT, hold it and sell it for more, half…
Bookkeeping for Decommissioning Liabilities in Canada
A decommissioning liability is a cost you’re committed to paying later, when a well, mine, plant or site is closed and cleaned up. In…
How to Account for Cryptocurrency on Your Taxes
To account for cryptocurrency in Canada, you work out a gain or loss every time you dispose of it, convert the amounts to Canadian dollars,…
Tax Rules for Hosting Virtual Events in Canada
Charging for virtual events can trigger two separate tax questions: GST/HST on the tickets, and income tax on what’s left after costs.…
Accounting for Government Grants and Subsidies in Canada
Government grants and subsidies don’t get one flat treatment for tax. The CRA says to subtract the money from the expense or the asset…
Luxury Tax on Vehicles: Bookkeeping in Canada
Luxury tax bookkeeping starts with one number: $100,000. A car, SUV or light truck priced above that carries federal luxury tax, which is the…
Influencer Income Tax in Canada: What You Owe
Yes, influencer income is taxable in Canada, and that includes money, free products and trips. The CRA treats it as business income, so you…
How Warranty Reserves Work in Canadian Accounting
Warranty reserves are an accounting estimate of what you’ll spend fixing or replacing products you’ve already sold, and for tax…
Accounting conferences in Canada: how to pick one
We can’t hand you a reliable ranking of accounting conferences in Canada, because the lineups, dates and prices change every year and we…