Cryptocurrency in tax return 2020
Virtual currency (like bitcoin): added a new box on TP-1 (the 2020 tax return). A new box has been added on the TP-1, namely box 24. It is on the first page of the tax return and it is indicated…
Posts by Nikita Karavaev
Information for truckers.
The Canadian Trucking Alliance (CCA) has put a lot of pressure on the CRA in recent years to end what it calls the “Driver Inc.” employment model. The ACC denounces that carriers will use this model even more, if nothing…
Quebec Tax Law Introduced Additional Article
A tax year generally becomes time-barred after the expiration of a period of 3 years following the first notice of assessment relating to an income tax return filed for the given tax year. For example, the 2016 tax year should…
The surprises of renting real estate in Quebec
If you are renting a property in Quebec for a short period (a chalet, an apartment, a house, even a room in your main residence) you must ensure in advance that all the formalities have been completed. Otherwise, there may…
Cryptocurrency, it must be declared!
If you have transactions with Bitcoin or other cryptocurrency during the year 2020, you must report these transactions and pay taxes on the gain made. Here is a link to the Revenu Québec site for information. I will provide more…
Home office costs for employees who worked remotely in 2020
Deductibility of expenses associated with the home office for employees who were forced to work remotely (telework) in 2020 because of government measures associated with the covid-19 pandemic. 1. Expenses associated with the home office VS other expenses: It is…
Strange confusion due to section 44 (1) of the tax law
A client recently asked me about the buy / sell transaction of his triplex used to earn rental income. This client heard that if he sold his triplex and bought another in the same year, he could avoid capital gain…
Home office expense calculator
Employees who have worked from home more than 50% of the time in a period of at least four consecutive weeks in 2020 due to COVID-19 will be eligible for the home office expense deduction for the 2020 tax year.…
Not bad news for those who would like to deduct the costs associated with telecommuting
In order to simplify the process for both taxpayers and businesses, the Canada Revenue Agency (“CRA”) will allow employees who will have worked from home in 2020 due to COVID-19 and who incur modest expenses to submit deductions of up…