US Crypto Asset Accounting

Currently, IFRS does not provide specific guidance on accounting for crypto assets. This IFRS Viewpoint follows our earlier IFRS Viewpoint No.9 ‘Accounting for cryptocurrencies – the basics’ and seeks to explore the accounting issues that arise for miners and validators in mining and maintaining the blockchain in accordance with existing IFRS. In this context, it […]

Taxing of Cryptocurrency

Digital Currency are Taxable Commodity? Despite its name, crypto currencies status as a “currency” remains very much in question. In 2013, the Canada Revenue Agency (the CRA) took the position that Bitcoin and other cryptocurrencies are not currencies and should instead be viewed as commodities. Virtual currencies, such as Bitcoins, are not considered to be […]

Regulation of Cryptocurrency

Canada allows the use of digital currencies, including cryptocurrencies. However, cryptocurrencies are not considered legal tender in Canada. Canada’s tax laws and rules, including the Income Tax Act, also apply to cryptocurrency transactions. The Canada Revenue Agency has characterized cryptocurrency as a commodity and stated that the use of cryptocurrency to pay for goods or […]

Impact Of Bitcoin On Tax

Bitcoin is a relatively new e-currency payment system that is not operated by a centralized government authority like most other currencies. Popular for online payments and transfers due to its built-in encryption and security methods, Bitcoin has captured the attention of many non-traditionalists and tech-minded people. It has also captured the attention of the Canada […]

Impact of Bitcoin on Tax

Bitcoin is a relatively new e-currency payment system that is not operated by a centralized government authority like most other currencies. Popular for online payments and transfers due to its built-in encryption and security methods, Bitcoin has captured the attention of many non-traditionalists and tech-minded people. It has also captured the attention of the Canada […]

Deductions, Canadian Taxation

Deductions   Registered Retirement Savings Plan (RRSP);   Contributions to RRSPs are deductible from total income, reducing income tax payable for the year in which the contributions are claimed. Annual contribution made to RRSPs can be claimed as deduction from gross income, causing reduction in the tax liability. No tax on the income earned on […]