Source: Tax Law Link: Fines and Penalties Section 67.6: “In computing income, no deduction shall be made in respect of any amount that is a fine or penalty (other than a prescribed fine or penalty) imposed under a law of a country or of a political subdivision of a country (including a state, province or territory) by any person or public body th

Source: Tax Law Link: CRA’s Initial Cryptocurrency Audits are Likely First of Many The Canada Revenue Agency (the “CRA”) appears to be targeting users of bitcoin and other cryptocurrencies for audit, according to a Forbes online article (the “Article”). Moreover, the CRA is sending a questionnaire (the “Questionnaire”) along with audi

Source: Tax Law Link: Paradise Papers, New VDP Not Government’s Panacea in 2019 The Canada Revenue Agency (the “CRA”) has launched roughly 100 audits into taxpayers named in the Paradise Papers offshore tax leak, according to documents tabled in Parliament. Although the CRA has identified 3,000 people or corporations with “links” to the P

Source: Tax Law Link: Bribery and the Rule of Law Attorney General (and Minister of Justice) Jody Wilson-Raybould’s resignation following the government’s SNC-Lavalin debacle highlights how the “rule of law” applies to public prosecutions under inconvenient laws enacted by Parliament, and adds nuances to common words, such as “interferenc

Source: Tax Law Link: CRA Crackdown Eyes Toronto and Vancouver Property Sales: Worth 0 Million in Lost Revenue The CRA is focussed on recovering lost revenue in the real estate market. In particular, it is targeting home sales in Vancouver and Toronto. On May 17, 2018, the Canada Revenue Agency (the “CRA”) published a press release (the “Pres

Source: Tax Law Link: Uber’s Tax Woes Signal Gig Economy is the Next Frontier in CRA’s Tax Collection Efforts Uber wants its users, its drivers and particularly the Canada Revenue Agency (the “CRA”) to agree that it does not provide “rides” to its “customers”. Instead, Uber Canada Inc. (“UCI”) contends in its notice of appeal fi

Source: Tax Law Link: Restaurant Owners Who Buy from The Beer Store Will Face Increased CRA Scrutiny Ontario restaurant and bar owners are likely the latest target of the Canada Revenue Agency’s (the “CRA”) effort to audit unreported or under-reported income tax or GST/HST. The CRA requested customer information from The Beer Store in order t