Canadian Tax Lawyer (Québec) | Finance, FinTech & Crypto Enthusiast | Opinions are my own & not professional/legal advice (duh) |
Montréal, Québec, Canada
Joined May 2021
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Christopher M. Morin retweeted
My feed is full of tax advice from people who dropped intermediate accounting twice.
The good ones save $100K+. The bad ones waste time. The ugly ones get you a free orange jumpsuit.
Here are the top 10 TikTok tax hacks - ranked from game-changers to federal time:
Christopher M. Morin retweeted
If you ever plan to sell your business, this is one of the most important things to know.
Each person in Canada is entitled to a $1.25m tax-free sale of their business.
It’s called the lifetime capital gains exemption (LCGE).
You can actually multiply it through your family!
Christopher M. Morin retweeted
🚨Today: A Canadian 🇨🇦 securities regulator (the OSC) approved four Solana ETFs to launch later this week.
Each will include staking:
- 3iQ Solana Staking ETF
- Purpose Solana ETF
- Evolve Solana ETF
- CI Galaxy Solana ETF
The are expected to launch across Canada on April 16.
Christopher M. Morin retweeted
CRA finds that there is no disposition where crypto is deposited with or staked through a platform that holds the crypto in trust
taxinterpretations.com/conte…
Christopher M. Morin retweeted
CRA waived $2.5B in penalties and interest from the "underused housing tax", and only collected $49m.
The cost to administer the program? $59m, resulting in an overall loss to taxpayers of $10m.
theglobeandmail.com/investin…
Christopher M. Morin retweeted
The Canadian federal govt has left us in a pickle, forcing taxpayers to realize capital gains before June 25 to pad its revenue for fiscal 2024-2025. Here’s one alternative to consider.
canadian-accountant.com/cont…
Christopher M. Morin retweeted
Apparently this needs to be said.
Triggering capital gains prior to June 25 is not subject to GAAR.
taxinterpretations.com/conte…
Christopher M. Morin retweeted
One of the reasons for doing the piece was to provoke that. But the new GAAR is unknown territory of course. The Explanatory Notes say you can incorporate a business to access the SBD or to sell the business just before sale to access the LCGE. But…
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Christopher M. Morin retweeted
Uniswap: we don't exchange anything.
SEC: no. u r exchange
Coinbase: we are an exchange.
SEC: no. u r broker-dealer
Robinhood: we are a broker dealer!
SEC: no. you iz clearing agency
Christopher M. Morin retweeted
OMG ARE YOU SERIOUS?!!
CRA ANNOUNCES BARE TRUSTS EXEMPT FROM FILING FOR 2023.
WHY COULDNT THEY DO THIS SOONER?!!
newswire.ca/news-releases/ta…
Christopher M. Morin retweeted
Tax advisors beware. 😨
On March 6, the Quebec Superior Court found that KPMG Canada was liable for approximately $3.9 million of taxes and interest assessed against one of its clients.
KPMG had marketed a tax avoidance scheme to its clients for a fee of $150,000.
Christopher M. Morin retweeted
CRA is getting aggressive on crypto. They aren’t just accepting crypto tax reports like Koinly. They want detailed transactions reports.
Christopher M. Morin retweeted
In a unique situation, a $5k RRSP can result in $2,890 of refunds/other benefits for someone that makes just $50k.
That sounds like a good thing but it could also be a bad thing. That means if they were originally making $45k and increase their income to $50k, they would effectively be paying a 57.8% tax on that additional $5k.
Let’s run through the examples:
Christopher M. Morin retweeted
2024 tax season is approaching fast & complying with crypto taxes can be confusing. Here's a quick three-step guide to filing your crypto & NFT taxes👇
Step 1: Know the basic crypto tax rules
Cryptocurrencies are treated as "property" by the IRS. (Notice 2014-21). A taxable event occurs each time you cash out, spend, or exchange one coin/NFT with another.
Earning staking rewards, mining rewards, and receiving airdrops are also taxable events.
(If you only purchased coins/NFTs in USD and/or only hodled assets with no taxable events as mentioned above during 2023, you don’t have any crypto-specific tax filing obligation)
Christopher M. Morin retweeted
If you wonder why you should file your crypto taxes, here are the top 5 reasons 👇
1. Crypto is a high priority for the IRS.
Regulators believe that crypto is contributing to the ever-increasing tax gap. The tax gap is the difference between the amount of taxes the IRS should receive vs. the amount they actually receive.
This gap has increased by 688B from 2020 to 2021 tax years. The IRS is under so much pressure to reduce this tax gap by increasing enforcement efforts, AKA audits.
Moreover, the placement of the crypto question on Form 1040 shows how seriously the IRS cares about this subject. The IRS also added this question to other business and trust tax forms starting the 2023 tax year.
Christopher M. Morin retweeted
Interesting.
I just found the new revamped T2200 form online. It's not publicly posted yet... but I loaded up the 2022 version of the form, and then changed the 22 in the web address to a 23... and up popped the new form.. lol..
Things have changed for claiming WFH expenses on your tax return for tax year 2023. There is no $2/day simplified method. As a result, CRA revamped the T2200 form. This is the form you will NEED your employer to complete saying you HAD to work from home, if you want to claim WFH expenses on your 2023 tax return.
Might want to start lobbying to your HR to get this form completed if you think you should qualify.
I'm sure the form will be officially made public on the canada.ca website very soon... but for now, I've just given you the ability to take a sneak peak.
Christopher M. Morin retweeted
An employee can potentially pay a 101% tax on a stock option plan!
I identified it for one of my clients (an employer who was offering the plan).
Here it is simplified:
Christopher M. Morin retweeted
token market-making agreements (overt or covert) are dead, absolutely dead, after this ruling (they already were if you asked pretty much any U.S. cryptolawyer, but this seals the deal)
Christopher M. Morin retweeted
I published this brief article on crypto tax loss harvesting last year. It remains equally applicable now.
Do yourself a favor and read it.
findknowdo.com/news/12/20/20…
