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latest from kuperman cpa
Attention Mortgage professionals - below is FINTRAC’s new self-assessment questionnaire to determine if you are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act reporting obligations.
Great opportunity to enter the real estate rental market. Amazing opportunity to save on tax.
Thinking about a prefab home or secondary suite? Here’s what to consider:...
Airbnb imposed seizure
Could the real agenda be is to create a new status of Zero-Rights Employment?
When will the Bank of Canada let real estate be affordable again?
Following the path of tightening interest rates BOC has made ownership even less affordable. Question remains - who benefits from the high interest rate policy when people struggle to buy food and and other necessities?
Surely not Canadians
Canada has fewer entrepreneurs today than it did 20 years ago - that's a big problem for everyone
New entrepreneurs facing many challenges - labour shortages, inflation, technological change and the increasing domination of large companies etc. On top of these - strict and confusing tax reporting requirements could be very overwhelming for the small business owners.
We are here to help start-ups and small businesses with tax reporting. Kuperman CPA - call us right away 1-866-66-MY-TAX and have your tax reporting needs addressed!
economy updates
When will the Bank of Canada start cutting interest rates?
In order for the Bank to cut at this rate, there needs to be a combination of
- weak GDP growth
- loosening of labour market conditions
- fall in the month-over-month changes in core prices
When do you think this is going to happen?
Call 1-866-66-MY-TAX to discuss timing and tax considerations related to your real estate investments during these turbulent times.
Learn about about the disability tax credit and other benefits and credits that you may be entitled to.
- The disability tax credit, or DTC, and how to apply
- Other benefits and credits you may be eligible for, including the child disability benefit, GST/HST credit, Canada workers benefit disability supplement, and Canada caregiver credit
- Non-refundable taxes you may be able to claim, including medical expenses and the home accessibility tax credit
- And long-term savings plans, including registered disability savings and home buyers plans
tax updates
New CRA campaign focuses on personal services businesses: Are you ready?
New CRA campaign focuses on personal services businesses: Are you ready?
New CRA campaign focuses on personal services businesses: Are you ready?
The CRA is taking a closer look at the personal services business (PSB) rules that apply when:
- services are provided through a corporation, and
- the individual doing the work would be considered an employee if they provided the services directly
Guide for cryptocurrency users and tax professionals
New CRA campaign focuses on personal services businesses: Are you ready?
New CRA campaign focuses on personal services businesses: Are you ready?
Cryptocurrency is a relatively new innovation that requires guidelines on taxation so that Canadians are aware of how to meet their tax obligations. The Senate reviewed the issue of taxation on cryptocurrency and recommended action to help Canadians understand how to comply with their taxes, which the Canada Revenue Agency (CRA) is doing by presenting this guide.
- Tax treatment of cryptocurrency for income tax purposes
- Reporting business income or capital gains from the disposition of cryptocurrency
- Reporting as either income or capital gain
- Trading cryptocurrency for another type of cryptocurrency
- Earning cryptocurrencies through mining
- Valuing cryptocurrencies either as capital property or inventory
- Keeping books and records
- How does the GST/HST apply to cryptocurrency?
compliance updates
Anti-money laundering policy
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Fi
Sanctions on Russia: Pay Attention Now, Avoid Emerging Risk Later
Money laundering is a global issue which is illegal, unethical and harmful. In Canada, it poses threats to our national reputation, economy, and society. CPA Canada recognises these threats and contributes to federal policy development. On behalf of the profession and in the public interest, we engage with the federal government in efforts to strengthen Canada’s anti-money laundering regime and present the Strategic Framework for AML.
Elements of such a strategic framework, in our view, include:
- Corporate transparency - increased corporate ownership transparency via improved access to beneficial ownership information, while maintaining the ease of doing business in Canada
- Whistleblowing framework - a national framework for the reporting by and protection of whistleblowers, instead of the current patchwork quilt of provisions at the federal and provincial government levels
- Organisational compliance programs - development of new, national standards outlining expectations for organisational integrity and compliance programs
- Enforcement - development of enhanced, transparent, and streamlined processes for law enforcement, prosecutors, and other parties to address allegations of misconduct
Sanctions on Russia: Pay Attention Now, Avoid Emerging Risk Later
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Fi
Sanctions on Russia: Pay Attention Now, Avoid Emerging Risk Later
The regulations are changing at warp speed, and the stakes for complying with applicable regulations continues to increase. Risks for doing business with the wrong third party are financial, commercial and reputational in nature and pose ongoing compliance concerns.
- Sanctions - if ownership is 50% or higher, either solely or in aggregate by one or more sanctioned subjects, that entity is sanctioned. Even below that 50% ownership threshold, a red flag should be raised and risk assessment performed.
- Due Diligence, Organizations and Staffing - compliance responsibility does not end after an initial business partner screening. Responsibilities for full compliance, organizational reputation and professional peace of mind may be at stake.
- Export Controls - managing the operational compliance of export controls in such an unstable environment is not for the inexperienced trade compliance or supply chain manager.
- Sanctions Compliance - the logistics of delivering products to and from Russia are now more complicated as shipping ports around the Black Sea have closed, airfreight services by most carriers has been suspended and Russian airspace is closed. For companies still conducting business with Russia, getting paid is becoming all but impossible.
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Fi
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Fi
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Fi
On June 23, 2023, the FATF added Cameroon, Croatia, and Vietnam to its list of Jurisdictions under Increased Monitoring and did not remove any jurisdictions from the list.
The FATF’s list of High-Risk Jurisdictions Subject to a Call for Action remains the same, with Iran and the Democratic People’s Republic of Korea (DPRK) still subject to FATF’s countermeasures. Burma remains on the list of High-Risk Jurisdictions Subject to a Call for Action and is still subject to enhanced due diligence, not counter-measures. Read more about high-risk jurisdictions here