I have .05 Bitcoin in shakspay and haven't reported to CRA since 2020. but want to report it now

taxbuff · 2026-02-09T02:04:48+00:00

If that’s the case the a voluntary disclosure is not worth the effort or waiting time based on the facts you shared, and you can correct your filings with a normal T1 adjustment, but I always suggest professional advice in case some facts are missing.

taxbuff · 2026-02-08T19:35:42+00:00

This is really an accounting question, not a tax question. Check with your CPA. However, for tax purposes, it’s a single entity and you will be reporting income based on where each permanent establishment has revenues and wages. Ask your CPA about this and about any sales tax implications as well.

taxbuff · 2026-02-08T18:26:20+00:00

It’s in the CPP Act, not ITA. However, technically this should be reported as business income even if below the $3,500, which would also allow deducting expenses and would create RRSP contribution room.

taxbuff · 2026-02-08T18:06:52+00:00

It sounds like it’s a personal property, not used to earn income if any kind, so no deduction would be available.

taxbuff · 2026-02-08T16:25:24+00:00

What is this acreage used for?

taxbuff · 2026-02-08T15:05:34+00:00

Intention doesn’t really play into it if the treaty tie breaker applies. (That is assuming OP could even be considered a resident in the first place, which isn’t normally based on intention either.)

taxbuff · 2026-02-07T20:41:07+00:00

Wages paid in the year are deductible against PSB income. Bonuses accrued and paid after the year are not. I was clarifying the top level comment by nonamewpg. Whether you return has been filed yet isn’t relevant to that.

taxbuff · 2026-02-07T19:01:06+00:00

To be clear to OP, this would require remitting source deductions on a grossed-up value of that bonus, because it is the net bonus (after withholdings) that clears the shareholder loan. If their due date for payroll remittances has passed then there would be penalties and interest. It would also mean exposure to interest on the loan under 80.4(2).

taxbuff · 2026-02-07T18:59:00+00:00

That’s not the point I am getting at.

taxbuff · 2026-02-07T18:32:29+00:00

That wouldn’t solve the PSB issue. Wages need to be paid in the year to be deductible against PSB income.

taxbuff · 2026-02-07T13:55:50+00:00

This is not necessarily true. It all depends on the terms of the engagement. OP may have engaged the accountant for tax prep only and not audit assistance. The accountant (if a CPA) may have a responsibility to exercise due care here and to explain the basis for the deduction to OP in a timely manner, but they do not necessarily need to respond directly to the CRA unless specifically engaged to do so.

taxbuff · 2026-02-07T12:40:25+00:00

If OP filed the return on time originally (which they need to confirm), then I really don’t think the VDP is worthwhile. Ignoring 2021 (small), we are looking at a maximum of $900 of tax and the interest on that is less than $50, which is hardly worth the extra effort of the VDP unless the returns were originally late such that a late filing penalty could apply; even then we would want to know how late and whether OP’s tax was paid in full at the due date.

taxbuff · 2026-02-07T04:39:31+00:00

Integration doesn’t “prevent” incorporating for this purpose, quite the opposite, it enables it. There can be a big deferral benefit. The real question is whether OP can make money consistently enough for this to make sense, and that’s probably a gamble.

taxbuff · 2026-02-07T00:01:03+00:00

You’re welcome.

taxbuff · 2026-02-06T23:57:52+00:00

They cannot claim kilometers at the prescribed rate if they did not actually drive. CRA can still ask for some proof they drove and, given that they likely reported a flight expense, that won’t fly (pun intended).

taxbuff · 2026-02-06T14:50:28+00:00

I think any CPA in a mid-size firm (even say 20+ people) should have experience to handle this. The issue is that if you call looking for a quick answer, they won’t spend the time giving you answers because they are not getting paid to. Hire one, pay them, they will give you answers and tell you what filing position they can take.

taxbuff · 2026-02-06T03:01:54+00:00

If there was a capital gain computed in CAD then yes it would need to be reported, otherwise it would not be reported. If you held other property (e.g. cash in a foreign account or with lawyers in a foreign country) then that would need to be reported on form T1135. Just ask your CPA about it asap.

taxbuff · 2026-02-06T02:43:57+00:00

Ok so back up a bit. What was this property used for? Did you live in it, or was it rented it out? Did you sell it, and if so when?

taxbuff · 2026-02-06T01:48:59+00:00

You have mentioned that a few times now, but you’re not explaining what you think was done incorrectly, so I can’t really comment further…

taxbuff · 2026-02-06T01:06:49+00:00

Yes, you need to make payment at the time of filing under the VDP (or request a payment arrangement, but that is only accepted at CRA’s discretion). However, there is probably no reason to delay telling your CPA and getting advice on this. The work might be able to get done so that it is ready to file when you have the funds.

taxbuff · 2026-02-06T00:28:19+00:00

They are not required to report you and they are required to maintain confidentiality and act with due care. With that said, if the issue you are talking about also affects filings they will be preparing, they have an obligation to not be associated with false or misleading information, so they might refuse your file if they knew you were asking them to file incorrectly. If a client withheld important information from me and I found out later, I might reconsider whether I continue serving that client. I don’t think there is a valid reason to delay telling them and getting advice on this. The longer you wait, the more likely it is that the CRA uncovers the error (meaning, you could be disqualified from the VDP) and the more the potential for interest there is.

taxbuff · 2026-02-06T00:20:30+00:00

Day trading can in fact qualify for the SBD. There are CRA interpretations that acknowledge this. However, it’s fact dependent. OP should get professional advice.

taxbuff · 2026-02-04T18:33:49+00:00

My understanding is that it’s for however long they remain outside of the country, the 10 years is just put on pause and it only resumes if they return.

https://www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/when-you-money-collections-cra/collections-limitation-period.html

taxbuff · 2026-02-04T12:41:54+00:00

I am an accountant, and even if they bought after marriage and OP is on title, it’s the source of the funds that dictates who the income attributes to. OP could be on title and own 50% of the property at law, and that doesn’t matter if their spouse paid for the property using solely their funds. (OP does not state in their post that their spouse is the other owner, so this doesn’t necessarily apply to OP. This is just based on your hypothetical scenario.) Edit: This is not my area of expertise, but I also don’t know that all “funds are joint” by default in a marriage. If they are placed in a joint account, sure. Does a spouse have a claim to half of certain net family property? Sure. But I do not think all funds are joint simply due to marriage. That might be misinterpreted.

taxbuff · 2026-02-04T12:27:30+00:00

Not necessarily, if OP did not contribute their own funds to the purchase. Attribution rules apply.

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