Contact

Barter and Cryptocurrency Transactions

These Can Result in Taxable Income, and PST and GST/HST Payable Do you trade goods or services which you would normally sell in the course of your business? Have you started using Bitcoin or other cryptocurrencies for transactions? Bitcoin and other virtual currencies are treated as financial instruments for GST/HST purposes, so no GST/HST is collected on a supply of the currencies. However, there can still be sales tax implications. If a transaction would have

Read More »
May 17, 2021

Luxury Tax on Yachts, Cars, and Personal Aircraft

A new tax on luxury goods such as yachts, personal aircraft, and cars would take effect on January 1, 2022. The tax would be applied to cars and personal aircraft that retail over $100,000; boats for personal use retailed over $250,000. If the budget passes, the tax will come into effect on January 1, 2022. The tax is calculated at the lesser of: 20 percent of the value above threshold ($100,000 for cars and personal

Read More »
May 17, 2021

Changes for Corporations that File Ontario Annual Information Returns

Be ready for new filing changes coming in May. If your corporation files Ontario annual information returns, the following changes could affect you: As of May 7, 2021, Ontario Corporations Information Act annual returns will no longer be available for download on Canada.ca. As of May 15, 2021, Ontario Corporations Information Act annual returns will no longer be filed through the Canada Revenue Agency. The changes will apply to the following forms: Schedule 546, Corporations

Read More »
May 17, 2021

Let's Chat

Have questions? I can help!

Give me a call!

I am ready to help!

Give me a call! I will take the time to discuss any questions and/or concerns you may have, and provide options and advice.

YS Accounting and Tax Services, Inc.

46 Knox Rd E 
Wasaga Beach, ON L9Z 2T5

Linkedin
© Copyright – All Rights Reserved, YS Accounting and Tax Services, Inc.