Christopher M. Morin

Canadian Tax Lawyer (Québec) | Finance, FinTech & Crypto Enthusiast | Opinions are my own & not professional/legal advice (duh) |

[Mitchell Baldridge @baldridgecpa]

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:

[Canadian Tax Guy (Mohammed Al-khooly) @CanadaTaxGuy]

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!

[Jacob Robinson @JacobRobinsonJD]

🚨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 @DigitalAssetTax]

@JacobRobinsonJD Did not think this would ever happen

[Christopher M. Morin @DigitalAssetTax]

@jaycurrie @iciradiocanada showed up and covered it

[Christopher M. Morin @DigitalAssetTax]

@tier10k We live in a simulation

[Perceptive Group @PerceptiveGroup]

CRA finds that there is no disposition where crypto is deposited with or staked through a platform that holds the crypto in trust

https://t.co/GMgCCl66LN

[Brandon Koepke @bdkoepke]

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.

https://t.co/J78PJq2xq6

[Christopher M. Morin @DigitalAssetTax]

@MarkMcGrathCFP

[Christopher M. Morin @DigitalAssetTax]

@functi0nZer0 What is wrong with people 😑

[Allan Lanthier @lanthiertax]

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.

https://t.co/wxeTWXCUpd

[Aaron Hector, R.F.P., CFP, TEP @AaronHectorCFP]

Apparently this needs to be said.

Triggering capital gains prior to June 25 is not subject to GAAR.

https://t.co/GIgZFk87Hs

[Allan Lanthier @lanthiertax]

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…

[Christopher M. Morin @DigitalAssetTax]

@jchervinsky @stephendpalley I approve this message.

[Christopher M. Morin @DigitalAssetTax]

@stephendpalley Poutine…and don’t even think of adding herring to it

[Preston Byrne @prestonjbyrne]

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

[Shehan @TheCryptoCPA]

It's absolutely crazy how every American has been conditioned to believe that a higher tax refund is a good thing.

[Canadian Tax Guy (Mohammed Al-khooly) @CanadaTaxGuy]

OMG ARE YOU SERIOUS?!!

CRA ANNOUNCES BARE TRUSTS EXEMPT FROM FILING FOR 2023.

WHY COULDNT THEY DO THIS SOONER?!!

https://t.co/J1TNXqzs93

[Allan Lanthier @lanthiertax]

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.

[Canadian Tax Guy (Mohammed Al-khooly) @CanadaTaxGuy]

CRA is getting aggressive on crypto. They aren’t just accepting crypto tax reports like Koinly. They want detailed transactions reports.