The debate about reforming the taxation rules of the principal residence exemption (PRE or the “Exemption”) has been revived recently. Under s.40(2)(b) of the Income Tax Act (“the Act”), a sale of a principal residence qualified as such under s.54 of the Act would result in an exempt portion of the capital gain ensuing […]
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Case Summary: R. v. Schouw (2020 BCCA 232)
On August 7, 2020, the British Columbia Court of Appeal (the “Court”) upheld a lower court decision that convicted a real estate designer and developer for willfully evading Goods and Sales Tax (“GST”). The case addresses “deliberation” of a taxpayer in tax matters such that, in a case like this, it may be concluded […]
Commentary: UK Applies 0% VAT on Digital Advertising by Charities, But Questions Remain
HM Revenue & Customs (“HMRC”), the UK’s equivalent of the CRA, recently updated its policy on charity digital advertising. The refined policy applies zero value-added tax (“VAT”) tax on five types of digital advertising by charities, all of which target an aggregate of IP addresses, rather than singling out individuals. As we know, VAT is paid at the […]
Commentary: South Korean Government Proposing 20% 'Crypto Tax'
South Korea is proposing to introduce a cryptocurrency tax ('crypto tax') that will impose a 20% tax rate on cryptocurrency income that is 2.5 million won, about $2,000 US, or higher. The proposed crypto tax bears some interesting contrasts with the Canadian tax authority's approach to the increasingly popular cryptocurrency: The proposed crypto […]