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Crypto-currency Canadian Tax Consequences

  • Accountant
  • CPA (CA)
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

We live in a digital age—information is transferred and transactions are completed at a speed never thought possible. We have seen some amazing innovations in the last decade. One is the creation of digital currency, or cryptocurrency, the best-known of which is Bitcoin. While it sometimes seems that tax authorities play catch-up to technology’s latest advances, not much escapes the scrutiny of the Canada Revenue Agency (CRA).

Cryptocurrencies have moved into the mainstream. In the digital economy, people are not only increasingly transacting with and trading cryptocurrency, but they are actually “mining” it. This ever-growing frequency of cryptocurrency transactions—along with the consistent volatility in its value—has left many people who have traded, earned, or transacted using it wondering how to treat it for tax purposes.

On the other hand, Web 3.0 is the new and improved next generation of the internet. It will use AI and machine learning to take the internet to a whole new level, generating more powerful and evolutionary applications and making greater use of blockchain, cryptocurrencies, and other crypto assets as well as NFTs. Governments and businesses are already working to apply or adapt tax concepts to these new concepts.

In this CPD webinar, we will explore the Canadian government's current efforts to create a taxation framework around cryptocurrency and Web 3.0. We will also explore the new compliance and reporting obligations this new framework is expected to create for individuals and businesses.

Learning Objectives

  • To analyze the income tax and indirect tax consequences of transacting in cryptocurrencies, creating and selling NFTS, and cryptocurrency mining.
  • To discuss the application of the legislation which applies to cryptocurrency and Web 3.0 assets.
  • To explain the CRA's administrative policy toward Web 3.0.
  • To determine your potential income tax, and indirect tax compliance requirements for Web 3.0 assets and how BDO can help.

Recommended For

  • This online CPD course will help Canadian CPAs and tax professionals who want to understand the tax consequences of Cryptocurrencies, NFTS, and Web 3.0 in Canada.

Who Should Attend?

  • Accountant
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Public Accountant (CPA)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Tax Firm
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CPD Credit of Taxes for Chartered Professional Accountant (CPA Canada)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

Presenter

About Presenter

Brian Morcombe

Partner – Indirect Tax, BDO Canada LLP

Brian has more than 24 years’ experience providing indirect tax solutions, including GST/HST, QST and PST support to non-resident and resident manufacturers, distributors, charities, financial institutions, municipalities, universities/colleges, schools and hospitals to name a few. He also works with clients on resolving WSIB/WCB and EHT issues.

Brian specializes in assisting non-resident clients with Canadian sales and payroll tax issues.

Brian has authored many articles on indirect taxation and regularly presents as part of international conferences on taxation.

Outside of the office, Brian is a pilot and Juno-nominated professional musician that made the Grammy Ballot in the USA and won the prestigious Parents’ Choice Award in the USA.

About Company

BDO Canada LLP

www.bdo.ca

What grew to be a leading provider of professional services to clients across Canada and beyond started as a single entrepreneur with a dream. BDO knows the challenges small businesses face, the growing pains of the mid-market, and what it means to become an enterprise, because that’s how the firm transformed over the last 100+ years.

Our teams deliver a comprehensive range of assurance, accounting, tax, and advisory services, complemented by emerging technology savvy, deep industry sector knowledge, and an understanding of the needs of local communities. As Canadian markets shifted over time, we adapted and evolved with them—offering a breadth of services to support the ever-expanding business landscape.

After years of national and international growth, our global BDO network positions us to provide consistent cross-border services to clients with global needs. With over 90,000 people working out of more than 1,600 offices in over 160 countries, the network generates worldwide revenue approaching $10.3 billion.

Our people-first approach to our talent experience has earned us multiple awards, including a spot among Canada’s Top 100 Employers for 2022

About Presenter

Jay Tulsani

Senior Manager, Indirect Tax, BDO Canada LLP

Jay has more than 10 years of experience focusing on indirect taxes in Canada. Jay brings the expertise of being a former tax auditor with the Canada Revenue Agency combined with the real-world experience of someone in dealing with indirect tax issues in various Canadian companies. Over the last few years, Jay has helped our clients understand the changes in the GST/HST legislation within Canada in a wide range of industries.  

Jay helps his clients understand the rules and sales tax rates that can apply depending on which province one does business in. He is involved in monitoring legislative changes to help clients manage these taxes and provides planning advice to minimize sales tax costs. 

He helps businesses operating in Canada meet their compliance obligations, reviews sales tax procedures to identify recovery opportunities, assists with conflict resolution by providing guidance and support in government sales tax reviews and provides staff training on sales tax rules on procedures.

About Company

BDO Canada LLP

www.bdo.ca

What grew to be a leading provider of professional services to clients across Canada and beyond started as a single entrepreneur with a dream. BDO knows the challenges small businesses face, the growing pains of the mid-market, and what it means to become an enterprise, because that’s how the firm transformed over the last 100+ years.

Our teams deliver a comprehensive range of assurance, accounting, tax, and advisory services, complemented by emerging technology savvy, deep industry sector knowledge, and an understanding of the needs of local communities. As Canadian markets shifted over time, we adapted and evolved with them—offering a breadth of services to support the ever-expanding business landscape.

After years of national and international growth, our global BDO network positions us to provide consistent cross-border services to clients with global needs. With over 90,000 people working out of more than 1,600 offices in over 160 countries, the network generates worldwide revenue approaching $10.3 billion.

Our people-first approach to our talent experience has earned us multiple awards, including a spot among Canada’s Top 100 Employers for 2022

About Presenter

Manson N.

Senior Manager, international Tax, BDO Canada LLP

Manson has over 13 years of experience in both public practice and industry. His practice include various industries, with a focus on life sciences, emerging technology, and energy/natural resource companies domestically and internationally. 

Previous to BDO, Manson was the global head of tax of a global blockchain/Web3 company.  Manson has significant experience advising clients in the technology and media industry that operate in various jurisdictions reporting in IFRS and US GAAP.

Manson’s practice mainly advises on Canadian tax matters for companies with global operations, cross-border and domestic mergers and acquisitions, due diligence, corporate reorganizations, spin-offs, and financings. 

Manson also has extensive experience in the areas of global sales tax/VAT, transfer pricing, global mobility, and various other tax international matters. 

Manson is a member of the Institute of Chartered Professional Accountants of Alberta and the Canadian Institute of Chartered Professional Accountants. 

Educational and Professional Background:

  • Chartered Accountant, Institute of Chartered Professional Accountants of Alberta (2013)
  • Bachelor of Commerce – Accounting, University of Calgary (2010)
  • Member, Institute of Chartered Accountants of Alberta (CPA Alberta)
  • Canadian Tax Foundation

About Company

BDO Canada LLP

www.bdo.ca

What grew to be a leading provider of professional services to clients across Canada and beyond started as a single entrepreneur with a dream. BDO knows the challenges small businesses face, the growing pains of the mid-market, and what it means to become an enterprise, because that’s how the firm transformed over the last 100+ years.

Our teams deliver a comprehensive range of assurance, accounting, tax, and advisory services, complemented by emerging technology savvy, deep industry sector knowledge, and an understanding of the needs of local communities. As Canadian markets shifted over time, we adapted and evolved with them—offering a breadth of services to support the ever-expanding business landscape.

After years of national and international growth, our global BDO network positions us to provide consistent cross-border services to clients with global needs. With over 90,000 people working out of more than 1,600 offices in over 160 countries, the network generates worldwide revenue approaching $10.3 billion.

Our people-first approach to our talent experience has earned us multiple awards, including a spot among Canada’s Top 100 Employers for 2022

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Crypto-currency Canadian Tax Consequences

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1 Credit

Subject Area

Taxes

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