October is here, and the Canada Revenue Agency (CRA) have been given the green light from the Federal government to collect money.
As a result, Collections, Audit and Appeals are all back in business and they are looking for you!
The CRA’s Collections department are officially back at work this week, able to make collections calls, send collections letters and find money. If you owe money to the CRA, or if you have any outstanding returns owing to the CRA, you can expect to hear from Collections.
Thanks in part to the massive amount of money that this Federal government gave away during the COVID pandemic, you can also expect to be contacted by an auditor, if you received any of those benefits.
If you do hear from the CRA, you might want to act fast. They have been given the orders to act fast, and collect / recover as much money as they can in the quickest manner. That means you can expect a call for a verification audit, and before the phone connection terminates, a letter will be on it’s way, giving you a week or 2 to respond and provide information. If you miss that deadline, your case will be closed, and your file passed along to collections.
If you received any government benefits via Direct Deposit, then the CRA already has your banking information which means once the amount is deemed collectible, they can (and will) just take it from your bank account.
It will be that fast.
Additionally, if you were behind on compliance with the CRA (haven’t filed returns up to date), and you failed to get those done while self-isolating, don’t expect the Collections group to have any mercy on you. You had “plenty” of time to get that done. No excuse or explanation is going to buy you more time.
If you incurred new tax debts, and haven’t made arrangements, or had previous arrears and didn’t make arrears payments while interest rates were at 0%, you have no excuse, in the eyes of the CRA, as to why you still have a balance, or are unable to pay.
The 0% interest rate on balances owing is gone, and the CRA have been given the marching orders from above to collect, collect, collect.
If you need help with anything CRA related, do not hesitate to contact us for assistance, at firstname.lastname@example.org
The Canada Revenue Agency (CRA) have announced that they are opening up their Informant Leads (snitch) line to information regarding COVID-19 benefit program fraud.
Amid reports that people are double dipping or taking the benefits when there are not entitled to, the CRA are intent on not waiting for 2021 when people file their tax returns, but are asking for Canadians to come forward and provide information regarding the Canada Emergency Response Benefit (CERB), the Canada Emergency Student Benefit (CESB), and the Canada Emergency Wage Subsidy (CEWS).
The Snitch Line accepts information of tax cheating such as not declaring all income, accepting “under the table” cash payments or setting up a fake business to claim losses and thus reduce taxes. The information reported goes right to an audit group, who compare the information they receive with the information the CRA already has on that individual and business, and if the amount to recover is significant, will act to seek recovery.
The CRA said it is looking for information regarding people who are receiving either CERB or CESB who were ineligible, or businesses or charities who are “misusing” the wage subsidy program.
The decision to go after cheaters marks a significant turning point in the Trudeau government’s desire to take on fraud of COVID-19 emergency aid programs. In mid-April, a CRA spokesperson dissuaded Canadians from snitching on potentially ineligible CERB recipients because, at that time, the CRA said their focus was on “getting crucial (CERB) payments to those who urgently need it now.”
The CRA stated that those who received a payment to which they weren’t entitled will be required to repay the amount in due course.
Due course meant with the filing of the 2021 personal income tax return for many who applied for and received the credit, only to learn that their income did not dip below the amounts making them eligible to receive the funds. With so many Canadians providing direct deposit information to the CRA, means that with direct access to your bank account, the CRA can take those funds when they want. It also means if there are not sufficient funds in your bank account that the CRA can freeze you bank account and send a garnishment to your employer, if warranted.
With this significant change in direction, it should be noted that any business or individual who are caught receiving money they we not entitled to, will be ordered to reimburse it and it could be quite costly. In the case of the wage subsidy, a business which falsified documents, in order to claim the benefit can face penalties up to 225% of the amount received through the program.
The CRA and Service Canada have records of all individuals who’ve received payments for the CERB and CESB. What has changed is that the CRA have brought in their audit staff – presently not working on audits due to COVID – to verify payments were correctly allocated.
How to Snitch
In order to successfully provide information to the CRA through their Informant Leads line, there is information that the CRA requires. Remember, all information provided to the CRA is anonymous.
Depending on the program they may have falsely claimed, the CRA would require details on the suspect’s work situation (CERB and CESB), their schooling situation (CESB) or their employer’s number of employees and total payroll (CEWS).
In many cases, people brag to their friends and neighbours about how stupid the government is, by providing them with benefit payments when they are not entitled, and that information is usually enough for the CRA to investigate.
The link to the CRA’s Informant Leads Program information, is here.
What an absolute crazy year 2020 has been thus far!
The tax filing deadline for individuals to file their 2019 personal income tax returns (T1) in Canada was June 1st, by 11:59pm. For Canadians who have earned self-employment income, their returns are due by June 15th, 2020. Payments for balances owing are due to the CRA by September 1st, 2020, and the CRA is currently not charging interest on exsting balances owing the them, nor interest or penalties for any late payments or filings for the time being.
New and enhanced services
Check CRA processing times – Want to find out quickly how long it will take for the CRA to process your return, or your refund? Use the Check CRA Processing Times tool on canada.ca to get a targeted completion date. The new tool uses published service standards and information you select from drop-down menus to calculate targeted completion times for various programs.
Dedicated telephone service for tax service providers – If you are still working on a tax return(s), the CRA have been offering this service to small and medium income tax service providers across Canada for the 2020 tax filing season. By using this service, income tax service providers can connect with experienced CRA officers who assist with complex tax questions.
Representative authorizations – Thank goodness, the CRA has created a new e-authorization process for online access to individual tax accounts which permits representatives to request access to individual tax accounts using a web form through Represent a Client. As a result, the existing T1013 form will be discontinued for access to individual tax accounts.
The T1013, RC59, and NR95 will be combined into one form called the AUT-01 Authorize a Representative for Access by Phone and Mail. This form will only be used to request offline access to individual and business tax accounts.
Owing Money to CRA
If you have filed, or are about to file and you owe money to the CRA, there are a couple of critically important facts you should keep in mind.
- If you have applied for any of the COVID-prompted benefit programs, and have done so through Direct Deposit, you may, unfortunately, be at risk.
- The CRA is delaying the payment of balances owing until September 1st, while not charging interest on all accounts except payroll accounts. This shouldn’t mean its okay to forget it until the fall, but rather, with no interest being charged on existing balances, its the best time to figure out ways to catch up, set aside funds, or find / earn funds to pay off the CRA
- Before we all know it, it will be September, and a few things will be certainties. Our year-end will be fast approaching for the 2020 tax filing season, any balances owing to the CRA will be due, and the Canadian debt and deficit will be through the roof. The Federal government will need those funds ASAP, and aside from raising taxes, they will likely begin aggressive collections of taxes owing. The quickest way the CRA can recover funds, is by issuing a Notice of Assessment (which has legal warning in it) and then taking those funds from your bank account.
- You have options outside of bankruptcy, consumer proposals, high-interest loans, or high-rate mortgages. Preparing in advance for this situation and working with the CRA can prevent unwanted or unexpected surprises.
The CRA’s collections staff have already been advised where to locate direct deposit information and how ensure it is accessible when full collections are permitted.
Don’t wait until it’s too late.
inTAXicating can assist with anything CRA-related. With over 10-years experience working in the CRA’s Collections department, we know things the CRA will never tell you.
What is the Canada Emergency Commercial Rent Assistance Program (CECRA), and how does it work?
The CECRA program will provide forgivable loans to qualifying commercial property owners to cover 50% of three (3) monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.
The loans will be forgiven if the mortgaged property owner agrees to reduce the small business tenants’ rent by at least 75% under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.
Who Qualifies as a Small Business Tenant?
Impacted small business tenants are businesses who;
- Pay no more than $50,000 in monthly gross rent per location (as defined by a valid and enforceable lease agreement),
- Generate no more than $20 million in gross annual revenues, calculated on a consolidated basis (at the ultimate parent level), and
- Have temporarily ceased operations (i.e. generating no revenues), or has experienced at least a 70% decline in pre-COVID-19 revenues.
CECRA for small businesses is applicable to commercial property owners with:
- Eligible small business tenants
- Eligible small business subtenants
- Residential components and multi-unit residential properties with commercial tenants (i.e. mixed usage)
To qualify, property owners must meet the following requirements:
- You own property that generates rental revenue from commercial real property located in Canada.
- You are the property owner of the commercial real property where the impacted small business tenants are located.
- You have a mortgage loan secured by the commercial real property, occupied by one or more small business tenants.
- You have entered OR will enter into a rent reduction agreement for the period of April, May, and June 2020, that will reduce impacted small business tenant’s rent by at least 75%.
- Your rent reduction agreement with impacted tenants includes a moratorium on eviction for the period of April, May and June 2020.
- You have declared rental income on your tax return (personal or corporate) for tax years 2018 and/or 2019.
How Does it Work?
While it is expected that CECRA will be operational by mid-May, commercial landlords are expected to either enter into the agreement, reducing rent immediately, or, once the program details have arrived, enter into the agreement and refund the monies to the tenant.
What Will CRA be looking for?
In order to support the credit, the CRA will be checking to ensure revenue loss. Small businesses can compare revenues in April, May and June of 2020 to that of the same month of 2019. They can also use an average of their revenues earned in January and February of 2020. If these figures do not justify a revenue loss of at least 75%, the credit will need to be paid back to the CRA.
What will CMHC be looking for?
CECRA for small businesses loans will be forgiven if the property owner complies with all applicable program terms and conditions including to not seek to recover rent abatement amounts after the program is over.
Administering the Program
CMHC will administer the program on behalf of the Government of Canada, provincial and territorial partners.
The program offers assistance for the months of April, May and June, 2020.
- It can be applied retroactively.
- Property owners may still apply for assistance once the 3-month period has ended if they can prove eligibility during those months.
- Property owners must refund amounts paid by the small business tenant for the period.
If rent has been collected at the time of approval, a credit to the tenant for a future month’s rent (i.e. July for April) is acceptable if agreed upon by both the property owner and the tenant. This can be a flexible 3-month period.
The deadline to apply is August 31, 2020.
Program Summary Details
CMHC will provide forgivable loans to eligible commercial property owners.
- The loans will cover 50% of the gross rent owed by impacted small business tenants during the 3-month period of April, May and June 2020.
- The property owner will be responsible for no less than half of the remaining 50% of the gross rent payments (paying no less than 25% of the total).
- The small business tenant will be responsible for no more than half of the remaining 50% of the gross rent payments (paying no more than 25% of the total).
We’ve been working on a list of tax deductions for Canadian professional athletes, and in doing so, have compiled this list.
As of the date of posting this, this list is believed to accurate, although may or may not be inclusive of every possible deduction. In addition, there is no supporting legislation linked to these deductions – that will be coming. This list, is therefore not meant to be taken as fact, it’s always prudent to check and double check eligible deductions, to ensure that all possible deductions have been claimed and that none are missed.
Tax deductions unique to professional athletes.
1. Meals and Incidental Travel Expenses – According to tax law, a taxpayer who travels for business purposes can deduct “ordinary and necessary” travel expenses including meals, tips, local travel (such as taxi fare, rental cars, and other modes of transportation), as well as other miscellaneous expenses. Taxpayers have the option of either documenting their actual expenses or deducting a per diem amount per tax law.
2. Temporary Housing – Temporary living expenses may be deductible under certain circumstances. Law provides for deduction of these expenses if they stay in a location is temporary in nature (generally less than one year) and at the convenience of your employer. A lot of times minor league players fall into this category. In most cases, the living expenses of a player competing at the major league level will not be deductible given the indefinite nature of the stay.
3. Clubhouse Dues – Clubhouse dues are deductible as ordinary and necessary business expenses. It is best to pay these dues by check so there is acceptable documentation to support the payment was made. If you cannot pay by check, ask for a receipt from the clubhouse manager to save for your records.
4. Health Club and Training Expenses – Most or all of the conditioning and training expenses incurred by professional athletes are deductible as a miscellaneous itemized deduction.
5. Equipment – Most or all equipment purchased by a professional athlete used in competition or training is either wholly deductible or able to be deducted by taking a depreciation deduction over a number of years.
6. Union Dues – Union dues paid to a Players Association are deductible as a miscellaneous itemized deduction.
7. Agent and Management Fees – Fees paid to an agent or to a manager are tax-deductible, as are fees paid for account and tax preparations and consulting.
8. Charitable Giving and Planning – Charitable planning can play a significant role in the career and life of a professional athlete. If a plan is structured properly, the athlete can marry the goals of supporting causes that are meaningful to their family and him/her both during his playing days and long after they have retired.
This can be achieved while maximizing his/her charitable income deductions during his high income/high tax bracket years. Philanthropic athletes who don’t consider a formalized plan to integrate their desire to help others with a well thought out tax strategy would be doing themselves a grave disservice.
The Canadian Tax Filing deadlines for regular filers and for filers with self-employment income are rapidly approaching.
Due to the COVID-19 pandemic, the Canada Revenue Agency (CRA) has pushed out the tax filing deadline for regular tax filers from April 30th, 2020, to June 1st, 2020. Canadians with self-employment income were due to file by June 15th, 2020, and that date has remained the same.
Any payments for the current tax year are due by September 1st, 2020, which applies to balances and instalments under Part 1 of the Income Tax Act due on or after March 18th and before September 1st, 2020.
If you earned significant self-employment income, for the first time, you might be in for an unexpected surprise when you file your tax return, because there will likely be a balance owing to the CRA. This balance owing is a result of having to pay the amounts that an employer would have normally deducted from your pay, including both portions of the Canada Pension Plan (CPP).
If you haven’t made other provisions to cover your tax debt at the end of the year, you could have a problem.
If this were not a pandemic year and the CRA was fully operational, I would warn that tax debt is serious and should be dealt with immediately.
As we are all aware, the collections staff at the CRA have considerable “power” to find and collect money that are owing to the Crown.
With the amount of government benefits being offered up this year, Canadians have been providing their banking information to the CRA in record numbers, and it is that banking information which the CRA can, and will, use to recover the taxes owing to them, likely in record time.
In effort to deter Canadians from not paying the CRA, they charge penalties and interest (which compounds daily) on your overdue taxes.
They can withhold payment of your Child Tax Credit and GST rebate. They can take money from your bank account or garnishee your wages.
If those methods do not result in full payment of taxes, the CRA will then check to see if you own real estate, as they can register a lien against your property.
When a lien is registered against your property it can prohibit you from refinancing or selling your property until the outstanding debt is paid in full.
You may also find that if you are non-compliant (not filed up to date with the CRA), you may not be able to secure mortgage financing to purchase a home, buy a cottage, get a loan, or access equity in your property.
Many Canadian banks and credit unions will not provide an unsecured loan for the payment of income tax debt and they generally cannot refinance an existing mortgage to cover the debt either. When they learn of a lien, they deem you a credit risk and are more comfortable walking away from you as a customer then take a risk lending you funds that you either cannot pay or that the CRA will end up taking.
What Can You Do
Normally, you would contact the CRA immediately – but these are COVID times – and the CRAès collections division is presently not taking collection actions or weighing in on payment arrangements.
Pay what you can, as much as you can. Because paying anything less than the balance owing is going to result in interest accumulating.
There is no need to pay more to the CRA, unless you absolutely have to.
If these were normal times, you might be able to negotiate a re-payment arrangement covering 3-6 months, but the interest continues to accrue.
What NOT to do
This is important to note – filing for bankruptcy, or filing a consumer proposal, does not discharge a lien against your property. If you go bankrupt on your CRA debt, the lien remains and – even worse – accrues interest over time. Even after your discharge from bankruptcy, the lien remains in force, until you eventually sell your home. Transferring a tax problem for a credit problem is not always the best option.
Do not transfer any assets, or your property, to another person. That will not solve your problems, but rather cause other ones.
Removing assets from the reach of the CRA will result in the raising of a Section 160 (325), non-armsè length assessment, which takes your tax debt and makes it jointly and severally liable with the person who now owns your property.
Do not ignore it. Far too often, Canadians ignore the requirement to file and pay their taxes. This means a balance owing to the CRA continues to grow and grow. When the balance gets to be too high, people feel they have very few options, and consider bankruptcy or insolvency to be one of them. Worse that this scenario, is when one of the parties with a large tax debt falls ill, passes away, or becomes separated from the other, and now the ability to resolve the tax matter becomes that much more difficult.
A Better Solution
If you are a homeowner then having an experienced mortgage broker working for you can save you both time and money when seeking a solution to your CRA problem. If you simply can’t pay the full amount of your back taxes, consider refinancing your mortgage and using the equity in your home to consolidate all of your debts, including credit card debts, at a rate which might even be better than the rate you are currently paying.
Mortgage brokers have access to lenders that will allow a refinance of your existing mortgage or second mortgage options to pay off outstanding CRA debt.
If you have tax debt, or are going to be facing some tax arrears, do not worry. Contact inTAXicating and let us provide you with the truth around your tax options and help you find the best solution for you.
On April 23rd, 2020, the C.D. Howe Institute released a report which identifies the best and worst major Canadian cities for business investment as measured by overall tax burdens.
The link to the reports is here; “Business Tax Burdens in Canada’s Major Cities: The 2019 Report Card.” Authors Adam Found and Peter Tomlinson compared business tax burdens in 10 Canadian municipalities, the largest in each province.
“Municipalities and provinces would do well to pay attention to business tax burdens, particularly those imposed by business property taxes, since they impede investment and businesses’ ability to survive and invest after the present pandemic,” says Found.
Before a business decides to locate or expand in a given jurisdiction, it must consider the tax implications of such an investment.
Heavy tax burdens reduce potential returns, driving investment away to other jurisdictions and, with it, the associated economic benefits.
Found and Tomlinson estimate the 2019 Marginal Effective Tax Rate (METR) for the largest municipality in each province by aggregating corporate income taxes, retail sales taxes, land transfer taxes and business property taxes. Their findings measure the tax burden on a hypothetical investment that has the same net-of-tax return regardless of where in Canada it is located.
What Did They Find?
That municipal business tax burdens are highest in Montreal, Halifax and St. John’s, while near the group average in Calgary, Charlottetown and Moncton.
The most competitive municipal business tax environments were found in Vancouver, followed by Saskatoon, Toronto and Winnipeg.
I’d be curious to see if there was any consideration given to the associated costs which impact businesses in these markets, such as the cost and availability of parking and ability of the general public to access these businesses. Certainly, an expensive parking rate which is heavily enforced by the parking police would deter customers in certain parts of these cities.
Then again, so does bad signage…
Nonetheless, the bottom line is this. If the cost of investing in a Canadian jurisdiction is higher than the cost of investing elsewhere, then that jurisdiction’s capital stock will be smaller than it otherwise would be, because businesses go where the costs are cheaper so they can try to make more money.
The higher the METR (tax rates), the greater the investment loss and overall economic harm.
Tax dollars are important for budgeting purposes because jurisdictions use those dollars to support expenditures. When the tax base erodes, either taxes are increased, expenditures cut, or debts and deficits increased.
Calgary’s experience with depreciating property values was also discussed in this report, because in that city, as the assessed values of downtown office buildings depreciated rapidly, that caused unmanageable tax shifts onto other businesses in the city, to make up the shortfall.
“Calgary is a cautionary tale for cities across the country,” says Tomlinson. “With the current cash crunch for businesses, provincial property tax cuts – like those just announced in British Columbia – could be key to businesses’ survival.”
The C.D. Howe Institute is an independent not-for-profit research institute whose mission is to raise living standards by fostering economically sound public policies. Widely considered to be Canada’s most influential think tank, the Institute is a trusted source of essential policy intelligence, distinguished by research that is nonpartisan, evidence-based and subject to definitive expert review.
The COVID-19 pandemic has changed the way Canadians do business for now, for the immediate future and possibly forever. One thing, however, that has not changed forever, is taxation.
Yes, the government of Canada has pushed off some tax filing deadlines, paused Canada Revenue Agency (CRA) collections actions, and provided “benefit” payments to those in need (and those who don’t really need), but in the midst of this massive outlay of money, there are some key facts to keep in mind to keep you safe and secure.
1. File Your Taxes
Life will go on, businesses will slowly open, and people will get back to work. As of the writing of this post, April is coming to an end, and the June 1st Personal Income Tax (T1) filing deadline is fast approaching! While any funds owing to the CRA on those taxes are not due until after August 31st, if you are going to owe and your account is going to wind up in Collections, it’s best to start making payments as soon as you can.
Don’t wait until you’re back to what resembles a “normal” work day, to realize that you cannot file your taxes because the likely response from Taxpayer Relief is that you had plenty of time while self-isolating. Don’t take that chance. You don’t need to pay interest to the CRA for filing late. File on time!
2. Beware Direct Deposit
If you signed up for any of the federal government’s “benefit” programs, and in doing so, provided the CRA with your Direct Deposit information, then you need to ensure your tax compliance is a priority for you going forward.
By giving the CRA access to your bank account, and with the current deficit of $20 billion dollars set to double due to the benefit payments, the CRA is going to be in a hurry to recoup those funds. If you delay paying, they’ll issue a Requirement to Pay (Garnishment) and take the funds from your account.
3. Do NOT Ignore CRA
Once the pandemic is under some sort of control, and life goes back to “normal”, if you are ever contacted by the CRA’s Collections department there are two things you should not be do. 1) Do not ignore them – if you get a letter or a legitimate phone call – speak to them. 2) Do not Lie. With hundreds of accounts in their collection inventories, you are just a name or number to the CRA unless you lie to them. Then it gets personal… Tell the truth. They probably know it already anyways.
4. Pause Before Bankruptcy / Insolvency
Times are tough for everyone, but if you have debts which are tax-related, or if your inability to pay other creditors is based on a tax debt, then before exchanging your tax debt for bad credit, reach out to someone who knows how the CRA works with Canadians like you, and don’t jump into something just because advertising makes you think that this “government program” is available. There are lots of better “government programs” available which can help you without something negative happening to your credit in return.
5. Explore Resolution to Tax Debts / Compliance Issues
If you are behind on tax filing – personal or corporate – owe money to the CRA, or locked in a dispute with the CRA about amounts owing? Now is the perfect time to get filed up to date, apply for Taxpayer Relief, and get the truth about your tax liability and your chances of success. Take the time to invest in yourself and resolve your tax issues.
If you have questions, ask them in the comment section. If we can answer them, we will. If you leave a valid email and the question is specific, you’ll get an email. If the answer to your question requires more information, then you’ll be asked them, and if there is an opportunity to help you further, you’ll get the truth about what benefits you, not us, not the CRA.
Oregon’s Attorney General has reported that 2 Canadians – Karanjit Singh Khatkar, 23, and Jagroop Singh Khatkar, 24, residents of Surrey, British Columbia – were sentenced to 24 months in federal prison and three years’ supervised release for conspiring to commit wire fraud and money laundering in a scheme to steal bitcoin from a resident of that state.
According to the indictment, beginning in October 2017 and continuing until August 2018, the defendants used a Twitter account with the name @HitBTCAssist to trick victims into thinking they were communicating with a customer service representative from HitBTC, a Hong Kong-based online platform used to exchange virtual currency. HitBTC provides its customers with web-based “wallets” to store virtual currency and make transactions.
Using the fraudulent Twitter account, the defendants responded to the Oregon victim’s questions about withdrawing virtual currency from her HitBTC account and they convinced her to send information they could use to log on and take over her email, HitBTC and Kraken accounts. (Kraken is a U.S.-based online platform that offers services similar to HitBTC).
The defendants initiated transfers of 23.2 bitcoins from the victim’s HitBTC account to Karanjit Khatkar’s Kraken account. Karanjit in turn transferred approximately half to Jagroop’s Kraken account.
Two days after illegally accessing the victim’s account, Karanjit Khatkar bought a Mercedes-Benz with $56,598 in Canadian dollars. The Khatkars also traveled to casinos. Karanjit Khatkar gambled with tens of thousands of dollars while staying at high-end casinos in Las Vegas, Nevada.
On July 18, 2019, Karanjit Khatkar was arrested upon arrival at the McCarran International Airport in Las Vegas and later ordered detained pending trial. Jagroop Khatkar appeared voluntarily for his arraignment and change of plea on December 16, 2019.
On December 16, 2019, the Khatkars pleaded guilty to conspiring to commit wire fraud and money laundering. As mandated by their plea agreements, the Khatkars delivered a check of $142,349 as a prepayment of restitution to their victim at their change of plea hearing.
At sentencing, the Khatkars were ordered to pay an additional $42,162 to their victim for a total restitution order of $184,511.
The moral of this story is two-fold. Firstly, the government doesn’t take too kindly to people stealing crypto-currency, and secondly, before giving out sensitive information, make sure you know who you are talking to.
This case is akin to the CRA scam where Canadians are threatened with jail from the “CRA” but it can be “resolved” if bitcoins are transferred into a “CRA” wallet. That scam has entrapped way too many Canadians. The CRA doesn’t even consider crypto currency to be legal tender, rather, they treat it like a commodity meaning once it’s sold, taxes are due on the Capital gain.