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The sharing economy can take a variety of forms, such as: Transportation: ridesharing, rentals of bikes, boats, other motor equipment Accommodation sharing: renting out your home, rooms, cottage and more Space rentals: industrial kitchens, gardens, parking spots, workspaces, or laboratories Some examples of the types of online platforms considered to be part of the sharing economy include Airbnb, CanadaStays, Uber, and Lyft. ... Additionally, your income from accommodation sharing may be considered rental income from a property or a business. ...

Valuing cryptocurrencies either as capital property or inventory How you value your cryptocurrencies depends on whether they are considered capital property or inventory. ... If the cryptocurrencies are considered to be inventory, you can generally value it based on: the cost of each item in the inventory when it was acquired; or its fair market value at the end of the year. ...

Business expenses If the income you earn from social media activities is considered business income, you may be able to deduct eligible business expenses to reduce your tax owing. ... In addition, the amount you can deduct in a year for an expense depends if it is considered a current year expense or capital expense. ...

Non-accountable allowances for income tax purposes Generally, a non-accountable allowance paid to an individual for work-related expenses is considered a taxable benefit and is included as income for tax purposes. An allowance is considered non-accountable if the individual does not have to provide details or submit receipts to justify the amount they paid. ...

Under the rules, certain platform operators are now required to collect and report information on sellers considered to be reportable sellers to the Canada Revenue Agency (CRA). ... Generally, a seller is considered to be a reportable seller if they: Are registered on a digital platform Reside in Canada or another country that has implemented the rules Sell goods or offer services, such as the rental of real or immovable property, to customers that reside in Canada or other countries that have implemented the rules For the most up-to-date information on reportable sellers, refer to: Who is affected. ...

How earning from online platforms can impact your taxes October 22, 2024 Ottawa, Ontario Canada Revenue Agency Whether the earnings you make from online platforms is your main source of income, or a small part of it, you are considered to be a platform economy participant. ... Here’s what you need to know How to claim eligible expenses If your platform-based work is considered to be self-employment, you can claim eligible business expenses. ...

A worker is not considered detached if they have been permanently transferred or appointed to a position in another country. ... Unless it is excluded under subsection 6(2) of the CPP, an employment is considered pensionable if one of the following conditions is met: The employer operates in Canada. ...

Gifts by will For a donation made from the estate of an individual who died after December 31, 2015, the estate is considered to have made the donation at the time the property is transferred to a charity. ... For a donation from the estate of an individual who died in 2015 or earlier, the donation is considered to have been made by the individual immediately before death. ...

Understanding the de minimis rule Certain advantages are of nominal value, and are considered too minimal to affect the value of a gift. Advantages that have a combined FMV that is not more than $75 or 10% of the FMV of the gift, whichever is less, are considered too minimal to affect the amount of the gift. ...

Types of employees For Canadian tax purposes, an individual working at a foreign embassy in Canada will be considered one of the following: a locally engaged employee-a Canadian resident hired locally to work at a foreign embassy in Canada; or a foreign national-a non-resident of Canada who came to Canada solely to work at the foreign embassy. ... Note If you are a foreign national and your spouse accompanied you when you came to Canada, and your spouse is later hired by the foreign embassy, he or she is considered a locally engaged employee and is exempt from tax in Canada on the employment income from the foreign embassy. ...