Category Archives: Canada

When Bad Recordkeeping Helps You (And Bad News for Some Canadian Professional Poker Players)

Posted on July 18, 2022 by Russ

As we previously reported, the Canada Revenue Agency (CRA) thought that Jonathan Duhamel, the winner of the Main Event of the World Series of Poker (WSOP) in 2010 was a professional gambler, and that he conducted himself as a professional … Continue reading →

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Do Canadian Professional Poker Players Owe Income Tax?

Posted on November 5, 2020 by Russ

In the United States, the tax law can be boiled down to two sentences: Everything is taxable unless Congress exempts it. Nothing is deductible unless Congress allows it. Gambling winnings are taxed–they are an accession to income. An American professional … Continue reading →

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Zappers OK in B.C. but Using Them Isn’t

Posted on July 19, 2013 by Russ

A Richmond, British Columbia firm marketed an interesting computer program. As I noted when I first wrote about this (in 2008): Bradley Alvarez of the Canada Revenue Agency told The Province that, “Businesses are suspected of having hidden thousands of … Continue reading →

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California Leads the Way (as Worst State for Business)

Posted on May 7, 2013 by Russ

If anyone wonders why I left the Bronze Golden State, yet another survey has come out regarding places to do business. Chief Executive Magazine rated all 50 states from top to bottom. Before focusing on the dismal state of California’s … Continue reading →

Posted in Canada, Texas | 1 Comment

When an Agent’s Fees Are Not Deductible

Posted on July 5, 2012 by Russ

Suppose you are a professional athlete and you hire a sports agent to negotiate with you. Those fees are, in the United States, generally deductible as an “ordinary and necessary” business expense. However, the same is not true in Canada. … Continue reading →

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IRS Announces New Procedure on RRSPs; Jaywalkers Apparently No Longer Subject to Firing Squad

Posted on June 27, 2012 by Russ

The IRS announced yesterday a new procedure to deal with “low compliance risk” taxpayers who have innocently not filed FBARs or tax returns noting their RRSPs (a Canadian retirement account similar to a 401(k) or IRA). While the full details … Continue reading →

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Corruption Alleged at Canada Revenue Agency

Posted on June 19, 2012 by Russ

There may be some shenanigans happening north of the border. Canada’s Globe and Mail reports that the Royal Canadian Mounted Police are investigating officials at Canada Revenue Agency over a a $1 Million alleged kickback scheme. The allegations revolve around … Continue reading →

Posted in Canada | Tagged | 1 Comment

Bozo Tax Tip #1: Get Out of Town, Fast

Posted on April 15, 2012 by Russ

There’s an old saying: When the going gets tough, the tough get going. Well, with Bozos things work differently. “Oh my,” a Bozo thinks. “Tax Day is just a couple of days away. I’m completely unprepared. I know: I’ll go … Continue reading →

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Gambling Addiction Costs Ice Winery Head

Posted on February 26, 2012 by Russ

Something I didn’t know until recently is that wine grapes are grown in all 50 states. They’re also grown in Ontario, Canada. One winery head dipped into the till because he liked to gamble. From St. Catharines, Ontario, comes the … Continue reading →

Posted in Canada, Tax Evasion | 1 Comment

Revenue Canada Says “Just Say No” to the IRS

Posted on August 24, 2011 by Russ

Last Sunday I linked to two well-written articles by Don Cayo of the Vancouver Sun. One question that has interested individuals residing in Canada who are impacted by FBAR (Form TD F 90-22.1) is whether the Canadian tax authorities would … Continue reading →

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