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TaxPage

@Taxpage_com

Leading Canadian tax & business law firm serving clients nationwide. Experts in tax, real estate, crypto, VDP & more. 📞 416-367-4222: consult for 10 mins FREE!

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Joined October 2012
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Lost $1.2 Million to an Investment Scam. Can the Loss Be Deducted? Possibly. Depending on the facts, the same loss could be treated as: • A business loss • A capital loss • Or no deductible loss at all Here’s why the distinction matters. Thread🧵
Infographic comparing tax treatment of a $1.2 million investment scam loss: business loss with up to $642,000 tax savings, capital loss with up to $321,000, or no deduction, depending on how the loss is characterized.

ALT Infographic comparing tax treatment of a $1.2 million investment scam loss: business loss with up to $642,000 tax savings, capital loss with up to $321,000, or no deduction, depending on how the loss is characterized.

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Evidence matters. Prior trading history, frequency of activity, short-term profit intent, borrowed funds, bank records and genuine brokerage records can all affect the analysis. Only actual money lost matters. Phantom platform profits do not increase the tax loss.
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Being defrauded does not automatically create a tax deduction. The result depends on the nature of the activity, how the loss is characterized and whether the evidence supports that position. Read our full analysis: taxpage.com/articles-and-tip…
Fake Trading Platform Scam: Tax Loss Claims in Canada

Fake Trading Platform Scam: Tax Loss Claims in Canada

Lost money to a fake stock trading platform? A Canadian tax lawyer explains when a scam loss is a business loss, a capital loss, or not deductible at all.

taxpage.com
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We’re pleased to celebrate Barbara Jobber as she marks 2 years with @Taxpage_com Her organization, attention to detail & support help keep our day-to-day operations running smoothly. Thank you for all you do, Barbara! 🍍 Fun fact: 2 summers on a pineapple farm commune in Maui.
Portrait of Barbara Jobber celebrating her two-year anniversary with Rotfleisch & Samulovitch P.C.

ALT Portrait of Barbara Jobber celebrating her two-year anniversary with Rotfleisch & Samulovitch P.C.

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Can Virtual Gaming Assets Create a Real Canadian Tax Problem? A Reddit user spent 1,000+ hours playing Adopt Me, built a virtual-pet collection for fun, and was considering selling it for about $10,000. Would the CRA tax it? It depends. Thread🧵
Reddit post from a player asking whether selling an Adopt Me virtual-pet collection worth about $10,000 could create Canadian tax obligations after more than 1,000 hours of gameplay.

ALT Reddit post from a player asking whether selling an Adopt Me virtual-pet collection worth about $10,000 could create Canadian tax obligations after more than 1,000 hours of gameplay.

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Can Virtual Gaming Assets Create a Real Canadian Tax Problem? A Reddit user spent 1,000+ hours playing Adopt Me, built a virtual-pet collection for fun, and was considering selling it for about $10,000. Would the CRA tax it? It depends. Thread🧵
Reddit post from a player asking whether selling an Adopt Me virtual-pet collection worth about $10,000 could create Canadian tax obligations after more than 1,000 hours of gameplay.

ALT Reddit post from a player asking whether selling an Adopt Me virtual-pet collection worth about $10,000 could create Canadian tax obligations after more than 1,000 hours of gameplay.

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Virtual assets may be relatively new. However, the tax principles governing income, capital gains and commercial activity are not. Read our full analysis: taxpage.com/articles-and-tip…
Canadian Tax on Virtual Game Assets: Roblox, Fortnite and CS2

Canadian Tax on Virtual Game Assets: Roblox, Fortnite and CS2

Selling Roblox pets, Fortnite accounts or CS2 skins? A Canadian tax lawyer explains business income, capital gains, GST/HST and CRA rules for game assets.

cryptotaxlawyer.com
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Found this breakdown helpful? Kindly reshare and follow @taxpage_com for more practical Canadian tax insights and updates. Taxpage.com All the tax help you need. PS: For educational purposes only. Not tax or legal advice.

Income Tax Lawyer Toronto Ontario | Toronto Tax Lawyers | Taxpage

Need an income tax lawyer in Toronto? Taxpage's Rotfleisch & Samulovitch can solve your CRA tax issue. Our Toronto tax lawyers have over 25 years of experience.

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