The Penny Drops

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It is common knowledge that taxation authorities around the world are playing catch up with the developments of new technology. One of the most interesting areas of such ongoing technological development has been the advent of Bitcoin. But at least in the case of Bitcoin it seems that the Income Tax Act’s broad general definitions mean the Department of Finance is ahead of the game for once. Bitcoin is a type of virtual currency. It is not issued by any central bank nor subject to…

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Suing the Tax Man

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by:  Alexandra Tzannidakis EquiGenesis Corporation and its owner, a corporate commercial lawyer by the name of Kenneth Gordon, have filed a statement of claim against the CRA and one of its senior auditors. The corporation is claiming substantial damages from the CRA for intentional delays and disregard of its own policies that injured EquiGenesis’s business. For anyone who has ever experienced hair-pulling levels of frustration from CRA delays (all of us), this lawsuit offers a bit of vicarious fantasizing. We’ve endeavoured to summarize the lengthy…

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