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You Asked, We Answered!

Accounting Business Association

Do I have to pay tax on Bitcoin or other
cryptocurrency gains?
While it traditionally takes a long time for legislation and reg-
ulation to catch up to innovation, the gains made on cryptos Are membership dues for the Cambridge
are on the CRA’s radar. Some say that crypto wallets are
anonymous and how would they know, guess again! You Chamber of Commerce tax deductible?
have to use exchanges to trade them, exchanges require gov-
ernment ID when you sign up and there has been a recent Yes, you may be able to deduct dues paid to profes-
push for court orders to be issued compelling other payment sional organizations (such as bar associations and
businesses like PayPal and Square to release information on
226-214-3233 medical associations) and to chambers of commerce
its users.
The amount of tax you pay is mostly dependant on two things, your individual and similar organizations, if membership helps you
tax bracket and whether you are carrying on a business of trading cryptos or you carry out the duties of your job. Similar organizations
are an investor looking to make capital gains. Capital gains are taxed on only include:
half of the gain (Selling price minus buying price) whereas businesses are tax
on 100% of their profits, big difference. The amount of activity and intentions
are the major factors of deciding which category you fall into. Bottom line is to Boards of trade, Business leagues, Civic or public
keep track of the what, where, when and for how much of each transaction, it service organizations, Real estate boards, and Trade
could save you thousands.
Mike Widdis Founder & Partner (226) 214-3233 associations.
www.upsideaccounting.ca
Education Financial Planning

The difference between studying What are Benefits of Group
and reading my notes for an exam Benefits for employers?
They are highly valued by employees but also make great financial sense
Ever feel like you know the material for an exam but don’t seem to do for employers. Here’s why:
as well as you expected? Here’s why: 1. They protect your most valuable assets (your employees) from
Re-reading notes can make you feel that on looking at the material re- costs not covered by Canada’s universal health care plan, ensuring
they stay healthy.
peatedly it has become more familiar, and give you a feeling of ‘I know 2. They make your business more attractive and competitive for pro-
this’. That’s because simply reading notes is a form of passive learning. spective employees and for retaining key employees by enhancing
The brain is not actively being engaged in a way that will allow you to morale, productivity and job satisfaction.
effectively learn and retain material for and beyond the exam. 3. They are a more tax efficient way to compensate employees as
In order to actively learn and retain information, you should read the 4. they are in most provinces a non-taxable benefit.
They are a more cost effective way to compensate employees as
material once, quiz yourself using your own questions or textbook group benefits are fully deductible like salaries but don’t attract vari-
questions. Even if an answer is wrong it can guide you to understand ous payroll taxes.
where the gaps are in your knowledge and guide you as to what to 5. They enhance peace of mind and financial security for the employ-
focus on to improve your understanding and to spend your time study- ee’s family as group benefit plans generally don’t require medical
ing more effectively. evidence. Often such benefits can also be converted to individual
For more information and programs visit plans without medical evidence
Brenda Potter Phelan, BA, RRC®, CFP®, CPCA, CPA, CGA
www.oxfordlearning.com/cambridge 519-224-0158 brenda@silvercompass.ca www.silvercompass.ca
Lawyer Real Estate

Does an executor have to advertise Do I really need a REALTOR®?
for creditors? There is a lot of information available online. How do you
determine which information is valid and which informa-
Not always; but an executor can be person- tion may be misleading or incorrect when you are not a
ally liable to creditors if the assets of an es- real estate expert? A REALTOR® can provide the expertise
you need.
Gordon S. tate are distributed to beneficiaries before
McSevney REALTORS® know current market conditions and trends.
all the debts are paid. Advertising for credi- They have access to the real estate boards’ MLS® Sys-
tors is a means to avoid that potential liability. The high Gary** & Debbie* tems. They can pre-qualify and guide you through the
Baverstock
cost of newspaper advertisements has spawned a more 519-622-7677(bus), emotional adventure of setting a price, walk you through
888-218-6589
the offer and do all of this according to a strict profes-
(toll-free)
affordable internet solution – one which has recently been ** Broker of Record sional code of ethics. REALTORS® have the training, the
judicially recognized in Ontario, as an acceptable form of * Broker experience, the negotiation know-how you need. This is
one of the biggest financial transactions in your life. Let
advertising. Call us for details. GaryBaverstock. your REALTOR® do the homework and help you avoid
website:
Realtor costly mistakes.
McSevney Ebben LLP | 708 Duke Street, Cambridge ON 519-653-3217 email: Gary@ With over 28 years of real estate experience, you can
www.mcsevneylaw.com TheBaverstock count on Gary & Debbie to get the job done right for you!
Team.ca
16 www.cambridgechamber.com
Winter 2018