Thursday, 11 December 2014

Gains from Theft are Taxable and Claiming Fraudulent Scheme Losses

The Canada Revenue Agency has just published an updated tax folio describing how thieves should declare gains from theft (it's taxable income), or losses (deductible!).

Perhaps more relevant to law-abiding blog readers it also says business can deduct losses from theft by strangers, or employees ... but not business partners (how dainty, it's termed a capital withdrawal).

And finally, to add to the woes of those investors who have been victims of a fraudulent investment scheme, the folio describes some tax relief, but it looks complicated enough that professional help is likely to be required to report income tax correctly.

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