Provisional tax estimates, payments, deadlines, penalties and interest may be somewhat confusing for the tax-paying public. This article attempts to explain these concepts in layman terms.

Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Our article addresses the questions on how to treat Bitcoin in terms of the income Tax Act and VAT.

Do payments on loan account constitute payment for purposes of the VAT Act? This question was recently considered by the Tax Court. We thus refer to applicable case law.