Trade in goods or services in lieu of cash, barter economy, is taxable.
I'm normally all on board with MetaCanada shenanigans, but this is no different a transaction than charging someone twenty bucks to help them move, then paying for their 20$ dinner and calling it even:
Accounts Receivable 20
............Services Income 20
It sounds dumb when phrased in the "the CRA is hunting down whores" fashion, but it's pretty straightforward, and is basically the case in every nation on Earth that follows IFRS standards, and even many that don't.
Sadly, too good to be true.
Ask Ellie better flee the country now.
Fucking they won't let off pornhub will they!
Trade in goods or services in lieu of cash, barter economy, is taxable.
I'm normally all on board with MetaCanada shenanigans, but this is no different a transaction than charging someone twenty bucks to help them move, then paying for their 20$ dinner and calling it even:
Accounts Receivable 20 ............Services Income 20
Cash/(Food/Poon Expense) 20 .................Accounts Receivable 20
It sounds dumb when phrased in the "the CRA is hunting down whores" fashion, but it's pretty straightforward, and is basically the case in every nation on Earth that follows IFRS standards, and even many that don't.
Good for the CRA. Now go after the cash economy so everyone pays their proper share.