TAX QUESTIONS? YOU ASK LAH!

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Q: If I provide consultation services and receive goods instead of money in return, do I still have to pay income tax on the consultation services provided?

A: Yes, when services are exchanged for goods instead of money, the goods will become the consideration received and it is still considered a taxable income, hence subject to income tax. The value of the consideration received is the market value of the goods.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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