TAX QUESTIONS? YOU ASK LAH!
Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!
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
