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Trust No Accountant

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Sanjeey Khatter, like many Canadians today, was in the dark as to how to file his taxes. Therefore he took on a tax preparer to assist him with his financial needs. What occurred after was an unfortunate mixture of poor judgment and severe carelessness.

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by MadanCA Team on February 10, 2016 @ 7:23 pm

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MadanCA Team

How to Prepare Final Return of A Deceased Person in Canada

INTRODUCTION This article provides an in-depth review of PREPARING THE FINAL RETURN OF A DECEASED PERSON in Canada, including taxation of: Dividends & interest Employment income Old Age Security Canada or Quebec Pension Benefits Pension Income Splitting Employment Insurance Investment Income Rental Income Death Benefit RPP, RRSP, RRIF Tax Deductions When an individual passes away, … Continue reading How to Prepare Final Return of A Deceased Person in Canada

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MadanCA Team

Why Canada Needs Corporate Tax Reform

Much of the political rhetoric surrounding the Liberal Party’s win in the Canadian Federal election was centred on this notion of ‘change’, a promise of progressive changes that Canada needs in order to escape from the shadows of its Conservative predecessor. While looming issues such as the United Nations Climate Change Conference, the Trans Pacific … Continue reading Why Canada Needs Corporate Tax Reform

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MadanCA Team

Tax Guide for the Legal Representative of a Deceased Family Member

The death of a loved one is often a trying time for family and friends. This could make filing a final tax return for the deceased a daunting, emotional and often even frustrating task for family and friends still coping with the tragic loss. With that being said, this article is meant to ease this … Continue reading Tax Guide for the Legal Representative of a Deceased Family Member

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MadanCA Team

Canadians Working Abroad and Non-Residents – Tax Repercussions

As part of our ongoing efforts to better engage and provide value to our clients, we regularly conduct informational tax webinars. Our webinar on September 3, 2015 focused on tax implications for Canadian non-residents and those who work abroad. Situation 2: Some of the topics covered in this webinar includes: Residency analysis and determination factors … Continue reading Canadians Working Abroad and Non-Residents – Tax Repercussions

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MadanCA Team

Canadian Departure tax Rules

Who has to pay Departure Tax? Departure tax is levied by the Canada Revenue Agency (CRA) on individuals leaving Canada and severing their ties with Canada, either due to employment, business or any other reason. When do I have to file my departure tax return? Departure tax returns are regular returns that are due on … Continue reading Canadian Departure tax Rules

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MadanCA Team

GST/HST on Real Estate Development

Due to continuous demographic, technological, environmental, and social changes, Canada is undergoing constant urbanization. This process of urbanization helps Canada’s real estate market, which is currently attracting many real estate investors and developers. This article discusses the GST/HST rules that are applicable to a “builder” of real estate. Builders For GST/HST purposes, even though a … Continue reading GST/HST on Real Estate Development

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MadanCA Team

Moving Expense Tax Deductions

There are various deductions that are available for an individual who is preparing a tax return. Today, we will talk about moving expense, who are eligible for it, and the amounts that should be claimed for these deductions when you file your tax return. Conditions on eligibility Primarily, you must be a deemed or factual … Continue reading Moving Expense Tax Deductions

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US Expatriation Tax

Expatriation tax is imposed on individuals who renounce their U.S. citizenship and certain long-term U.S. residents who terminate their residency status.  This tax regime was introduced in 1966 and has been subsequently amended many times.  The most current version of this tax regime is outlined in the Heroes Earnings Assistance and Relief Act (HEART) of … Continue reading US Expatriation Tax

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Asset Capitalization Process and Tax Credits – An illustrative example of a Manufacturing Environment

A tax incentive for Canadian manufacturers is accelerated depreciation of manufacturing assets and corporations can maximize via a true valuation of its capital asset. In this sequel we quantitatively highlight how accurate asset capitalization involves your engineer and accountant. Example Consider a fictional Canadian corporation, ABC with the following simplified expense. Over two year period, … Continue reading Asset Capitalization Process and Tax Credits – An illustrative example of a Manufacturing Environment

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MadanCA Team

How Are Uber Drivers Taxed in Canada

If you live in a major metropolitan area, you have probably heard the term ‘uber’ slowly drifting into everyday conversation. Instead of people saying “let’s grab a taxi”, people are saying “let’s grab an uber” instead. If you have never heard of uber, it is essentially a ride sharing program that is operated from the … Continue reading How Are Uber Drivers Taxed in Canada

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