Our Team
At Madan Chartered Accountant, we know how important the experience is. We also know how critical it is to have someone in your corner that knows your unique situation. Too often, an accounting firm will have staff that doesn’t take the time to know you. Sure, they will do business with you and answer your questions before you pay. But once you do, where do they go ? To them, you are little more than a number.
That’s why we value you as a person, and not just a customer. Your taxes are important to us, because they are important to you. Our knowledgeable and friendly staff will always take the time to go the extra mile. Among all the accounting firms in Mississuga, we’re special. Our unique size enables us to answer the most complex of problems, yet provide personal attention to all our clients.
Get to know the people that make who we are...
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Hi there,
I have a newly acquired business in Mississauga and I am looking for a local accounting professional to help me with some tax planning structure and corporate tax returns. I may also need some consultation services. What areas do you specialize in?
Hi Romulus,
I have many clients based in the Mississauga and GTA region. Many of them are also small business owners so we provide a lot of corporate tax return preparation services. In addition, we also provide unique corporate structuring and strategies for you.
Hi there,
I’m an accounting graduate. I’m looking to gain some practical accounting experience with a CA firm in Mississauga, do you have any available positions even on a volunteer basis?
Hi there,
Do you only take on clients within Mississauga and the GTA or are you willing to take on clients outside of Ontario? I have a specific problem and my local accounting professionals dont’ have the expertise to help me.
Thanks,
Hi Roxanna,
Our clients come from all over Canada and international as well.
Technology has bridged any logistical and geographical gaps. So we are more than happy to take on any clients regardless of where they are located.
Hi there,
Is your office only based in Mississauga? do you have any other office locations across Canada?
Hi Kip,
Since we are a smaller accounting firm, our Mississauga location is our only office.
Hi,
Do you also provide bookkeeping services? if not, are you able to refer me to someone in the Mississauga area or have any recommendations for my small business?
Hi,
I’m just curious if you guys have a tax forum where I can post questions and receive answers?
Thanks,
Hi Toby,
Yes we do have a Canadian tax forum, you can visit it here http://madanca.com/learn/canadiantaxforum
Feel free to ask any questions.
Hi there,
I am a resident of Mississauga, I plan on becoming a non-resident in the next year. What kind of services do you offer so that I make sure my tax obligations are met?
Hi Cooper,
We have helped many people who have become non-residents of Canada to make sure that they minimize their tax obligations while ensuring all legal and tax obligations are met. You can have a look at this page http://madanca.com/blog/becoming-a-non-resident-of-canada/ for more information.
Feel free to contact us directly.
I am a temporary foreign worker, working in Mississauga. Since I contribute to CPP, I do not plan on staying in Canada long term, if I file a tax return can I recoup these contribution amounts and can you help?
Hi I have multiple businesses in Mississauga that I would like to sell, what is the best way to minimize capital gains tax?
Hi Miguel,
If the company being sold is a Canadian Controlled Private Corporation (CCPC), you would want to sell shares. This is because you can claim a capital gains exemption on the sale, which would eliminate any tax on the first $800,000 of profit on the sale of the shares, so long as certain conditions are met.
Best Regards,
Allan Madan and Team
Hi do you also provide bookkeeping services for firms in Mississauga?
Hi Jose,
You can check out our bookkeeping page http://madanca.com/services/accounting/bookkeeping/
We provide three different types of services in regards to bookkeeping.
1) On that page we actually show you how to do bookkeeping with wave accounting with video tutorials.
2) we provide on the phone or in person tech support on an hourly basis
3) We can refer you to a bookkeeper
Hi Allan.
I have a quick question on residency. I left Canada a long time ago, do I have to file tax return?
Hi Richard
It depends on your situation. There are primary as well as secondary criteria. The primary criteria is whether you have a home, spouse and dependants in Canada. If so then you need to file a return. Secondary ties are not as decisive as the primary ones but you need to consider them as well. Secondary ties are personal property in Canada, a Canadian driver’s license, Canadian passport, bank accounts in Canada.
It will also depends on your residential ties with the current country you’re living in.
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Hi, can you tell me if I sell an asset class (building of the business), at a capital gain, does 50% of the gain go into CDA (Capital Dividend Acct) or just eligible for the refundable dividend tax credit (RDOTH). If it does, would capital loss (sale of all of business equipment) reduce capital gains. I assume the gains would be recorded in part 4 of page 1 of schedule 6. Why would it say do not include loss on depreciable property, where should they be recorded.
Second questions, are gains from eligible capital now treated as depreciable property (class 14.1) as proposed last year. If so, would the 50% non taxable gains go into CDA account.
Thanks for your time.
Hi Ronald,
Thanks for your questions. 50% of the net capital gains (after deducting current year capital losses) are recorded to and increase the capital dividend account. Losses from depreciable property are treated as ‘terminal losses’ and not capital losses.
50% of capital gains from the sale of ECP (class 14.1 asset) are added to the CDA account. Note: Capital gain is calculated as the difference between the net sales proceeds less and the un-depreciated capital cost of the ECP.
Do you know what class # for CCA would underground storage tank for gasoline fall into. I have been searching everywhere for this information.
Thanks
Hi Ron, if you can’t find a specific class for this type of equipment, then choose CCA Class 8.
Hi Allan,
can i deduct this expense? I have a marketing firm that I use, they are located in Russia, they manage my website, blog, and other social platforms.
Can i deduct this if the firm is not Canadian? Some social platforms are in Russian, so for Russian prospects and other platforms are in English, so for Canadians?
Thank you.
Hi Ivan, yes, you can deduct business expenses paid to foreign companies, including Russian firms. Make sure that you keep copies of invoices received from these foreign companies, and copies of payments you made to them.
Hello Allan,
You have mentioned on you video that Canadian who owns property in US to have LLP together with LLC. Do I need to get ITIN first, then set up LLP and LLC together? Do I have to file a tax twice, one for LLP and LLC?
Hi Shannon,
The CRA has changed their policy with regards to the taxation of US LLPs. As such, form a US Limited Partnership (LP) to purchase US rental properties. In this way, you will avoid double taxation and limit your liability.
A US LP has two types of partners – (a) Limited Partners – Canadian individuals, and (b) General Partner – US LLC. Both the US LP and US LLC will require EIN’s (tax ID numbers) and you (Canadian limited partner) will need a US Individual Taxpayer Identification Number (ITIN).
The US Limited Partnership will file a return – form 1065. Partnership income slips (called K1s) will also be prepared and issued to each partner.
Hi, I have mostly (99.9 %)agricultural income back in india and very minimal income through banking transactions in my NRO account. Do i need to file income tax? Do you deal with filing income tax returns in india too? Thanks
Hi, i am a canadian citizen and I have mostly (99.9 %)agricultural income back in india and very minimal income through banking transactions in my NRO account. Do i need to file income tax in india? Do you deal with filing income tax returns in india too? Thanks
Hi Jaswinder,
If you are a Canadian resident, you are taxable in Canada on your global income, including income from agricultural land in India. Yes, you do need to file a Canadian tax return. Please note that I do not prepare Indian tax returns, but I can provide you with a referral for an Indian CA who can help you. I do prepare both US and Canadian tax returns.
I see you have some experience in Canadian tax and residency questions for Canadian UN Officials. I’m a Canadian born, permanent UN Staff member serving abroad in several countries since 1988, co-own a family home in BC since parents passing in 2009, kids went to boarding school and university in Canada (one still there at U of T), I have maintained a bank account in Canada, vote in federal elections from abroad etc. Spouse is US national, we now are living in US at UNHQ. We will retire in coming 2-3 years in Canada and likely split time with US. Have not filed income tax as a resident or non-resident in UN overseas years. Have filed jointly in US with my spouse for the non UN salary portions of our income. My Question – does this profile seem to constitute the “significant ties” to be a deemed resident? This is partly to assess the pros and cons of withholding tax/capital gains assessed when we sell our family home shortly, and to assess the benefits (if any) of already having resident status established when returning to Canada after retirement in a couple of years. Thank you.
Hi Jen,
Thank you for reaching out. The fact that you have a property available for your personal use in Canada is a major primary tie. In addition, if you are supporting your adult children who reside in Canada, that is another major primary tie to Canada. As a result, you appear to meet the definition of a factual resident of Canada. This means that you should be filing a Canadian tax return and declare your UN earnings to the CRA. As you are a UN staff member, you can claim a deduction for the entirety of your UN earnings, resulting in $0 of taxable income in Canada.
Hi Allan
My corporate tax filing time is October. can i buy and book pre-construction commercial property for my future business occupancy And if i buy this before filing the tax, will that be considered as expanse and will not be considered for corporate tax. How dose that play when time for tax filing comes.
Thanks
Hi Sameer,
The down-payment made for a pre-construction property is not a business expense. It is a deposit only and recorded as an asset on the company’s balance sheet.
Hello,
I am a permanent resident of Canada and looking to buy an investment property. I would like to understand tax implications of owning a rental property while living in Canada and being a non-resident if I choose to leave Canada. I would like to understand this information before I buy a property.
Could you please advise the cost of a consultation to talk this through with someone? I live in Vancouver BC.
Thanks Rekha
Hi Rekha,
The fee for a 30 minute paid session with me is $130 + tax. To book an appointment, please go here: https://madanca.com/contact-us/
Note that departure tax does not apply to Canadian real estate held by an individual. Please read my guide about the tax implications for a non-resident who owns a Canadian rental property: https://madanca.com/wp-content/themes/camadan/images/documents/Non-Resident-Rental-Guide-Section-216-2018-Updated.pdf
I have a Non-Resident Client who purchased a Condo in Toronto in 2016…It was rented out for a few years and then his Son lived here for the last 3 years.
He wants to Sell the Condo. Being a non-residend I believe there will be a With-holding Tax..Is it possible to get a CRA clearence prior to Sale being finalised which will be in Septmber -October 2023. Do you handle such cases? You were referred to me by my colleague.
Hi Subhash,
You won’t be able to get clearance prior to the sale. Once the sales agreement is finalized, contact me and then we will submit an Application for a Certificate of Compliance. Fees:
Application for a Certificate of Compliance – $900
Section 116 Non-Resident Return – $300
Disbursements are extra
I have a newly created corporation. The business itself has been in operation for almost 20 years. Can I build a house under the ownership of the corporation on land that I own personally?
No, you cannot. The land must be transferred to the corporation, if you want the corporation to build a house on it.