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Filing Your T1? Don’t Miss These 2024 Tax Return Updates

tax return 2024 for Canadians

As tax season approaches, it’s essential to stay informed about the changes and updates that may impact your 2024 tax return. From federal tax brackets and RRSP contribution limits to automobile deductions and updates to capital gains inclusion rates, this article breaks down the key changes and their implications for individuals and in some cases, sole proprietors. Read More

Written by MadanCA Team on January 26, 2025 @ 11:35 pm
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Filing Back Tax Returns for U.S. Citizens Living in Canada

This short article is called ‘Filing Back Tax Returns for US Citizens Living in Canada’ and it can help simplify the process of catching up with back taxes for Americans living in Canada. Before we start, I’ll tell you why it’s so important for you to become tax compliant with the IRS.

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Small Business Deductions – BNN Interview with Allan Madan

Watch this short interview with Allan Madan on small business deductions. Allan shares the best 5 tax deductions for small business owners with Mike, host of BNN, a leading Canadian business news agency.

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How Canadians Should Own U.S. Real Estate

This article is called “How Canadians Should Own US Real Estate” and going through it is bound to help if you are looking for information surrounding US real estate financing for Canadians. This post will take you through four different methods, or structures, that you can use to purchase rental properties in the US, so, … Continue reading How Canadians Should Own U.S. Real Estate

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What are the federal budget tax consequences?

Are you wondering about the federal budget tax consequences? This short article discusses how the 2013 federal budget affects small business owners and individuals like yourself, so if you wish to learn about how the latest Canadian budget increases taxes for small business owners and individuals, this is the place to be. Let’s get started.

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What are the Tax planning tips for business owners?

This article is about tax planning tips for self employed individuals, and if you are a sole proprietor or an individual who is self employed and owns his/her corporation, then these tax tips for self employed individuals are for just you, so let’s get started.

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What are the Tax Deductions for 2012 in Canada?

This article talks about 2012 tax deductions for individuals. I am going to review the five most missed tax deductions. So, let’s get started.

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S corporations in Canada

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US Partnership – tax implication

LLP structure is one of the best entity for Canadian investors seeking legal liability as well as for avoiding double taxation whereas LLC is not recommended. More and more Canadians, realizing the real estate opportunity available in the US are turning to Partnership structure for their real estate investments. However, not many Canadians are fully … Continue reading US Partnership – tax implication

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Deferral of Tax Payment on RRSPs for Non-residents

How to avoid paying tax on RRSPs for non-residents is revealed in this article. There are special tax implications for RRSPs for non-residents depending on where they reside. For the purpose of this article, the focus will be on those who left Canada and reside in the United States and those who plan on emigrating … Continue reading Deferral of Tax Payment on RRSPs for Non-residents

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Tax Implications for US Citizens working in Canada

US citizens working in Canada have to file a Canadian tax return and pay Canadian tax. If you are a US Citizen working in Canada as an employee, you should be aware of what tax obligations are applicable to you or you could end up facing large penalties. Here are the tax-related responsibilities that you … Continue reading Tax Implications for US Citizens working in Canada

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