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Question

how can i change from a corporation (single person) to a sole proprietor?

Thanks. Your info and website are very helpful

Business loss

If a corporation has a business loss in 2022 My understanding is it can be carried back to previous year ( g : 2021). Which form is required to be completed and claim it for previous year? I had a tax owing situation in 2021, so was looking to claim this loss and maybe get … Continue reading Business loss

Tax implications of canadian non resident selling stock

My broker re-balanced my investments by selling some stocks before I got a chance to inform him I am a non resident. What are the tax implications? Which tax return needs to be filed? Thanks

rental property + full time job

Is It A Good Idea To Report Tax Separately Between Husband And Wife If Husband Has 2 Rental Property And A Full Time Job?

What liability GIFI code should i use to Record an employee expense that will be reimbursed?

What Liability GIFI Code Should I Use To Record An Employee Expense That Will Be Reimbursed? For example, I record a $20 8810 Office Expense. I then reimburse the employee on their paycheque. What Liability Account GIFI Code Should I Use?

Are non-sRED Software Development Costs Deductible?

Hi, Are non-SRED software development projects tax deductible? Such as consulting fees, equipment purchased for software development? My company has spent quite a bit of money creating this software, it’s not completed yet but I read somewhere that CRA is more likely to audit you if you’ve have large expenses. I have the receipts to … Continue reading Are non-sRED Software Development Costs Deductible?

What do i put on line 8 of TD1 im a single mother

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Health Benefits taxation for a Shareholder

Hello Team, I am a shareholder of a company, and withdraw dividends each month. Also I have a group health benefits plan which is the same as all the employees of my company have. Please, advise what form/slip should I file to report my health benefits to CRA? And what code should i use?

are Owner Contributions and Self Employment Tax Withholdings deductible?

Hello! I hope you’re doing well! I own a corporation and I’m preparing my self employment tax filing (T4A). I was wondering if the contributions, I’ve made to my company via my personal account a deductible expense on my T4A? Also, I withheld a portion of my company’s income to cover federal/provincial taxes that I … Continue reading are Owner Contributions and Self Employment Tax Withholdings deductible?

What to do when CRA violates Income Tax Act Subsection 220(4.5) and owes non-resident tax refund ?

I am a Canadian non-resident. I filed Form T1244, Election, Under Subsection 220(4.5) of the Income Tax Act, to Defer the Payment of Tax on Income Relating to the Deemed Disposition of Property. I have paid the taxes on all the properties disposed of. But CRA kept sending me tax bills on undisposed of property … Continue reading What to do when CRA violates Income Tax Act Subsection 220(4.5) and owes non-resident tax refund ?

sale of tTruck fully depreciated

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Pipeline Business

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Can the Shareholder use personal name on Title?

I created a purchase agreement with my grandmother to purchase her restaurant and property in the amount of $500,000 paid monthly over 13 years. I created an Ontario Corporation for the agreement. I am the majority shareholder. 6 months later I had my grandmother sign the documents allowing me to put my name on title … Continue reading Can the Shareholder use personal name on Title?

what bank account do expenses that are partially personal come out of

Does my incorporated business pay for my personal vehicle gas, maintenance, insurance, business meals (only 50% write-off), and cell phones out of the business account or do I pay personally and then use receipts for write-off at the end of the year because these expenses are not usually 100 percent written off?

2023 TD1 Federal Form – line 7

Hello, I need help to fill TD1. My family is on Canadian PR. I am the only one earning and my wife is a homemaker (no income, but she is PR). Can I claim $15000 as amount on line 7 for 2023 federal TD1 form and can I also put my child as dependent and … Continue reading 2023 TD1 Federal Form – line 7

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