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Tax policies on formation of new company

Hello my name is Vinesh Kumar and i have two questions. 1) What is tax% on resident and non resident in Canada if they form a new company? 2) What if one resident and non resident form a new company in partnership what will be the tax% on that. I hope you answer that soon. … Continue reading Tax policies on formation of new company

How to Report Capital Gains Distributions from REIT on T2

Hi Allan, I just started investing in some REIT stocks through my corporation. I thought all the payouts were dividends but when I got the T3, they were classified under other income and capital gains distributions. My question is, how do you report the capital gains distributions on the T2 even though no actual shares … Continue reading How to Report Capital Gains Distributions from REIT on T2

How does my income in India calculated in Canada?

Context: I’m an Indian working in Canada on work permit. I have also been working as a freelancer and my freelancing income is deposited in my Indian account but my client. Questions: 1) Do I need to file my income tax return in both the countries? 2) Do I need to report my Indian income … Continue reading How does my income in India calculated in Canada?

How to avoid double taxation with India

Hi, My wife and I moved to Ontario, Canada on Work Permit on July 9, 2022 and will be filing Canadian return for the first time. We assume we are Canada resident for income tax purposes in 2022 as we are both here together, have a rented house, Canadian bank accounts, Ontario health card, etc. … Continue reading How to avoid double taxation with India

deemed disposition of rental building

Hi Allan, I have a rental property and I claimed CCA. How could I find out the proceeds of the building value? Is it normal to have building value significantly increased per the city assessment? What is the best way to get the current building value? Thanks.

would I have to hire a real estate agent to transfer a house from corporate ownership to personal ownership?

Hello, I have a question on the topic of transferring a house from corporate ownership to personal ownership. If I were to sell the Corporate Property (house) to my son (shareholder) at the market price, would I have to hire a real estate agent? I have a buyer (my son), I do not need to … Continue reading would I have to hire a real estate agent to transfer a house from corporate ownership to personal ownership?

Tax implications for Canadian Shareholders of the merger of two uS companies

I was a shareholder in a US company (Livongo) that merged with another US company (Teladoc). For my Livongo shares I received some shares of Teladoc plus a cash consideration and a special dividend. I think I understand how to handle the special dividend, but would like to know how to handle the capital gains … Continue reading Tax implications for Canadian Shareholders of the merger of two uS companies

Filing return as emigrant /non-resident

I retired in 2021 and emigrated in April 2022. I have no property (principal residence sold and declared on 2021 return), family ties or posessions in Canada, except a TFSA. I receive a federal pension and have investment income from outside of Canada. As I understand it, I should file a general T1 for 2022 … Continue reading Filing return as emigrant /non-resident

I plan to rent my home on AirBnB for most of the year for that do I have to charge HST?

I plan to rent my home on AirBnB for most of the year. Do I have to charge HST?

Can I claim import duties as iTCs?

I am importing products for sale in my business from the USA into Ontario. When I am charged import duties, is the HST claimable as Input Tax Credits (ITCs) when I remit HST to the government? The goods are being sent using UPS, and I am currently charged 13% plus a brokerage fee (and HST … Continue reading Can I claim import duties as iTCs?

Personal house and land of more than 10 acres all principal residence?

My personal residence (detached house and separate shop) is on 10 acres of my land. The house and shop occupy 2 acres and the other 8 acres are vacant. Can I claim the house and shop and all 10 acres of the property as my principal residence for capital gains tax purposes when I sell?

Claiming child care (Higher earner)

Hello Quick question, I’m looking to claim on my tax return my childcare costs. My wife and I split last year and she movers back to the uk for a prolonged period of time. We are now back together and they are due to return in July 2023, but I’d like to claim the childcare … Continue reading Claiming child care (Higher earner)

Dual American-Canadian citizen temporarily in Canada

Hi there! I’m curious about any issues with taxes as a dual American-Canadian citizen working for a U.S. company remotely for a few months. My permanent address and relatives all reside in the U.S. and I am not planning to stay more than 3 months in Canada. I work 100% remotely and will be staying … Continue reading Dual American-Canadian citizen temporarily in Canada

US rental property -owned jointly – filing 1040nr

Hi Madan, I and my wife jointly own a rental property in the US (hold title and mortgage together). As we are both non-resident aliens to the US, do we each file a separate 1040nr. How do we then split our income/loss reportable in 1040 schedule E and other related forms? Thanks for your help.

Canadian on TN Visa recent mover

Hello Madan, I got a TN visa job opportunity in the US so I moved here end of August 2022. I worked for a Canadian company till 2 weeks before leaving. Do I need to report 4 months of US earnings when I file this year Canadian taxes? Also, what are my ways to avoid … Continue reading Canadian on TN Visa recent mover

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