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Principal residence Exemption

Hi Allan, Last year( Sept2022) I rented out my principal residence(town house) and moved to another house (detached single house) which is now my primary residence. So wondering how do I claim Principal residence Exemption on my townhouse which is deemed to be sold to myself and purchased by myself. I did FMV of my … Continue reading Principal residence Exemption

GIFI code for car/Mileage expenses

What Gifi code should be used for car/mileage expenses. For the corporation, we track the mileage used for business and expense a rate according to CRA’s website (68cents/km in 2023). Should Gifi 8915 (Motor vehicle rentals) be used? or 9281 (Vehicle expenses)? SCH125 Thanks. Reference: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/automobile/automobile-motor-vehicle-allowances/reasonable-kilometre-allowance.html

Moved from US to Canada

Person moves from US to Canada, in April. They are not US Citizen/PR. They pass substantial presence test for US but they also pass tax residency for Canada (as 183 days). The person kept getting payed via US payroll. In this case is the person dual resident ? (i.e. 1040 till April, and 1040NR after … Continue reading Moved from US to Canada

I am a non resident of canada. I had rrsp before leaving canada with contribution room. Am i allowed to contribute to rrsp after leaving canada within the contribution room ? my only income from canada is rental income.

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if personal vehicle is used for business as well, should CCA be included in Schedule 8?

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Uk taxes and foreign tax credits

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If I inherited foreign real estate through a deceased relative’s will and sold it off in the same tax year do i need to file t1135 or t1142 or both?

I inherited a deceased relative’s apartment through his will in India last year and immediately dold it off. Do I need to file T1135 or T1142 or both?

Reflect HST on the 50% non-deductible Expenses of Meals & Entertainment under Retained earnings

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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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