Archives: Questions

Question

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

Restricted content

Pipeline Business

Restricted content

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

is a medical corporation a qualified small business corporation

Hi, I am a retired physician with a professional corporation (now for investment purposes only since I retired) and would like to know if such a corporation is a “qualified small business corporation” for CRA purposes. In other words, can we (me and my wife are shareholders) claim the Lifetime Capital Gains Exemption? I tried … Continue reading is a medical corporation a qualified small business corporation

Do we need to incorporate in the USA to sell online courses to the USA?

Restricted content

Mr Craig Gournier

Restricted content

Is 1.17 still the number you would use to multiple actual amount of dividends to get your taxable amount of dividends?

Restricted content

T2 Prior Adjustments

Restricted content

Sending gift money to daughter in law

Restricted content

Is It Necessary To Set Up A Sole Proprietorship In Canada Since I Have Already A Company Outside Canada?

Restricted content

Pin It on Pinterest