Archives: Questions

Question

Should I use the invoice date or the Transaction date for foreign currency payments?

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Rental properties using savings

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How to record Assets of previous year in the balance sheet?

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non Resident canadian gift to resident canadian kid

Is there gift tax implication to Canadian kid living in Canada, received from Canadian parent living abroad (non resident )

Should I take cash out of business ban account and incorporate another business and buy an investment rental?

Hi there. Question Should I take $150,000 that is just sitting in my business ssavings account and incorporate another small business with the purpose to buy an investment property?

On which fiscal year do we expense vaction paid due on year-end bonus?

Hi, When a corporate pays out a bonus within 6 months after its fiscal year-end, this expense can be deducted for the previous fiscal year for the corporation. But, there are related additions to that bonus by law – e.g. CPP (if eligible) and Vacation pay on the bonus. Are these expenses, especially Vacation pay, … Continue reading On which fiscal year do we expense vaction paid due on year-end bonus?

Buying Real estate through partnership

Hello, I and the other 2 partners want to buy a real estate property in Canada for investment purposes. One of my partners has Canadian PR and the rest of the two are on a work permit. Is it possible to invest in real estate market currently? – I am sure there must be some … Continue reading Buying Real estate through partnership

How much is foreign Tax Credit for house sold in India

In India, I will have a 20 percent capital gains tax on a home in India. Just wondering how much the foreign tax credit will be here in Canada.

CRA Penalty How its calculated

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How to efile a T2 corporate tax return for a corporation in Ontario

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3 Tier Real Estate Structure

Hi Alan Thanks for your time and content. I have two residential properties owned personally and looking to buy a third commercial property. Lawyer suggested holding Commercial Property in Corporation and setting up another co. to lease the units and third co for Management Fees. What do you recommend as the most ideal tax structure … Continue reading 3 Tier Real Estate Structure

Non-Eligible Dividend ( Property Dividend)

Hello Allan, Hope you are doing well. My question is: If I pay myself non-eligible dividend in a form of land, let say the property FMV is 10k (company bought it for 7k)it is just a less half acre of land, is it taxable on my personal income on the date I declared it or … Continue reading Non-Eligible Dividend ( Property Dividend)

Eligible dividends and the ERDTOH

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a tax question for Flipping property.

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Transfer Money From Parents Account In India To My account in Canada

Me and my parents are planning to buy a home in Ontario. For this ,my parents have sold a Home in Delhi worth 2.8 crore Now to transfer the amount from India ,do I need to get a gift deed or I need to pay tax in Canada for getting that money in CAD from … Continue reading Transfer Money From Parents Account In India To My account in Canada
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