Archives: Questions

Question

Retiring and becoming Non resident of canada

Hi Allan My wife and I have an Incorporated small business in Canada and are looking to retire in 3 years and will become non residents in Canada. We will continue our online business abroad, do we need to dissolve the business in Canada due to no longer having primary ties here? The business is … Continue reading Retiring and becoming Non resident of canada

schedule 100 balance sheet and asset recording

in schedule 100 do we include the asset before depreciation (the actual cost ) or after depreciation? because I incorporated my business in May 2016 and I had my first accountant filed 2016 and 2017 and he included the incorporation cost(420 CAD) as an asset and he depreciated it in schedule 8 but in the … Continue reading schedule 100 balance sheet and asset recording

Receive CAD in lieu of INR

Hi I am moving to Canada from India. If I pay my friend in INR in India and receive CAD from him in Canada, would it be taxable in Canada ? Is this allowed ? I am thinking this because it will help to avoid transfer charges and exchange fees. Thanks Umesh

Need to apply for reseller certificate in USA, do I need to open LLC and have EIN before applying for the reseller certificate

Hi Alan, I am planning to to online Amazon Arbitrage (FMB) if you are familure with this business model, I will: 1# open Canadian corporation, 2# Open Amazon seller account in Canada (Amazon.ca) 3# List items on Amazon.com, sell to US customer, 4# After sale order placed on Amazon.com, I will buy online clearance items … Continue reading Need to apply for reseller certificate in USA, do I need to open LLC and have EIN before applying for the reseller certificate

Can a UK It contractor work in Canada

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Previously-purchased computer now used for work

If I bought a computer/laptop in the previous fiscal year for personal/school use but 50% of its usage is now for work (as a self-employed/independent contractor) can I begin claiming CCA on it this year?

CEWS ( if you qualify for one month you qualify for all after)

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Does One Need to Use ACB with US$-CDN$ Realized Gains from Retained Earnings?

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Transferring Primary Residence to Corporation

Hi, currently have a condo which is my primary residence. I would like to gift/transfer the condo to a family member. what would be the best way? i will continue to assist with the mortgage payments but would like to transfer it out of my name so i can buy my own primary residence. Thank … Continue reading Transferring Primary Residence to Corporation

Gift from uncle/aunt/cousin

Hello dear, Can we get gift money from any other relative beside parents?

Monetary gifts to family members

Hi Madan, Can my brother in law residing in Dubai can send the gift money to me in Canada for down payment? Can he be consider as a family member to give as a gift? He has to send me the gift letter or it has to be notarized in UAE?

Journal entry for sale of asset and reporting on cCA

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Meaning of Line 7 : Spouse or common-law partner amount in TD1 – 2020 Personal Tax Credits Return

Hi, I would like to know if I can avail deduction for Line 7 in TD1 and how much amount I can avail. My condition below. In my household, I am the head and earning employment income. My spouse is homemaker(0$ income) but she is **NOT infirm. Thank you. Regards

Capital gains in title change

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Transfer house from corporate ownership to personal ownership

Hi Allan, Thank you for all of the great content that you’ve made available on your website – much appreciated! See below for facts leading up to my questions: – My father is an M.D. and has his own medical corporation (CCPC). – The shares of the CCPC are owned by my dad, my mom … Continue reading Transfer house from corporate ownership to personal ownership
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