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Do you need to take CCA before using a prior year loss

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I’m a business owner taking a salary every year in November only, do i qualify for 75% CEWS

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sale of shares

If CCPC has three shareholders and each owns 33.33% shares in the company. And two shareholders sell their part of shares (5%) each. One sold it to his ex-wife and other one sold to some random person. The one who sold it to ex-wife has deposited the money in his personal bank account as he … Continue reading sale of shares

tenants moved and sale of house took 4 months. Will mortgage interest, insurance and Utilities be included in capital expenses while calculating capital gain

I had a rental house in Hamilton. My tenants moved out in May 2019. Thereafter, I prepared the house for sale and got it listed for sale. The house was sold in 4 months. During this time, the house was vacant and I was paying the mortgage, utilities, property tax and insurance. Can these expenses … Continue reading tenants moved and sale of house took 4 months. Will mortgage interest, insurance and Utilities be included in capital expenses while calculating capital gain

Foreign Income from three countries

Hello Allan Madan, Hope you are doing great. I was doing my tax returns for 2019 in Canada and had one question regarding the Foreign Income. So for the 2019 year I earned my salary for Jan and Feb 2019 in US and left for good to India due to visa issues. And from March … Continue reading Foreign Income from three countries

How do I account for the 50% non-deductible expenses on Meals & Entertainment?

Hi, How do I account for the 50% non-deductible expenses on Meals in my accounting software and in T2? Is it considered “loss” in equity? Consider the following example: While closing the year we notice: Gross taxable income: 50,000$ Reimbursement for employees on Meal Expenses: 2000$, of which: – 1000$ is deductible – 1000$ is … Continue reading How do I account for the 50% non-deductible expenses on Meals & Entertainment?

how to calculate tax payment for a corporation dividends?

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Income tax against rent generated by foreign property such as a flat

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Disability insurance Premium Tax Deductible?

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Can I claim my daughter as an eligible dependant if I shares custody equally with my ex, but just moved into a house in July with my new Girlfriend?

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Canada Non-resident Withholding Tax refund

I am a tax-resident of Canada and entitled to claim a refund of the withholding tax. In 2018 I opened an investment account at a bank in Hong Kong to invest Canadian stocks and I received dividends payment with 25% withholding tax deducted. But the bank did not file NR4 to CRA and copied to … Continue reading Canada Non-resident Withholding Tax refund

canada emergency small business loan

Hi sir I’m small business owner I have courier company . I’m not taking salary I took dividends. 2019 I took 30000$ . Can you please advice me. I can eligible for loan or not. With regard Dave

Capital Gain on join Property

My parents bought a property in 2007 while they weren’t a Canadian resident. I had to put my name on the title for mortgage purposes. In 2012, they became Canadian residents and lived in their property. I came off the title in 2015 and a couple years after they asked me to be added to … Continue reading Capital Gain on join Property

Stimulus check

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Foreign Tax Credits Investing

Are stock market investment gains taxed higher in Canada or the U.S.? Would my Canadian capital gains be high enough to offset all of the taxes Stateside via credit?
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