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Question

Cash withdrawal

Hi Alan, I have a ccpc corporation which is dissolved. There are 2 50/50 shareholders on it which own equal C/S. We have $12,000 cash in the corporate bank account. How can we withdraw it from the company? Would a t5 non elig dividend have to be issued out? How would it be reported on … Continue reading Cash withdrawal

Small business (CCPC) shareholder restructuring/shares transfer

Hi Allan, I hope you are doing well. Your youTube videos and website content are really awesome. Much appreciated. I have an incorporated small business (CCPC). I own 55% of the shares and the rest of the ownership is split equally between my wife and my parents (15 % each). As my parents are aging … Continue reading Small business (CCPC) shareholder restructuring/shares transfer

Looks like HST Profit From Quick Method IS Taxable…HST ruling# 9910000 – year 1999

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Can I pay my spouse a salary for 2020?

Hi, I am self-employed in construction and I read your article on How to save tax – paragraph Pay salary to family members. 1. I just made a report for 2020 and I think I earned $ 150,000.00. My spouse did not work for most of the year. She got employed in December 2020 at … Continue reading Can I pay my spouse a salary for 2020?

How to record amount of GST and HST tax on purchases

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Any issues With using personal savings to buy real estate under Company name?

Any Issues with CRA or otherwise With Using Personal Savings To Buy Real Estate Under Company Name?

principal residence exemption

I know that if we use more then 50% of the property for rental purposes, we pay capital gains tax on the 1/2 of the gain. Our house, we rent out the basement and on our tax returns we report the gross earnings and deduct expenses. 67% of the property is owned and 33% is … Continue reading principal residence exemption

HST Paid on Account receivable for 2019. Do I need to deduct the amont from q1 – 2020 for HST payment?

Hi Allan, I have some basic questions around account receivables and HST payments. I am not an accountant. I paid HST on account receivables for Q4/2019. When 2020 stared the account receivable (from Q4/2019) I entered as revenue and I paid HST on it…So looks like I paid HST twice on the same amount – … Continue reading HST Paid on Account receivable for 2019. Do I need to deduct the amont from q1 – 2020 for HST payment?

What are the tax considerations of a business Asset sale (goodwill) within an incorporation?

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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?

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