Archives: Questions

Question

How Should Dual National Resident in Canada Report US Sourced Income?

Restricted content

Capital Gain deferral

Restricted content

amend last year’s corp tax return?

My accountant filed my 2019 corp tax (rental property business), since it’s the first time so i had business loss. However, There are few expense that was not included, so I corrected in the quick books, as a result, I had more loss in the profit & loss report, do I have to request amendment … Continue reading amend last year’s corp tax return?

T1135, Foreign Real Estate, how to calculate the Maximum cost amount of a vacant land not generating income each year

Good morning, If the Vacant land gifted to a Canadian taxpayer in another country in 2013 or 2014 and is not generating any income, what year’s currency exchange rate of that real estate must be used when reporting on T1135 form on yearly basis in 2015? For example If a vacant land not giving any … Continue reading T1135, Foreign Real Estate, how to calculate the Maximum cost amount of a vacant land not generating income each year

reynold ramlal 1 second ago Hi Allan Can you advise I am a canadian who is starting a job in chicago I will be entering the US with my OPT visa which will allow me to work, however the company has filed for me to get my h1b which may become available in october, my status in the U.S is considered NRA, I will be staying in the u.s for a few years. should i seek to change my status in canada

reynold ramlal Hi Allan Can you advise I am a canadian who is starting a job in chicago I will be entering the US with my OPT visa which will allow me to work, however the company has filed for me to get my h1b which may become available in october, my status in the … Continue reading reynold ramlal 1 second ago Hi Allan Can you advise I am a canadian who is starting a job in chicago I will be entering the US with my OPT visa which will allow me to work, however the company has filed for me to get my h1b which may become available in october, my status in the U.S is considered NRA, I will be staying in the u.s for a few years. should i seek to change my status in canada

Travel meals deduction – owner manager not an employee but incurs meals while traveling to meet client

Restricted content

Uber Driver: Should Gross Bus.Income Include Total Fare Breakdown As Shown On Uber Summary?

Hi Allan, I am Uber Driver, and the unber tax summary shows total fare breakdown $5500 made of (uber ride fees, tips, HST, airport fees, tolls, booking fees…etc) On T2125 Business income part 3A (says Gross Plus HST); Should I report the entire Fare $5500 or you suggest I should deduct the airport fees, tolls, … Continue reading Uber Driver: Should Gross Bus.Income Include Total Fare Breakdown As Shown On Uber Summary?

Distribution taxes for CCPC

Hi Allan! Could you please help me with one question? I invest through my CCPC and some of the stocks are REITs that pay distributions, not dividends. Once a year, around March, they report that last year distributions were X% capital gains, Y% return on capital and Z% other income. Each year X, Y and … Continue reading Distribution taxes for CCPC

Lump Sum Pension Income from a Canadian Employer – Taxation in USA

I left Canada in 2019 after living and working there for 2.5 years. I returned to the USA to live and work. I cashed out of my Canadian employers’ pension plan upon leaving, and received the lump sum proceeds in Canadian dollars minus 20% withholding tax by the Gov’t of Canada. How do I handle … Continue reading Lump Sum Pension Income from a Canadian Employer – Taxation in USA

(Coronoavirus) CERB Eligibility for Uber Driver with less than $5K bus.Inc in 2019 but adds up to $5K if we add 2020 to date

Restricted content

NR4 received

Restricted content

Software as A Service Lifetime Subscription Asset or Expense?

I’m looking at buying some WordPress plugins which are generally software as a service with an annual subscription. Some of the plugins, however have a lifetime subscription option for a lifetime subscription update. The annual subscription I would normally book as a prepaid expense reducing the value over 12 months. But if it’s a lifetime … Continue reading Software as A Service Lifetime Subscription Asset or Expense?

UAE and employment Expenses

Hello Alan, I work in UAE and I am considered tax resident in Canada as my family is living in Canada.My question is, if I am receiving a fixed monthly transportation allowance from my employer in UAE and I am reporting this amount as part of my taxable income with the salary, can I in … Continue reading UAE and employment Expenses

Doing Business in the US

Hi there. I live in British Columbia Canada and do real estate investing in the United States. I dont actually buy and hold any properties, just fix and flip and wholesale. I dont currently have a business set up in either country and am wanting to know the best way to do this. I do … Continue reading Doing Business in the US

How to withdraw from Business account

Hi, My husband recently need to incorporate his IT consulting business. How do I withdraw money from the business account to pay for our family expenses?
wpChatIcon
wpChatIcon

Pin It on Pinterest