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Canadians Doing Business in America

Hi, I am a Canadian Citizen. I want to open a US company to purchase real-estate in the US. I will be getting funding from US banks. I want to avoid being taxed-twice. I have a job in Canada which sustains my lifestyle. I do not plan on taking personal income from the US business … Continue reading Canadians Doing Business in America

Am I resident for tax purposes?

I arrived in Canada on the 5th of March, 2020 to start a full-time job in the Toronto area for which I can a Work Permit for 2 years. I am not authorized to work in any other occupation or for any other employer. My letter of employment says that I have employment for an … Continue reading Am I resident for tax purposes?

Can new comer uber driver who never filed tax return apply for eI

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DPST lost in my 2019 tax

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Rental property deductions

Hello, I bought a property in May 2019, with FULL intentions to rent it to students for the Sept 2019 start. (Emails to contractor and work support my intentions). I probably could have rented it out but wanted to repair things and bring back to the original condition. Anyway, my contractor quoted me about 67k … Continue reading Rental property deductions

t2 SCHEDULES

Hello, What are the T2 schedules that a corporation needs to fill out if it only runs an online business through a third party site like ebay/amazon? The corporation has no holding co and no investment income but if it decided to have these in the future what would those schedules be?

uS citizen selling cottage in canada

Hello I was wondering what the cost is calculated if I an from USA citizen selling a cottage in Canada. Thank you Dom

tax free allowance from a corporation

Hello, If I incorporate, and Only Take dividends from my corporation. Is my corporation still able to give me A Tax Free Allowance for my Home office and Vehicle, if im not taking any salary? Thank You

Residential Status

Hi madan,As a temporary resident i left canada in Feb 2019 and returned in Oct 2019 as a permanent resident, for first 2 months i got T4 from my employer and I maintained my rented apartment in Canada and paid rent for the same through out the year.Also my canada bank account and credit card … Continue reading Residential Status

Income Exempt Under A Tax Treaty

I am a Canadian resident and receive my pension from Romania. Can I deduct any amount as “Income exempt under a tax treaty” based on the fact that Romania and Canada have a tax treaty?

Transferring Jointly Owned Principal Residence to Sole Ownership

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Newcomer income before moving to Canada

Hello, I’m not sure what counts as foreign income before moving to Canada, apart from employment income and savings interest? If I sold a car or electronic devices to help with the moving and living expenses when I arrived in Canada, is this considered income? even if the sale resulted in a loss? Thank you

How do I read the NR4s in order to file as I should have been issues T5s/T3s but I forgot to tell my Financial Advisor.

I received NR4s instead of T5/T3s and I want to file. I have informed my financial advisor but they taking forever to get back to me and I want to file. Can I use the information in the boxes on my NR4s to figure out my investment income for my schedule 4? There are numbers … Continue reading How do I read the NR4s in order to file as I should have been issues T5s/T3s but I forgot to tell my Financial Advisor.

Remote work

I want hire worker who lives in India to pickup phone call and write notes. He doesn’t have Canadian working status. is there any payroll responsibility. my business situated in Canada. How can I pay him. what documents I need to keep in case CRA ask. Thanks

Create Company to purchase and subivide land or setup joint venture?

Hi Mr. Madan Absolute great advice in the current Q forum. My Q pertains to real estate transactions. I have a house which is under my name. The neighboring property is owned by the city. I have asked them that I want to combine and subdivide it to create 2 new lots so, in turn, … Continue reading Create Company to purchase and subivide land or setup joint venture?
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