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work in the States | Non Resident of Canada

Hello, I left Canada in May 2017, and started working in the USA with TN status. I paid tax as a Canadian resident in 2017 and 2018 since I didn’t realize that I had the option to file out the Determination of Residency Status form (Form NR73) with the CRA. My friend told me I … Continue reading work in the States | Non Resident of Canada

Hi Madan, I am canadian and planning to setup an online e-commerce business in USA. is it better to do Business in US with USA entity or with Ontario based corporation? which is more tax efficient?If I go with US C-COrp I Wont have any physical presence in US, so will I pay federal sales tax and Income tax in USA as Canadian?What is your Advice regarding which is most tax Efficient way?

Hi Madan, Thanks for the helpful website. I am a Canadian and planning to set up an E-Commerce(on-line) business in the USA. -Is it better to do online business in the USA with USA entity Or with Ontario based Corporation? Which is more tax-efficient? – If I go With US C-COrp I won’t have any … Continue reading Hi Madan, I am canadian and planning to setup an online e-commerce business in USA. is it better to do Business in US with USA entity or with Ontario based corporation? which is more tax efficient?If I go with US C-COrp I Wont have any physical presence in US, so will I pay federal sales tax and Income tax in USA as Canadian?What is your Advice regarding which is most tax Efficient way?

Employment income (E.G Salary) when received or when earned? AND employment expense (e.g. salary) when incurred or when paid

Hi Allan, Hope all is good with you! I am the owner manager of my corp, I got my December 2019 salary in my personal bank in Jan 2020. Shall follow the accrual or cash basis: 1. can my corp deduct Dec salary expense based on accrual or it is wrong and should be deducted … Continue reading Employment income (E.G Salary) when received or when earned? AND employment expense (e.g. salary) when incurred or when paid

Query on residential status in Canada – New immigrant

I have a doubt in canadian tax residency rules. I am a new immigrant of canada from India through the PR route. As per my country’s taxation laws – i am a resident. But as per canadian tax laws also – i am a resident effective from the date when I land. And canada has … Continue reading Query on residential status in Canada – New immigrant

Selling Primary Residence To Corporation without capital gain taxes?

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2019 income taxes and HST taxes paid in the year

Hello Allan, I have prepared my 2019 financial statement and balance sheet for my small business corporate return. I just need clarification on how to document the income tax and HST for the year. I made installment payments of $4000 for HST and $2000 for Income tax during 2019. Total HST payable for 2019 is … Continue reading 2019 income taxes and HST taxes paid in the year

Tax for new immigrant

Hi, I will be relocating to Toronto from Dubai in September. I have investments in equities with a brokerage firm in US. Will I be taxed on them once I move to canada ? Or is it better that I sell those equities before I move to canada ?

Inherited Canadian real estate by uS resident alien

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Do I have to pay taxes in canada?

I just did my landing in Canada for immigration purposes but I still live abroad. I have no significant residential ties in Canada, but I opened a bank account with a credit card. I am also planning to get my driver’s license. Do I have to pay Canadian income taxes?

Tax efficiency for selling vacant recreational real estate

Have had a couple of waterfront cottage lots for 50 years. Have sold one earlier in the year (100K cap gain) and now have an interested party for the other. Have a 40% marginal rate from other income and am not eligible to contribute to an RRSP. Other than trying to defer closing till following … Continue reading Tax efficiency for selling vacant recreational real estate

Interest on loans for rental property

I purchased a second home which is a rental property. I could not afford the mortgage, so got a mortgage for 2/3 of the cost and the rest I paid for from my Line Of Credit. I have claimed the interest part of the mortgage and the interest part on the LOC. I know would … Continue reading Interest on loans for rental property

How to sell the primary resident to a corporation without paying taxes?

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Dtmax and goodwill gain

How is an asset sale of business creating goodwill gain of $180,000.00 recorded on which schedules in dtmax. Thank you

What Is The Tax Implication In Canada and India?

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Property Disposal in Kerala

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