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Question

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?

Buying Real estate through partnership

Hello, I and the other 2 partners want to buy a real estate property in Canada for investment purposes. One of my partners has Canadian PR and the rest of the two are on a work permit. Is it possible to invest in real estate market currently? – I am sure there must be some … Continue reading Buying Real estate through partnership

How much is foreign Tax Credit for house sold in India

In India, I will have a 20 percent capital gains tax on a home in India. Just wondering how much the foreign tax credit will be here in Canada.

CRA Penalty How its calculated

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How to efile a T2 corporate tax return for a corporation in Ontario

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3 Tier Real Estate Structure

Hi Alan Thanks for your time and content. I have two residential properties owned personally and looking to buy a third commercial property. Lawyer suggested holding Commercial Property in Corporation and setting up another co. to lease the units and third co for Management Fees. What do you recommend as the most ideal tax structure … Continue reading 3 Tier Real Estate Structure

Non-Eligible Dividend ( Property Dividend)

Hello Allan, Hope you are doing well. My question is: If I pay myself non-eligible dividend in a form of land, let say the property FMV is 10k (company bought it for 7k)it is just a less half acre of land, is it taxable on my personal income on the date I declared it or … Continue reading Non-Eligible Dividend ( Property Dividend)

Eligible dividends and the ERDTOH

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a tax question for Flipping property.

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Transfer Money From Parents Account In India To My account in Canada

Me and my parents are planning to buy a home in Ontario. For this ,my parents have sold a Home in Delhi worth 2.8 crore Now to transfer the amount from India ,do I need to get a gift deed or I need to pay tax in Canada for getting that money in CAD from … Continue reading Transfer Money From Parents Account In India To My account in Canada

Does Capital gain 50% as income for T2 return

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eligible dividends as investment income in t2

Hello Allan, I like your vidoe. I have question regarding how to calculate eligible dividends from received mutual funds/stocks as investment income in small business. Does have any deduction from that dividend as taxable investment? Thanks,

What conditions have to be met for a Canadian Corporation deduct chaitable donations?

What conditions have to be met in order for a corporation to deduct charitable donations? Is it Dollar for Dollar?

LLC for Investment Advice – Will I qualify for ETOB ?

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Can I use Canadian witholding on annuity payments as a tax credit on my US return?

I am a US citizen living in the US. Years ago while working and living in Canada I purchased a life annuity from a Canadian insurance company. The company deducts 15% from my payments. I do not file a Canadian tax return. I declare the annuity payments as part of my worldwide income, on my … Continue reading Can I use Canadian witholding on annuity payments as a tax credit on my US return?

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