Archives: Questions

Question

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

Restricted content

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?

Restricted content

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?

Restricted content

Property Disposal in Kerala

Restricted content

Stimulus Cheque for Canadian USPR

Restricted content

A gift is given to small business

Hi Allan, I got a gift ( 500 dollar cheque written to my business account by the customer at Christmas ) how I record this amount when I file my T2 tax this year thank you

Notarized Gift letter

Hi Madan, My father in India wants to wire me some cash and I am no longer an Indian Citizen. Will that cause any problem with me accepting his gift. More importantly, will his bank need more than just a notarized Gift certificate for him to be able to do this wire transfer. (Any other … Continue reading Notarized Gift letter

Resident Indian for Tax but worked few months in Canada

Restricted content

Retiring and becoming Non resident of canada

Hi Allan My wife and I have an Incorporated small business in Canada and are looking to retire in 3 years and will become non residents in Canada. We will continue our online business abroad, do we need to dissolve the business in Canada due to no longer having primary ties here? The business is … Continue reading Retiring and becoming Non resident of canada

Pin It on Pinterest