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Question

Do you have to use CCA before using prior year losses to reduce Income

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Do you need to take CCA before using a prior year loss

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I’m a business owner taking a salary every year in November only, do i qualify for 75% CEWS

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sale of shares

If CCPC has three shareholders and each owns 33.33% shares in the company. And two shareholders sell their part of shares (5%) each. One sold it to his ex-wife and other one sold to some random person. The one who sold it to ex-wife has deposited the money in his personal bank account as he … Continue reading sale of shares

tenants moved and sale of house took 4 months. Will mortgage interest, insurance and Utilities be included in capital expenses while calculating capital gain

I had a rental house in Hamilton. My tenants moved out in May 2019. Thereafter, I prepared the house for sale and got it listed for sale. The house was sold in 4 months. During this time, the house was vacant and I was paying the mortgage, utilities, property tax and insurance. Can these expenses … Continue reading tenants moved and sale of house took 4 months. Will mortgage interest, insurance and Utilities be included in capital expenses while calculating capital gain

Foreign Income from three countries

Hello Allan Madan, Hope you are doing great. I was doing my tax returns for 2019 in Canada and had one question regarding the Foreign Income. So for the 2019 year I earned my salary for Jan and Feb 2019 in US and left for good to India due to visa issues. And from March … Continue reading Foreign Income from three countries

How do I account for the 50% non-deductible expenses on Meals & Entertainment?

Hi, How do I account for the 50% non-deductible expenses on Meals in my accounting software and in T2? Is it considered “loss” in equity? Consider the following example: While closing the year we notice: Gross taxable income: 50,000$ Reimbursement for employees on Meal Expenses: 2000$, of which: – 1000$ is deductible – 1000$ is … Continue reading How do I account for the 50% non-deductible expenses on Meals & Entertainment?

how to calculate tax payment for a corporation dividends?

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Income tax against rent generated by foreign property such as a flat

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Disability insurance Premium Tax Deductible?

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Can I claim my daughter as an eligible dependant if I shares custody equally with my ex, but just moved into a house in July with my new Girlfriend?

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Canada Non-resident Withholding Tax refund

I am a tax-resident of Canada and entitled to claim a refund of the withholding tax. In 2018 I opened an investment account at a bank in Hong Kong to invest Canadian stocks and I received dividends payment with 25% withholding tax deducted. But the bank did not file NR4 to CRA and copied to … Continue reading Canada Non-resident Withholding Tax refund

canada emergency small business loan

Hi sir I’m small business owner I have courier company . I’m not taking salary I took dividends. 2019 I took 30000$ . Can you please advice me. I can eligible for loan or not. With regard Dave

Capital Gain on join Property

My parents bought a property in 2007 while they weren’t a Canadian resident. I had to put my name on the title for mortgage purposes. In 2012, they became Canadian residents and lived in their property. I came off the title in 2015 and a couple years after they asked me to be added to … Continue reading Capital Gain on join Property

Stimulus check

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