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Question

Uber Driver: Should Gross Bus.Income Include Total Fare Breakdown As Shown On Uber Summary?

Hi Allan, I am Uber Driver, and the unber tax summary shows total fare breakdown $5500 made of (uber ride fees, tips, HST, airport fees, tolls, booking fees…etc) On T2125 Business income part 3A (says Gross Plus HST); Should I report the entire Fare $5500 or you suggest I should deduct the airport fees, tolls, … Continue reading Uber Driver: Should Gross Bus.Income Include Total Fare Breakdown As Shown On Uber Summary?

Distribution taxes for CCPC

Hi Allan! Could you please help me with one question? I invest through my CCPC and some of the stocks are REITs that pay distributions, not dividends. Once a year, around March, they report that last year distributions were X% capital gains, Y% return on capital and Z% other income. Each year X, Y and … Continue reading Distribution taxes for CCPC

Lump Sum Pension Income from a Canadian Employer – Taxation in USA

I left Canada in 2019 after living and working there for 2.5 years. I returned to the USA to live and work. I cashed out of my Canadian employers’ pension plan upon leaving, and received the lump sum proceeds in Canadian dollars minus 20% withholding tax by the Gov’t of Canada. How do I handle … Continue reading Lump Sum Pension Income from a Canadian Employer – Taxation in USA

(Coronoavirus) CERB Eligibility for Uber Driver with less than $5K bus.Inc in 2019 but adds up to $5K if we add 2020 to date

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NR4 received

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Software as A Service Lifetime Subscription Asset or Expense?

I’m looking at buying some WordPress plugins which are generally software as a service with an annual subscription. Some of the plugins, however have a lifetime subscription option for a lifetime subscription update. The annual subscription I would normally book as a prepaid expense reducing the value over 12 months. But if it’s a lifetime … Continue reading Software as A Service Lifetime Subscription Asset or Expense?

UAE and employment Expenses

Hello Alan, I work in UAE and I am considered tax resident in Canada as my family is living in Canada.My question is, if I am receiving a fixed monthly transportation allowance from my employer in UAE and I am reporting this amount as part of my taxable income with the salary, can I in … Continue reading UAE and employment Expenses

Doing Business in the US

Hi there. I live in British Columbia Canada and do real estate investing in the United States. I dont actually buy and hold any properties, just fix and flip and wholesale. I dont currently have a business set up in either country and am wanting to know the best way to do this. I do … Continue reading Doing Business in the US

How to withdraw from Business account

Hi, My husband recently need to incorporate his IT consulting business. How do I withdraw money from the business account to pay for our family expenses?

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?

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