Questions Archive

Can I gift 250000 dollars from India (white money) to my friend in Canada

Can I Gift 250000 Dollars From India (White Money) To My Friend In Canada

Input Tax Credits

If a corporation claims input tax credits, then do they have to subtract the GST amounts from the items listed under “Operating Expenses” on the Corporate Tax Return?

Missed to declare paid dividends

Hi Allan I’m afraid I missed to submit a schedule 3 to declare paid dividends on my recent T2 return. Paid dividends were reported in the GIFI and balance sheet though. So I’m not totally panicking at the time. But wanted to ask, should I file an adjustment after the assessment comes in or should … Continue reading

Canada: General Partnership Earnings Example

Hi There, This may be a long one and require an excel spreadsheet to clearly answer but here goes. To be clear these values are hypothetical. Suppose two people have just started a Digital Advertising and Web design company in Ontario and it’s a General partnership. In the first fiscal year, they do $300,000 (including … Continue reading

Amalgamation 88(1)d bump – what to include in election?

Restricted content

Do you deduct sub contractors off your yearly income to get you net income

Hi there as propriortor I get write off to get your net income but do you deduct your subs as well as you have paid them out of that total income that is not money you made you paid them.

Loan from corporation to son for education

I’m an IT contract worker (Canadian Federal Inc Corporation) and have a considerable amount of surplus money left in the corporation after all taxes have been paid. My son recently got into medical school and has opened a Scotia Student line of credit at Prime – 0.5% to pay for his education (OSAP covers only … Continue reading

Moved from Canada to US but have not filed CRA income Tax

Hi Allan, I moved to the US in 2011/2012 but travelled back and forth frequently. My last CRA income tax was filed for 2012 (I just checked and I did not indicate my move to the US in this return.) 1. Do I amend my return with my move in 2012? a. what are the … Continue reading

DIY T2 Schedule 7 and Claiming Non Capital Losses of Previous Years

Hi, After several years of only investment activity (and net losses), my corporation has consulting income and thereby positive net income this year. I have non capital losses of previous years (T2 box 331) to offset this income. Two questions: – do i have to fill out a schedule 7 even though the small business/CPCC … Continue reading

TFSA contribution by “deemed non-resident”

Restricted content

reporting capital gain in a joint account

I opened a joint brokerage account with my mom & dad. I am 57, my mom & dad are both around 78 years old. The contribution to the account is solely my money. The account was opened as “joint tenant with right of survivorship” to pass on the assets to them if something happens to … Continue reading

E-file Number Requirement

Hi Allan, My uncle(software consultant) has asked me to assist with his T2 tax return, a straight-forward return. I am an international student in Canada from Brazil and have taken some tax filing courses so I have no issues preparing the S100’s, 125’s and other T2 forms. In the T2 form, I have inputted my … Continue reading

Disposing assets Overseas

Hi Allan, I have been a Canadian resident for tax purposes from last two years on work-permit. My parents own some real estate in India, that they’d want to sell and give me the proceeds to invest in Canadian real estate. What would be the most tax-effective way of transferring the sale proceeds to Canada, … Continue reading

Personal Income Tax on non-Canadian Savings

Hi, I will be moving to Canada this July on a work permit. While I understand that any income that I earn while working in Canada will be subject to income tax deduction at source by my employer, however, what if I transfer money from my own bank accounts in my home country into my … Continue reading

Archives: Questions

Limit of gift money