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Question

Is an Ontario business registration # the Same as a gST#?

Are two separate registrations (and two separate #’s) required – one to register the sole proprietorship business name with the Ontario government, and a second registration (and #) with CRA for GST? Or is the Ontario # the same one to also use for GST?

Can business Operating expenses be treated as business Loss for Inactive Corporation

Hello Madan, I want to file a first time Return for an Inactive Corporation in Ontario. Can start up and operating expenses like office rent and business consulting fees be claimed as business loss in this year’s NIL return when there is no activity or revenue throughout the year. Can these expenses be treated as … Continue reading Can business Operating expenses be treated as business Loss for Inactive Corporation

What are the filings requirements if I opened a U.S. C-corporation for my business?

I’ve opened C-Corporation under my name in US (Wayoming) being a Canadian Resident. What are the fillings requirements for my C-Corporation in Canada & US?

c corporation for canadian resident

Hi Allan, Thank you for helpful website and blog. I have a question. Currently, I am the owner of Canada Corporation. My business is in the e-commerce field and I sell in the USA only. Because of business circumstances, I must register my business in USA. I’ve learned LLC is not a good idea for … Continue reading c corporation for canadian resident

Will the Wrong fair market Value in T1161 affect T2062

I filed T1161 when I moved out of Canada two years ago. The fair market value of my principle property got wrong (it’s an obvious wrong number even way less than the original purchase price). Now I’m selling the property and will need file T2062. Does that affect my T2062 in terms of calculating the … Continue reading Will the Wrong fair market Value in T1161 affect T2062

If a tax consultant made major errors on my corporate tax return, do I legally need them to redo the taxes, or can i have someone else redo the taxes?

I Incorporated in 2017 as a consultant and I did my own 2017 taxes with tax software. In 2018 I had a tax consultant prepare and submit my corporate taxes. I now see that expenses were doubled and taxes were not removed from retained earnings, among other minor things that i had questions about. I’m … Continue reading If a tax consultant made major errors on my corporate tax return, do I legally need them to redo the taxes, or can i have someone else redo the taxes?

Child Care Benefits

I’ve just come to Canada on a temporary work permit via intra-company transfer. My wife is on an open work permit whereas my kids are on study permits. Since I will be paying taxes on income in Canada in my first year are we eligible for receiving the Child Care Benefits?

Non resident

I did not file a departure tax return when I left Canada. Could this be an issue if I ever decide to come back to Canada and start filing taxes? I cut all primary and most secondary ties except drivers’ licence and RRSP account which I informed the bank to switch to non-resident status with … Continue reading Non resident

Transfering own funds from Dubai to Canada

Hi Allan. Me and my husband got the PR of Canada and we did the soft landing for 15 days in August 2016. After that we both were working in Dubai for year last 2 years and now finally in March 2019, we moved to Canada. Please suggest will there be any tax implications on … Continue reading Transfering own funds from Dubai to Canada

HST NORMAL METHOD OF FILING

what is the formula to calculate line 103 if I have 40373$ on line 101 and 0$ on line 104. My accountant filed 5275.81$ on line 103 and I am dying to find out how he got this number Thanks

T5 issued instead of NR4

I am a Canadian non resident living in Hong Kong, and I figured out I forgot to update my status with bank for many years. The income is from share dividends, and I found I got T5 slips mailing to me annually. The situation has been like this for many years but I didn’t know … Continue reading T5 issued instead of NR4

Non-resident Family would like so send children to school in Canada

Hi. Thank you for this forum. My family has been non resident for more than 15 years. We are now considering sending my son (12 year old) to school in Canada. The rest of the family would not move to Canada. Would this create a tax issue and would I now be deemed resident. We … Continue reading Non-resident Family would like so send children to school in Canada

Is it possible for a U.S. S-Corp to avoid paying Canadian and provincial taxes on income from a Canadian client (consulting) and instead opt to pay U.S. corporate taxes?

Is It Possible For A U.S. S-Corp To Avoid Paying Canadian And Provincial Taxes On Income From A Canadian Client (Consulting) And Instead Opt To Pay U.S. Corporate Taxes? Hypothetically, the consulting fees would total $7 mill. Or is there a way to offset the higher Canadian rate?

Reporting Claimed Gst and Hst on expenses

Hi Alan, Assume a company collected Gst/Hst on sales 100$ and paid 150$ Gst/Hst on purchases. The company received 50$ cheque to be deposited in the company’s account. To report the 50$, on the Trial Balance sheet, the Bank Account will be debited 50$ and the Shareholder’s Advances Account will be credited 50$, or I … Continue reading Reporting Claimed Gst and Hst on expenses

GST/ QST/ HST Paid on Purchases Account

Hi Alan, Is it correct to credit Receivable Account when registering GST/ QST/ HST Paid on Purchases? Your help is highly appreciated, Thanks Ali
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