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Can I claim GST/HST Refund for first year of operations with almost no sales and Loss?

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i am non resident for tax purposes. I want to sell my rental property. I want to keep the proceeds from the property in my bank account at Toronto itself for the next two years until I return back to Canada. Should I pay or declare taxes on the proceeds.

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Preparing income tax return for a person who moved from the US to Canada

Hi Allan: I have a client for whom I want to file a T1 return. Here’s the background information of the client: 1. The client and his family moved from the US on Sept 4, 2018. 2. The client and his wife have had income in the US and they both have W-2s. 3. The … Continue reading Preparing income tax return for a person who moved from the US to Canada

Canadian Minority Shareholder in US LLC – Dividends

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Can a Corporation do two things with 1 business?

If I open a corporation and use it to open a business that produces an income, but I want to use that income to purchase real estate rental properties, do I need two businesses? One to do labour work and gain income and one to buy and operate rental homes? OR would that subject me … Continue reading Can a Corporation do two things with 1 business?

Incorporated but still operating as sole-proprietor

Hello, I incorporated in May 2018 but continued to operate as a sole-proprietor up until March of 2019 (in other words, I did not set up new GST/HST account, new bank account under the corp name, payroll etc until March of 2019). I was planning on filing T1/T2125 and GST/HST return for 2018 as a … Continue reading Incorporated but still operating as sole-proprietor

Filing 2018 1040NR for US Rental Property

Have filed 1040NR for 2017 for US Rental Property (Canadian Citizen). Can I not claim the exemption or standard deduction for 2018?

How to claim money lent to your own corporation in canada, ontario

Hello, I am filling my personal taxes as well as my corporation taxes. Let me give you a scenario. I personally have 1000$ and I transfer this money as a loan to my own corporation. Then my corporation spent 500$ on business-related purchases. Now my company has 500$ and I have 0$ The loan is … Continue reading How to claim money lent to your own corporation in canada, ontario

Toi muon hoi ve thue

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What is the best way to invest in u.s. Real Estate (Rental Property) As a Canadian?

What is the best way to invest in real estate (rental property) in the U.S. with a partner as a Canadian? Considering tax laws, liability, cash flow, best type of structure (LLC, LP, etc.).

Can i take Depreciation Cost since the Time of Conversion Personal to Rental?

Yes, you can claim Capital Cost Allowance. This should be claimed when filing a Section 216 Non-Resident Rental Return.

Partnership Incorporation in US with US and Canadian Partner

I found your video https://www.youtube.com/watch?time_continue=184&v=kAFt6DCFX3k quite helpful and thought I check with you on additional clarifications. I currently reside in India and am working on the PR process for Canada. A US resident and myself are trying to figure out what the correct entity type would be for incorporation so when I move to Canada … Continue reading Partnership Incorporation in US with US and Canadian Partner

Incorporate a business

Hi Madan&Group, I incorporated my sole proprietorship in December 2018. 1. Can I choose to report all the income and expenses in 2018 as my sole proprietorship income and start to report 2019 income as corporation income? 2. There are two assets in my proprietorship: a computer (transferred to corporation by purchase agreement)and vehicle(does not … Continue reading Incorporate a business

Documents needed for tax return by mail

What Documents Are Needed To Be Submitted By Mail While Submitting USA Tax Returns -1040 Should I give W2 along with my tax return copy? Is there any other document to mail ?

Taking Depreciation on rental property

I am non resident of Canada, i have rental property in Canada, can i take depreciation cost since the time of conversion personal to rental? i already file form T2091 when i left.
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