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Incorporate immigration practice business or Keep Sole proprietorship?

I work full time as a System Admin with annual gross income of 95k. I just opened my immigration consulting business on the side with expected income for the first year less than 30K. I incurred at least 10k for the business expenses so far. Should I keep my business as sole proprietor or should … Continue reading Incorporate immigration practice business or Keep Sole proprietorship?

If we are planning to buy a house but have plans to rent out the basement, can we still be classified as first time home buyer?

If We Are Planning To Buy A House But Have Plans To Rent Out The Basement, Can We Still Be Classified As First Time Home Buyer? Do I need to register as a business owner when we start renting out the basement? What tax form should I put this income in? Thank you

When is a rental property sold by non-resident of canada considered treaty exempt property?

Hello, I am a non-resident of Canada for tax purposes and I am about to sell my rental property in Canada, I’ve been told that up to 25% of the proceeds may be withheld until certificate of compliance is obtained, but I’ve also read that Treaty protected property is exempt. I currently reside in USA.

Non Resident Tax

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Non Resident Tax and bilateral treaty

My late sister was deemed to be a Non-Resident of Canada for tax purposes because of the bilateral treaty between Germany and Canada. She passed away in December 2017 in Germany and as siblings/heirs, we are told that since, the funds are coming out of a tax sheltered plan (RRSP), the taxes: 25% as per … Continue reading Non Resident Tax and bilateral treaty

Moving expenses paid by employer in US

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Child Tax Benefit for international minor children?

My wife and me are currently the legal custodians of my nephews who are 7 and 13 years old respectively. Their parents living in China sending them here to study and we are appointed to take care of the kids for them. Basically they pay all the tuition for the kids and we provide shelter, … Continue reading Child Tax Benefit for international minor children?

Establishing Residency in Canada

Hi Allan, I became a permanent resident of Canada 15 years ago (my wife is a Canadian Citizen) but both of us have spent very little time in Canada. I did not declare my assets when I first landed in Canada and have not ever filed a tax return. We are now planning to move … Continue reading Establishing Residency in Canada

Mutual fund investment on the balance sheet: book value or market value?

Hi Allan. Great site and videos! A simple accounting question but has been resistant to my searches…should the balance sheet of a CCPC represent its passive mutual fund investments by book value or market value? And at which date? (end of fiscal year or as of preparing the financial statements). Thanks!

Bought a shop in mall in 2018 to rent it and paid $200. No income, should I report the cost of the shop for this year and where?

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interest free loan

Hi, Just wondering if I can take out an interest free loan from my corporation to purchase a vehicle for my Corporation and Personal use. Thks,

US Tax Retrun

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Non-Resident and RRSP after death

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Husband wants to file non-resident so he does not pay tax?

Spouse Working Overseas, His Family And Dependents Are Living In Canada ? Husband Want To File Non-Resident So He Does Not Pay Tax? Correct?
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