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Tax on Spouse income who is not in Canada

Hi Allan, I have a question so thought of reaching out to you. Before that I would like to thank you for your response to my previous question and also thank you for you blog posts and videos , they are very informative and useful. I, my wife and child got the PR in 2018 … Continue reading Tax on Spouse income who is not in Canada

Tax on returing Resident and on Spouse Earnings, who is still non resident

Hi, Me and my wife and child got the permanent residency in May 2018. We did the soft landing, spent 15 days and left Canada. I have moved to Canada in Sept 2019 and my wife is still out of Canada. I am not claiming any child or spouse tax credits as they have not … Continue reading Tax on returing Resident and on Spouse Earnings, who is still non resident

resign and relocate or go on a global secondment – which option is better for declaring non-residency

I am currently considering relocating to Dubai for 2 years. Given that there is no income tax in that region I want to make sure I meet all criteria to declare non-residency. I have an option to resign and sever all ties to Canada, or I have the option of going on a Company Secondment. … Continue reading resign and relocate or go on a global secondment – which option is better for declaring non-residency

how do i report an assignment sale of a US real estate contract on a US tax return

How do I report an assignment sale of a US real estate contract on a US tax return

Errors in small business tax filing, large sum in retained earnings

Hi Allan, I am an IT contractor Incorporated in Ontario. I have been pretty careless past few years when it came to my taxes and completely trusted my accountant for balancing the books, etc. Recently when I was looking to refinance my mortgage; I found that my company is supposed to have around 250,0000$ in … Continue reading Errors in small business tax filing, large sum in retained earnings

Canadian source income, non-tax resident

If I become a US resident and a non resident of Canada and have Canadian sourced income, how would this income be taxed? Will it be subject to 25% withholding on net income, or be just subject to federal income taxes? What about provincial income taxes? (I understand GST/HST is required on these sales.) Im … Continue reading Canadian source income, non-tax resident

Canadians with US Investment accounts

I am a US investment advisor with a client who’s two sisters are Canadian citizens and reside in Canada. The two sisters would also like to utilize my investment services and invest in our stock, bonds, mutual funds, etc. portfolios. They asked me what the tax consequences might be. Is the answer similar to your … Continue reading Canadians with US Investment accounts

can loan Payments be claimed as an asset

when filing the T2 can we claim the payments made on the loan. This year payments totalled $8400.Can that be claimed on schedule 100.

How do I report a GIC asset in the schedule 100.?

I have a five-year corporate GIC. I have been issued t5 slips for each of the five years. Do I report the asset as the deposit amount, or as the amount due on maturity. Does the asset increase with the interest reported?

Which forms should shareholder who wants to exit (separate) from company fill out?

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Income Tax for small businesses in Canada and also Ontario

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Should accountant issue T4 or T4A for management fee or director fee?

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Paying a Non-Resident Director of a cCPC

Hi Allan, Thanks for your help with great tax resources. I incorporated recently and will start a rice-import business from India. I have included my friend in India, as a director of my Canadian Corporation and myself. He’d purchase the inventory from back home & be responsible for shipping. I need to pay him for … Continue reading Paying a Non-Resident Director of a cCPC

What happens to retained earnings in CCPA when all owners emigrate from Canada to USA?

Scenario: An IT consultant setups a CCPA while resident in Canada. After 4-6 year, this IT consultants decides to move to USA permanently for 2 or more years. Let’s assume that CCPA has about $1M in retained earnings at the time of departure of which $200K is in cash and rest is invested in stocks/portfolio. … Continue reading What happens to retained earnings in CCPA when all owners emigrate from Canada to USA?

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