Archives: Questions

Question

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?

Restricted content

Income Tax for small businesses in Canada and also Ontario

Restricted content

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

Restricted content

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?

Form TD1 completion

Hi, I got Canada permanent residency in May 2018 and spent 15 days in canada during 2018(i dont have home, driving license or any other social tie in Canada). Now i have received a job offer from Canada and will move to Canada in Sept 2019. My employer has asked me to fill TD1 form. … Continue reading Form TD1 completion

Re: Gift as in http://madanca.com/learn/canadiantaxforum/gift-deed-transfer-from-parents-account-in-india-to-canada-2/

Is there a requirement by CRA to keep specific documentation in a specific format (or necessary to be written,signed by either both or any one party, & kept in file as a record ) when transferring money as a gift from parents to an adult child?

How do I reduce Taxes on RRSP Withdrawals?

Restricted content

Spousal support

Spousal deductions can my cnd corp deduct or it has to me as individual on my personal return

Non-resident incorporation

Hi Allan, I’m a non-resident online freelancer with with clients outside of my country of residence. If I decide to incorporate down the road, I would like to do so in Canada because of more online banking options (specifically quebec, as no directors need to be residents). I would like to know if that transition … Continue reading Non-resident incorporation

Ways for a candian entrepenuer to pay themselves in a general Partnership

I am wondering what are the common ways a Canadian Entrepreneur in a General Partnership can pay themselves and the benefits of each method. Specifically, tax breaks, the required contributions for each, etc. Thank you for all your help so far!!

Does selling your principal residence to your parents and buying it back trigger land transfer tax

Restricted content

Should i have to pay GST ?

Restricted content

Charging HST for freelance project management services given to US based company

Hello, I’m soon moving to Canada on PR. My current company in india has a headquarter in the US and they would like to hire me in Canada. I’m planning to be an independent contractor with US headquarter for limited period. My role would be a project manager for handling software projects of Canadian clients … Continue reading Charging HST for freelance project management services given to US based company

Pin It on Pinterest