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paying mortgage from hELOC

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Foreign Company as Shareholder in Canadian Subsidiary?

Hi, What are the tax implications of having a foreign company as the only shareholder in its Canadian subsidiary versus the shareholders of the foreign company being shareholders of the Canadian subsidiary? Two of the three shareholders of the foreign company will not be residing in Canada. Kindly advise.

Interest expenses in Real Estate

Can you provide clarity on 2 question regarding rental properties and the T776 form: 1) How do you calculate the Land vs Building Costs for the Capital Costs when purchasing a new rental property? Or is 100% of the purchase price able to be claimed in the CCA Capital Cost? 2) If you are using … Continue reading Interest expenses in Real Estate

A few months ago I spent $100,000 to renovate an existing rental property.

From now on, should I add the $100,000 onto my current un-depreciated amount to calculate the 4% annual depreciation (CCA)? When I sell my house in the future, how do I calculate my capital gain, since now my property price is no longer the “original” purchase price, but $100,000 more.

Transferring Inventory from sole proprietorship to corporation

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How to claim full house rent as an employment benefit from my own corporation

Hi, Is there a way in which instead of taking a high salary, my own corporation pays for my housing rent and utilities as an employment benefit? It is to be noted that my house will NOT be used for business purposes and I have a separate office. I just want to know if house … Continue reading How to claim full house rent as an employment benefit from my own corporation

Canadian corporation for US/CA citizen

Current scenario: •$150,000 CAD yr taxable sole-prop income (Canadian sourced) •US/CA citizen •Canadian resident Wishful scenario: •Canadian Corp (SBD) tax rate (15%) •$47,630 Non-Eligible Dividend Salary (6.87%) Not sure if Canadian Corp is viable because CFC and Subpart F / GILTI tax. With “current scenario” whats the most economical tax strategy? Is a Canadian Corp … Continue reading Canadian corporation for US/CA citizen

2018 Dividends payment

If I have a profit in my corporation, could I pay myself a dividends as well as my wife in case my wife as non-voting share holder, what is the tax rate for these dividends please?

who am i……………….?

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can I report my salary as an operating expense?

As a sole director of my corporation, can I report my salary as an operating expense and if I do so then do I have to report my salary amount as an income on my personal return even though I am not showing any profit on my corporate return?

Who can they trust?

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How do you account for coporate party where our clients are involved as well as all the employee within the company?

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Does IRS treat same way as CRA on Capital Gain Excemption on Primary Canadina resident property

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When should I submit to CRA the departure tax return as a non resident for tax purposes?

If I am leaving the country to settle in Costa Rica, and cut the ties with Canada to become a non resident for tax purposes, when should I submit the departure tax return to CRA? Thank you

Years to become Non resident

Due to uncertainty, one may become non-resident and return again. Is there a minimum number of years one must stay as non resident in order to claim it?
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