Questions Archive

Tax Form T2 Line 300

The amount in line 300 of T2 is from line 9999 of the schedule 125 or from line 9970 of the schedule 125?

Tax Form T2 Schedule 125 Income Statement

The last item on this schedule is 9999, Net income/loss after taxes and Extraordinary items. This means the government expected I also report 8762, Business taxes on the income statement? How could I know before hand how much tax I need to pay? I had a bad experience about the taxes. Last time I followed … Continue reading

Gift Deed Transfer From Parents Account In India To Canada

is there any money limit? is 40k CAD considered okay as gift?

Taxes in Bank interest in egypt

Hello, I am a newcomer to Canada. I plan to have GICs in my home country Egypt as the interest rate is higher than Canada. I understood from the tax treaty between Canada and Egypt that the taxes I need to pay back in Canada is capped to maximum of 15% of the interest income … Continue reading

Corporate tax

Hi, I would like to thank you for sharing your extensive knowledge with us. Do you ever have webinars that we could register for? My question is if our Corporation has purchased a house which requires quite a bit of work, which will be done by shareholders and some work outsourced. Cost of the house … Continue reading

US born person – Canadian Citizen Applying for ITIN

Hello Allan, On the W-7 form if you enter USA as your country of birth, will the application still be processed? Background: Was born in the USA, and immigrated to Canada as an infant. Never lived or worked in the US, don’t have a SSN. Will need an ITIN to receive some USA based inheritance. … Continue reading

Limit of gift money

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Can I gift 250000 dollars from India (white money) to my friend in Canada

Can I Gift 250000 Dollars From India (White Money) To My Friend In Canada

Input Tax Credits

If a corporation claims input tax credits, then do they have to subtract the GST amounts from the items listed under “Operating Expenses” on the Corporate Tax Return?

Missed to declare paid dividends

Hi Allan I’m afraid I missed to submit a schedule 3 to declare paid dividends on my recent T2 return. Paid dividends were reported in the GIFI and balance sheet though. So I’m not totally panicking at the time. But wanted to ask, should I file an adjustment after the assessment comes in or should … Continue reading

Canada: General Partnership Earnings Example

Hi There, This may be a long one and require an excel spreadsheet to clearly answer but here goes. To be clear these values are hypothetical. Suppose two people have just started a Digital Advertising and Web design company in Ontario and it’s a General partnership. In the first fiscal year, they do $300,000 (including … Continue reading

Amalgamation 88(1)d bump – what to include in election?

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Do you deduct sub contractors off your yearly income to get you net income

Hi there as propriortor I get write off to get your net income but do you deduct your subs as well as you have paid them out of that total income that is not money you made you paid them.

Loan from corporation to son for education

I’m an IT contract worker (Canadian Federal Inc Corporation) and have a considerable amount of surplus money left in the corporation after all taxes have been paid. My son recently got into medical school and has opened a Scotia Student line of credit at Prime – 0.5% to pay for his education (OSAP covers only … Continue reading

Moved from Canada to US but have not filed CRA income Tax

Hi Allan, I moved to the US in 2011/2012 but travelled back and forth frequently. My last CRA income tax was filed for 2012 (I just checked and I did not indicate my move to the US in this return.) 1. Do I amend my return with my move in 2012? a. what are the … Continue reading

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