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How To Treat Dividends And Licensing Fees On Corporate Tax Return

I have a question about HST charged on licensing fee (for 5 yrs) of a business. How would I file this in T2? Is this considered as an operating expense under “amortized intangible assets”? Second question is regarding cash dividend payout to shareholders. Is it necessary to report this in Balance Sheet, or is reporting … Continue reading How To Treat Dividends And Licensing Fees On Corporate Tax Return

real estate accounting services

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T5 Issued to Non Resident of Canada

I am a non resident of Canada since end of 2016. I forgot to update the information on one of my accounts and was issued interest income on a T5. How do i file this interest income form 2017, under (T5) or under (Non-resident Net interest and other investment income).

Canadian Non Resident in Australia

Hi All In 2016 Canadian tax, I have been successfully made as nonresident by CRA. In 2017, I had final income from my work in Canada. So, as a non-resident, how much portion of my Australian income can I put for “Amount of foreign tax treaty”? Thanks

Loss and profit of Stock, Dividend

Hi Allan, Hope you are doing fine. There is only one question about security in QuickBooks. If an owner of a company opens TD Waterhousing (For trade stock), which GL account should she select for it and how to set up this GL account? Since he got profit and also loss, and also got dividend … Continue reading Loss and profit of Stock, Dividend

what happens if we leave shares in our trading accounts after declaring non residency

Hi Allan, Your blog is just fantastic. I read most of the previous Q&A but I still have few more questions. We are Canadian citizens and moved to the US in Sept 2016 and sold our house before moving. We have filed Canadian taxes for both 2016 and 2017 since I got some money from … Continue reading what happens if we leave shares in our trading accounts after declaring non residency

Capital Improvements to a Rental Property – when and How to claim

Hi, We are a retired couple in Ontario, and own Investment Real Estate Property. We would like to sell the property next year. If we invest $30K to upgrade the property (kitchen, bathroom, etc), we will be able to sell it for $50-$60K more. We were wondering if we should claim the upgrade as maintenance … Continue reading Capital Improvements to a Rental Property – when and How to claim

Selling Proceeds

Dear Allen I hope yo are well? I have a new question for you idf I may. I have a property that was purvhased under my name for my mother. Actually she paid for the purchase and she was the person living in the property. The property was purchased for about $504,000 under solely my … Continue reading Selling Proceeds

Subcontracting for a sole Proprietor Business

Hello! You have an excellent site with a lot of information that’s been really helpful for my small business. I am a Canadian running a sole proprietor, service-based business. I’m considering taking on a contract from a US company that could be worth more than $100,000 USD. Most of that would have to be paid … Continue reading Subcontracting for a sole Proprietor Business

Need help with knowing how to enter hst reassessment from past years

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minor kids received INR cash as gift from grandparents

Does the rule of travellers bringing in $10000 cash into canada apply to minor kids as well. My kids both under 13yrs received INR cash equivalent to C$4000 each as gift from grandparents. Can they bring it in Canada without declaring or any questions raised later by CRA when I deposit in their accounts.

How can i record h r from past years

Need help with knowing how to enter hst reassessment from past years

Re-established in Canada & Selling Internet Domain

I saw you respond to a question on the turbotax community, I have a similar question. While I was a non-resident for tax purposes and living abroad, I bought an internet domain for 3k. I returned to Canada recently and have became a Canadian resident again, I’m working and have already filed a tax return. … Continue reading Re-established in Canada & Selling Internet Domain

Is an EIN/ITIN really required to Do Online Business From Canada in the US

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Are there any tax benefits of being a tri-citizen of canada, australia and ireland?

Dear Madan team, I am working Canadian resident and am looking into providing my services through a corporation to save on taxes. I work in film as a creative in both Australia and Canada but also plan to work in Ireland in the future. Are you aware of any financial benefit I may have being … Continue reading Are there any tax benefits of being a tri-citizen of canada, australia and ireland?
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