Hi Allan, I wanted to discuss the best way to deal with pending tax changes for money held within my professional corp. How are accountants, lawyers, doctors, dentists dealing with the potential changes? It seems like the tax changes have their eyes squarely focused on going after money retained within the corp. I know they … Continue reading Dividends Paid to Family Member of Medical Doctor
Hi, Me, my sister and mother own a small commercial building in a corporation. We want to sell the property. Should we make it a share or asset sale? The intention is to use the money from the sale to purchase a house that will be my mothers and sisters primary residence. Me and my … Continue reading What is the best way to sell realestate held in corporation?
I will be a independent consultant for a USA company. Do I have to charge them GST and PST on my invoice. Please advise. thank you What accounting software do you use or recommend to keep my books in order?
My mom and I purchased a condo in 2005. I lived with her for 4 years and moved out. The condo is her primary residence since 2005, and my primary residence for 4 years from 2005 until 2009. We are planning to sell the condo this year. 1) What will be our tax liability? Assume … Continue reading Capital Gain Tax on property
My girlfriend and I are looking to sell her condo which we have been renting out for the last 2 years. She owned the condo for 8 years total; with it being rented out for the last 2 years while she lived with me. Is the capital gains calculation straight forward. Meaning, since we live … Continue reading Sale of primary residence
Hello Allan, The 2017 unbalanced Trail Balance shows a debit balance equal to the bank statement begging balance 1 jan.2016. Could you explain how to correct this error please? Thank you
Hi mr. Madan Is it possible to form a corporate to lease a car so i can do uber, or is there any better approach. Please note that i am a newcomer and dont have credit history
Hi Allan, I am not quite sure about how to balance the Capital Assets – $400 in the balance sheet. Is it correct to report the UCC – $500 under Shareholder’s Loan, if the answer was no, please advise. Your help is highly appreciated, Regards, Ali
I am an IT contractor, with a Canadian corporation with an opportunity to work in the U.S. on a Corp to Corp basis. I need to make sure I have the right paperwork and am setup correctly with the IRS. I want to avoid US Corp taxes by virtue of being treaty exempt and would … Continue reading Canadian Corporation with opportunity to work in US
Hi Allan, If the UCC of equipments in jan. 1, 2017= 500$, assume depreciation amount 100$ at the end of 2017. Could you advise where the 500$ and 100$ would be recorded in the General Ledger and the Balance Sheet please? Thanks for your time Regards, Ali
Hello Mr. Madan, We are a family based business planning to buy, renovate & flip the real estate houses. What should be the best optimize structure to set up the business? I was think to go with: Family Members- Trust- HoldCo- OptCo Can you please advise? Regards
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