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Becoming a non resident and OAS old age security clawback

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Declaring Personal Property Outside Canada

Hi Allan, I bought an Agricultural property in India in 2007. I became a Canadian PR in 2009. Now I am a Canadian citizen. I was not gaining any income from this property until now. But there is an appreciation value to the land which could be over CAD 100K. Since it’s a personal property … Continue reading Declaring Personal Property Outside Canada

45(2) election confirmation

Does CRA send confirmation when you file 45(2) election?

How to value the Fair market value of a CCPC share

I Have A Small Business With Last Two Years Accumulated Profits Of Around $ 250,000. How Do I Value The Fair Market Of The Shares Before Selling Them To My Son And Wife?

Registered for GST Number, for import export number. But Sales less than 30,000 per year. Should i collect GST from Customer?

Registered for HSTNumber, for import export number. But Sales less than 30,000 per year. Should i collect HST from Customer?

US Sales taxes and Exemption Certificates for Canadian Entities (no nexus)

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Can I claim GST/HST Refund for first year of operations with almost no sales and Loss?

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i am non resident for tax purposes. I want to sell my rental property. I want to keep the proceeds from the property in my bank account at Toronto itself for the next two years until I return back to Canada. Should I pay or declare taxes on the proceeds.

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Preparing income tax return for a person who moved from the US to Canada

Hi Allan: I have a client for whom I want to file a T1 return. Here’s the background information of the client: 1. The client and his family moved from the US on Sept 4, 2018. 2. The client and his wife have had income in the US and they both have W-2s. 3. The … Continue reading Preparing income tax return for a person who moved from the US to Canada

Canadian Minority Shareholder in US LLC – Dividends

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Can a Corporation do two things with 1 business?

If I open a corporation and use it to open a business that produces an income, but I want to use that income to purchase real estate rental properties, do I need two businesses? One to do labour work and gain income and one to buy and operate rental homes? OR would that subject me … Continue reading Can a Corporation do two things with 1 business?

Incorporated but still operating as sole-proprietor

Hello, I incorporated in May 2018 but continued to operate as a sole-proprietor up until March of 2019 (in other words, I did not set up new GST/HST account, new bank account under the corp name, payroll etc until March of 2019). I was planning on filing T1/T2125 and GST/HST return for 2018 as a … Continue reading Incorporated but still operating as sole-proprietor

Filing 2018 1040NR for US Rental Property

Have filed 1040NR for 2017 for US Rental Property (Canadian Citizen). Can I not claim the exemption or standard deduction for 2018?

How to claim money lent to your own corporation in canada, ontario

Hello, I am filling my personal taxes as well as my corporation taxes. Let me give you a scenario. I personally have 1000$ and I transfer this money as a loan to my own corporation. Then my corporation spent 500$ on business-related purchases. Now my company has 500$ and I have 0$ The loan is … Continue reading How to claim money lent to your own corporation in canada, ontario

Toi muon hoi ve thue

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