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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

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What is the best way to invest in u.s. Real Estate (Rental Property) As a Canadian?

What is the best way to invest in real estate (rental property) in the U.S. with a partner as a Canadian? Considering tax laws, liability, cash flow, best type of structure (LLC, LP, etc.).

Can i take Depreciation Cost since the Time of Conversion Personal to Rental?

Yes, you can claim Capital Cost Allowance. This should be claimed when filing a Section 216 Non-Resident Rental Return.

Partnership Incorporation in US with US and Canadian Partner

I found your video https://www.youtube.com/watch?time_continue=184&v=kAFt6DCFX3k quite helpful and thought I check with you on additional clarifications. I currently reside in India and am working on the PR process for Canada. A US resident and myself are trying to figure out what the correct entity type would be for incorporation so when I move to Canada … Continue reading Partnership Incorporation in US with US and Canadian Partner

Incorporate a business

Hi Madan&Group, I incorporated my sole proprietorship in December 2018. 1. Can I choose to report all the income and expenses in 2018 as my sole proprietorship income and start to report 2019 income as corporation income? 2. There are two assets in my proprietorship: a computer (transferred to corporation by purchase agreement)and vehicle(does not … Continue reading Incorporate a business

Documents needed for tax return by mail

What Documents Are Needed To Be Submitted By Mail While Submitting USA Tax Returns -1040 Should I give W2 along with my tax return copy? Is there any other document to mail ?

Taking Depreciation on rental property

I am non resident of Canada, i have rental property in Canada, can i take depreciation cost since the time of conversion personal to rental? i already file form T2091 when i left.

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Incorporate immigration practice business or Keep Sole proprietorship?

I work full time as a System Admin with annual gross income of 95k. I just opened my immigration consulting business on the side with expected income for the first year less than 30K. I incurred at least 10k for the business expenses so far. Should I keep my business as sole proprietor or should … Continue reading Incorporate immigration practice business or Keep Sole proprietorship?

If we are planning to buy a house but have plans to rent out the basement, can we still be classified as first time home buyer?

If We Are Planning To Buy A House But Have Plans To Rent Out The Basement, Can We Still Be Classified As First Time Home Buyer? Do I need to register as a business owner when we start renting out the basement? What tax form should I put this income in? Thank you

When is a rental property sold by non-resident of canada considered treaty exempt property?

Hello, I am a non-resident of Canada for tax purposes and I am about to sell my rental property in Canada, I’ve been told that up to 25% of the proceeds may be withheld until certificate of compliance is obtained, but I’ve also read that Treaty protected property is exempt. I currently reside in USA.

Non Resident Tax

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Non Resident Tax and bilateral treaty

My late sister was deemed to be a Non-Resident of Canada for tax purposes because of the bilateral treaty between Germany and Canada. She passed away in December 2017 in Germany and as siblings/heirs, we are told that since, the funds are coming out of a tax sheltered plan (RRSP), the taxes: 25% as per … Continue reading Non Resident Tax and bilateral treaty

Moving expenses paid by employer in US

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