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Rental Properties & Corporations

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Business Tax Benefits of Providing Housing to Key Employees

Are there any tax benefits for a business corporation offering to pay for personal housing rent expenses for their executive directors separately in addition to a lower base salary? The executive may want to draw a lower base salary and have accommodation provided by the corporation in order to keep himself in a lower personal … Continue reading Business Tax Benefits of Providing Housing to Key Employees

US Child tax credit and foreign taxes claimed on the canadian return

Hi Allan, My question is about the child tax credit claimed on a US return and how that affects the Canadian return. If my total tax was say $10,000 on my US tax return, but I received a $4,000 child tax credit to offset that, would my foreign taxes claimed on the Canadian return be … Continue reading US Child tax credit and foreign taxes claimed on the canadian return

Non resident selling our Canadian residence before leaving and departure tax on the plus value

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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?

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