Questions Archive

Working in UK

I have a daughter that went to school in the Uk, was on a student visa, and now works in the Uk on the Youth Mobility Visa. She is living temporarily in the UK(does not know if she will be sponsored by company she works for). Does she have to file income tax in Canada? … Continue reading

Income tax for non residents

Hi Mad, I Just received My PR Visa and I ll be landing in Canada for the first time in May 2018. I ll stay for 15 days and will leave Canada to resume my Job outside Canada. Do I need to submit my personal tax return each year? Secondly once I will return to … Continue reading

Box 39 – security Option Deduction – paragraph 110(1)(d) of the Income Tax Act

My company US publicly traded and issues RSU’s in place of pension contributions. These RSU’s vest over a number of years where tax (shares sold) is remitted to CRA as part of the vesting process. In past years I have been allowed to claim a deduction under paragraph 110(1)(d) of the Income Tax Act. However, … Continue reading

Tax planning for inheriting a realestate corporation

we are seeking advice in regards to the inheritance of a Corporation among 5 children. as we understand it, there will be substantial capital gains taxes to pay to bring the realestate up to current values. Is there value to buying into the family corporation beforehand, or another way to avoid triggering a taxable event? … Continue reading

CPA Online Courses Tax Receipts

I have a tax receipt states the amount for Course Registration and Transcript Assessment. Anyone know on which filed/line/form/schedule I can report these amount?

How to complete IRS Form 6252

How to complete IRS form 6252 which flows to Form 4797

Gift Deed Transfer from Parents account in india to Canada

Hi Madan, My parents want to transfer me some money to my Canadian bank account more than 100KC$ as gift,As per RBI regulation back in india,parents can send overseas 250KUS$ per year for children. I like to know if this can be done as simple as normal overseas bank transfer or should i need to … Continue reading

Foreign Income for a Canadian Corporation

A Canadian Corporation receives income from A US Company,as a consultant, in US Funds, receives A W-8-Ben, But does all the work inside Canada, Is this income qualified For The Small Business Deduction?

non-resident receives income non-taxable in Canada, must be declared in my world income?

I receive interest from a Canadian Bank not taxable in Canada because of a treaty with Italy. Do I have to enter that amount on Schedule A, as income from Canadian sources? Thank you very much.

Self Employment Taxed Where

I am self employed in the US, am a US citizen, spend more than 183 days in the US and have a permanent establishment in the US. All self employment is for US clients, and performed in the US. However, I also have Canadian permanent residency. I do no work and have no income in … Continue reading

Eligible or Non-Eligible for CCPC

Hi, I am a IT consultant with a numbered corporation in Ontario. My accountant mentioned that private corporations (CCPC) cannot declare Eligible dividends. Is that true? I’ve been reading about this online and it seems that private corporations can declare Eligible dividends.

balance the Opening Balance

Hello Madan, To balance the Opening Balance, Sales and Taxes charged on sale, is it correct to credit the Capital Stock account? Thank you Ali

new Business, loan or invest?

I just started a corporation and I was wondering how do I start buying things that the corporation needs? Should I loan money to my corporation or should I just put my personal money in the corporation bank account? Does the corporation have to pay tax on money that is deposited in the corporation bank … Continue reading

US Citizen offered Consulting position at canadian client of US company

Hi Madan – your videos and answers to other posters questions have been most informative. I work for a multinational corp based out of India (I’m a US citizen working for the US corp) I’m a Program Manager consultant in the IT consulting organization. They are offering a project based in Vancouver BC. I’m looking … Continue reading

Canadian Corp loan to US corp affilate – does Canadian Corp file a US return?

If a Canadian Corporation owns 60% of a US corporation that operates and pays taxes in the US, and the Canadian Corp earns interest income on a loan to the US corp, does the Canadian corp have to file a US tax return?

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