Archives: Questions

Question

Do I have to show all the US balances in accounts while filing canada tax returns?

Hi Sir, I was in US for last 10 yrs, not used any services and not paid taxes here in canada.I returned back to canada now. Do I need to show all the account balances (like bank accounts, ESPP accts etc) while filing tax returns in Canada.? Thanks

As a Non Resident on TN-1 Visa, do i claim freelance income from canadian clients?

I’m a Canadian Non-Resident living and working in the states for a US company on a TN-1 Visa (close to 5 years now). When doing small freelance work for some clients back in Canada (earnings under 5k), do I need to file a tax return?

Gross up on T5 increases income. Also increase child support payments

Restricted content

Factual Resident For Tax Filing

Hi. We recently moved to Canada as PR last January 2018. My employer is based in Hongkong and does not have business ties in Canada. I am working online as Data Process per on-demand basis. I am also required to travel every 6 months for 1-2 months back to Hongkong for Data consolidation and retraining. … Continue reading Factual Resident For Tax Filing

Non Resident Taxable income

Greetings.. Question 1. I’ve been living overseas as an expat for 19 years. My gross Canadian income from CPP & OAS benefits totals $17855. I have no other Canadian income. Per the NR4 my OAS Non-resident tax withheld was $2643.75. As for CPP no Non-resident tax withheld. Based on the minimum tax credit, do I … Continue reading Non Resident Taxable income

How to make essay

Restricted content

I want to invest $1M. Assume return 5%. Shall I open a company to invest or just invest under my own name?

I would like to invest $1M. Assume return 5%. shall I open a new company to invest with the company just holding the investment? Will I need to pay the highest tax rate? Or I just invest under my own name assume I am in the highest tax bracket?

Relocating to US for work temporarily

I am moving to US for work for 3-4 years, however my wife plans to continue to stay in Canada. We own a house in Canada, and I plan to rent in US. Based on some research, I realized I will be treated a factual tax resident of Canada due to significant personal and financial … Continue reading Relocating to US for work temporarily

Income from babysitting my grandchildren

I’ve been living in my daughter’s house for a year and take care of my grandchildren while my daughter is out for work every day (from 8 to 5). One kid is 5 and another one is 2. Though I never asked but my daughter gave me $800 every month and said the money is … Continue reading Income from babysitting my grandchildren

Capital gains Personal vs Corp

Restricted content

Active and Passive Same company 50K

I have active and passive income in same company “O” and will soon surpass the 50K new limit. If I start a separate company “H” for future passive investments will the new companies passive income still cause my “O” company to lose some small business tax rate (cause I own both ) or because they … Continue reading Active and Passive Same company 50K

Depreciation on furnitures/household appliances in a rental property

Restricted content

Bought business cards from wholesale printer for resale to client, which account type is this ?

Good day all , I bought 1000 Bought Business Cards From Wholesale Printer For Resale To a Client a slightly higher price. How can i record this sale? will the money paid to buy the business card go under inventory ? or something else? Thanks Best

Car Expenses

Can family physician deduct his/her car expenses ? through his/her professional corporation. Thanks

Is it better to invest in real estate Under individual or incorporate as of today taking into account any changes in the tax rules?

Hi,please advise if it is still better to invest in real estate under corporation as you had advised before or is there any changes based on the new tax rules that this no longer applicable?

Pin It on Pinterest