Questions Archive

Can CMHC insurance add to ACB when selling The rental property?

Sold rental property last year. Just wondering if I can add CMHC insurance to ACB.

Personal tax for money coming from abroad and incorporation tax

Hello! I am a foreigner and non-resident of Canada. If I open an account with inheritance money coming from my home country, do I pay taxes on that initial deposit? If I have an account which receives income from my personal business, in which threshold do I fall in terms of the percentage I have … Continue reading

Drop shipping internationaly from canada

Hi Allan, I want to do a business online by doing drop shipping to the US mainly and around the world. As i mention, i will adopt the drop shipping model. People place orders on my online store and then vendors ship directly to my costumers. i will have suppliers in the us and overseas. … Continue reading

how to report cash withdraw from corporation that makes no profit

Hi, Thanks for this amazing website. My corporation has sales with no profit, how can I report cash withdraw which was advanced by shareholders please? Thanks in advance, and

Interest on Fixed Deposit in Inda

I was working in the middle east and came to Canada in 2006. I had accumulated some funds in India and invested in a Fixed Deposit in India in 2012 the equivalent of CAD 200,000 which would mature in 2022. The maturity amount would be approx. twice the initial deposit. This amount was never disclosed … Continue reading

how to report cash withdraw from corporation makes no profit

Hi, Thanks for this amazing website. My corporation has sales with no profit, how can I report cash withdraw which was advanced by shareholders please? Thanks in advance,

Division of rental income for tenants in Common

Hi Allan, We are three joint owners (tenants in common) of a triplex in Toronto. One of us lives on one floor of the property as a principle resident. We rent out the other two units – the basement and main floor. We were wondering how to split the rental income among the three of … Continue reading

Canadian PR, US Alien resident, w/ Bank Accounts in Canada.

Hello Madan, Seen your videos online and they are great! I would like to seek your advice on my situation. I have become a Canadian PR in 2017, have been a US Alien Resident since 2005 and pay US taxes. Presently reside in the US, Citizen of India. Have been in Canada for 4 days … Continue reading

Unlmtd common shares & how to declare %share distribution?

Hi Allan, I incorporated recently on my own and my Articles states Unlimited common shares as Classes of shares and Restrictions on share transfers as without the approval of the directors and shareholders option. My query is, since me and my spouse are listed as the only two directors, have I made a mistake in … Continue reading

Declare loss in Personal tax due to Loss in Business

Hi Allan, I have been following your youtube channel for some time now and I really enjoyed your presentation and valuable information given. Just have quick question hope you can help: I live in Alberta and set up an Alberta incorporation in 2017. I put some money from personal account into my incorporation but then … Continue reading

Tax return for corporate passive income

Hello, First of all I want to thank you for sharing your knowledge with the rest of us through your blog and articles. I tried to find information online on how to calculate or at least estimate taxes on passive income in a corporation. I read your article How To Prepare Corporation Income Tax Return … Continue reading

Change in use election for proncipal residence

Hi Allan, thanks for having a great website resource available. Have a question regarding change in use of principal residence to rental property. Is there a time limit on when to file a change in use subsection 45(2) election. I read somewhere that we can’t file that election after 10 years from when the change … Continue reading

T2 CCA how to record Proceeds of dispositions assets

We’ve sold most of our assets that we have depreciated. These were sold for the original costs. The remainder assets are either worn out and trashed or we kept for personal use as the business is now closed. So how is this record in CCA in a T2 tax return. For example: $30,000 worth of … Continue reading

dividende or salary

I own a small business, what would be profitable, get a salary or write myself a dividend. if it’s a dividend whats the maximum. Thank you

Do i need to file a final (Departure) tax return as a non-resident?

I was on a work holiday visa in Canada and lived there from July 2015 to January 2017 and permanently returned home overseas after that. In 2016 I filed a CRA tax return as a non-resident since I had a tax treaty with my country abroad. Now i’m wondering if I have to file a … Continue reading

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