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File tax as a Permanent Residence of both US and Canada?

I’m an US green card holder working and living in the US for at least 5 years. In the end of 2017 my wife, me and my youngest daughter became Canadian PR by being sponsored by my oldest daughter. Only my wife has been still residing in Canada living in my daughter’s house since landing. … Continue reading File tax as a Permanent Residence of both US and Canada?

Union parking allowance

My electrical union paycheques get broken down into regular hours, overtime hours, vacation, and parking allowance categories . Because of our awesome union, we get allocated $17.25 per day for parking. That $17.25 is taxed along with the rest of my salary as if its work income. It doesnt seem right to get taxed on … Continue reading Union parking allowance

Paying GST/QST for less than 30k

Last year I charged QST/GST for my services, assuming I’d make more than 30k. However, many of my clients being international (thus zero-taxed), my actual GST/QST taxable sales were just under 30k. But if you add the tax I charged, then it’s over 30k. What do I do now? Send in all the GST/QST I … Continue reading Paying GST/QST for less than 30k

When to report Inheritance, Which Form, late filing

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How to get a marage Tax loan?

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do small Business allowed to claim HST paid in canada to provide services to overseas clients (in USA)?

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What is the best tax structure for a couple having multiple rental income

Hi, My wife and I own a detached house and a condo (i.e. both our names on title and mortgage). The house has been our principle residence for the last 6 years, and we have recently moved to the condo 6 month ago. The house has 3 units, and are all rented out currently. We … Continue reading What is the best tax structure for a couple having multiple rental income

paying mortgage from hELOC

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Foreign Company as Shareholder in Canadian Subsidiary?

Hi, What are the tax implications of having a foreign company as the only shareholder in its Canadian subsidiary versus the shareholders of the foreign company being shareholders of the Canadian subsidiary? Two of the three shareholders of the foreign company will not be residing in Canada. Kindly advise.

Interest expenses in Real Estate

Can you provide clarity on 2 question regarding rental properties and the T776 form: 1) How do you calculate the Land vs Building Costs for the Capital Costs when purchasing a new rental property? Or is 100% of the purchase price able to be claimed in the CCA Capital Cost? 2) If you are using … Continue reading Interest expenses in Real Estate

A few months ago I spent $100,000 to renovate an existing rental property.

From now on, should I add the $100,000 onto my current un-depreciated amount to calculate the 4% annual depreciation (CCA)? When I sell my house in the future, how do I calculate my capital gain, since now my property price is no longer the “original” purchase price, but $100,000 more.

Transferring Inventory from sole proprietorship to corporation

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How to claim full house rent as an employment benefit from my own corporation

Hi, Is there a way in which instead of taking a high salary, my own corporation pays for my housing rent and utilities as an employment benefit? It is to be noted that my house will NOT be used for business purposes and I have a separate office. I just want to know if house … Continue reading How to claim full house rent as an employment benefit from my own corporation

Canadian corporation for US/CA citizen

Current scenario: •$150,000 CAD yr taxable sole-prop income (Canadian sourced) •US/CA citizen •Canadian resident Wishful scenario: •Canadian Corp (SBD) tax rate (15%) •$47,630 Non-Eligible Dividend Salary (6.87%) Not sure if Canadian Corp is viable because CFC and Subpart F / GILTI tax. With “current scenario” whats the most economical tax strategy? Is a Canadian Corp … Continue reading Canadian corporation for US/CA citizen

2018 Dividends payment

If I have a profit in my corporation, could I pay myself a dividends as well as my wife in case my wife as non-voting share holder, what is the tax rate for these dividends please?

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