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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?

who am i……………….?

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can I report my salary as an operating expense?

As a sole director of my corporation, can I report my salary as an operating expense and if I do so then do I have to report my salary amount as an income on my personal return even though I am not showing any profit on my corporate return?

Who can they trust?

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