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missed interest payment on Prescribed rate loan

Hi, As the title suggests, I made an error and did not make the interest payment within 30 days of my low interest loan to my trust. The trust’s year end is 12/31 and it is now 2/27. Is there anything I can do to make things right, ie not have the gains of the … Continue reading missed interest payment on Prescribed rate loan

Withdraw cash from hold co

Hello, I was wondering how you could withdraw money from a hold co. to use personally without having to pay significant tax? The money was sent through tax free dividends from my operating company’s to the hold co.

Any tax deduction for a Stock grand like there is for a Stock Option ?

If you get $1000 dollars worth of stock based on today’s stock price of $10 (so 100 shares) and in 3 years the stocks vest at $15. You have a income of $1500 in three years that you need to pay tax on. Is there any deduction like there can be in a stock option … Continue reading Any tax deduction for a Stock grand like there is for a Stock Option ?

Personal Residence under holding company

I have a piece of land in my holdingco. If my building company built a house on the land for my personal residence. Can I follow the steps stated in your Vedio about this subject by incorporating another company that would buy the house from my holdingco and then using the house as personal residence … Continue reading Personal Residence under holding company

Dividend paid by Opco to Holdco

Opco has paid management fee to Holdco. The company management wants to reflect it as dividends. In Opco the dividends will be charge against the retained earnings but in Holdco how will dividends be reflected in the p&l statement. I understand that intercorporate dividends are non taxable to holdco.

Do I file canadian tax return if i’m living in UK?

I recently left Canada to live/work in UK on a two year visa. I do not own real estate in Canada, but still have TFSA and bank accounts in Canada. Will I need to file Canadian tax returns for next two years?

Deemed non-resident Canadian

Can I call myself as Deemed non-resident Canadian? If in name of significant residential ties, my wife and kids living in Canada but I’m living outside of Canada and for tax purpose I’m resident of another country (India). As per CRA website (“If you established ties in a country that Canada has a tax treaty … Continue reading Deemed non-resident Canadian

Best way to deduct home office expense with corporation

My primary workspace is my home office. I pay a monthly rent and was wondering what is the best way to deduct a percentage of this expense to the corporation? I currently do not do payroll and would like to avoid doing so if possible to keep things simple. What are my options?

Income Tax in Canada

We are small private corporation established in January 2017. During 2017 we sold products online at amazon.com for $1600 and it costed us $1700 to manufacture and deliver. Is my understanding correct that “Sales” apply to sale of products not money deposit to corporations bank account? Please advice do we still need to fill tax … Continue reading Income Tax in Canada

Do I Need To Get All My Savings With Me In Cash Upon First Landing Or is there any other way to get my savings to Canada? Can I Do A Bank To Bank Transfer From My Home Country once I have Landed In Canada and opened a Canadian bank account? I Have Proof Of Income To Show For all My Savings.

Do I Need To Get All My Savings With Me In Cash Upon First Landing Or is there any other way to get my savings to Canada? Can I Do A Bank To Bank Transfer From My Home Country once I have Landed In Canada and opened a Canadian bank account? I Have Proof Of … Continue reading Do I Need To Get All My Savings With Me In Cash Upon First Landing Or is there any other way to get my savings to Canada? Can I Do A Bank To Bank Transfer From My Home Country once I have Landed In Canada and opened a Canadian bank account? I Have Proof Of Income To Show For all My Savings.

Capital Gain

Thanks for letting me know about capital gain but problem is my parents are in India and Indian citizen and never came to Canada. If they want to give me some property as a Gift which they bought in 1989 in $5000 and now it’s $200000. If they transfer property to my name in year … Continue reading Capital Gain

Capital Gain

My parents want to give me one residential house as a gift. My parents bought that house in 1989. If I transfer that property to my name and keep for some time or sell immediately then how CRA calculate capital gain. Let’s say bought by parents in $5000 in year 1989. Now its actual value … Continue reading Capital Gain

need to sell property back home

My parents want to give me one residential house as a gift. My parents bought that house in 1989. If I transfer that property to my name and keep for some time or sell immediately then how CRA calculate capital gain. Let’s say bought by parents in $5000 in year 1989. Now its actual value … Continue reading need to sell property back home

Corporate Tax Rate for Property Management Company

You say that the management company in a three tier real estate investment structure only pays %15.5 tax on its business profits. But would this not only be the case if this management company employees 5 or more people? If less then five people what rate would the company pay on its profits.

My kids have Canadian citizenships except for my wife. Would I need to file income tax to CRA?

I am a Canadian who lives in Japan. I had left Canada many years ago and have been paying income tax to the Japanese tax agency ever since. Last year I took my Japanese wife and kids to Toronto and rented a unit under my name. My kids have Canadian citizenships except for my wife. … Continue reading My kids have Canadian citizenships except for my wife. Would I need to file income tax to CRA?
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