Archives: Questions

Question

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……………….?

Restricted content

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?

Restricted content

How do you account for coporate party where our clients are involved as well as all the employee within the company?

Restricted content

Does IRS treat same way as CRA on Capital Gain Excemption on Primary Canadina resident property

Restricted content

When should I submit to CRA the departure tax return as a non resident for tax purposes?

If I am leaving the country to settle in Costa Rica, and cut the ties with Canada to become a non resident for tax purposes, when should I submit the departure tax return to CRA? Thank you

Years to become Non resident

Due to uncertainty, one may become non-resident and return again. Is there a minimum number of years one must stay as non resident in order to claim it?

183-day rule in any 12 months

Restricted content

183-day rule in 12 months

Is the 12-month starts from 1st Jan to 31st Dec? If so, stay from 1st Aug to following year 31st May still within 183-day rule in 12 months?

Non-tax resident of any country

I am a freelancer who considers abandoning Canada, severing all ties and travelling across the world. Can a person be a resident of no country? I have 3 citizenships, including Canadadian.

Holding company

Hi, When you hold a holding company, do you file a corporate tax return and financial statement annually too? Thank you so much for your advice about flowing money through my company to a holding company to buy a personal residence and I need to really consider the annual expenses of annual filings for a … Continue reading Holding company

Financial Statements and Corporate Tax Return

Hi, do you charge a separate fee to file a financial statement vs a corporate tax return for a small business? It’s a professional corporation, with minimal overhead (office in house and minimal expenses). I’m currently getting charged around 50 percent more to file my financial statements from an accountant than to file a corporate … Continue reading Financial Statements and Corporate Tax Return

Tax implications when converting real estate from joint to sole ownership

About 14 years ago we helped our daughter to purchase a house. The house is registered on our 3 names in equal parts. My daughter lived (and still lives) in the house all these years and it’s her principal residence. No part of the house was never rented or otherwise generating any income. Now we … Continue reading Tax implications when converting real estate from joint to sole ownership

Pin It on Pinterest