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Question

Where does My shareholder account fall on the company’s balance sheets And Do I eventually need to pay it back?

Hello Allan, I been following you on youtube and your videos are awesome A1 quality. I am a Calgary accountant with my own practice, I have been recently struggling with fully applying the shareholder loan to the T or 100% was wondering to see if you can fully explain it to me. Where does this … Continue reading Where does My shareholder account fall on the company’s balance sheets And Do I eventually need to pay it back?

If i Consider withholding tax as my final tax obligation, do i still need to file my tax returns?

I am non-resident canadian since Oct 2015, I filled my last departure return in 2016 for tax year 2015. Recently I bought my Ist property in Canada and declare as a rental property (Hired a property manager to manage the property and collect the non-resident withholding tax on rental income and pass to CRA). I … Continue reading If i Consider withholding tax as my final tax obligation, do i still need to file my tax returns?

How would incorporating affect capital gains made from selling real estate?

I am interested in incorporating in the near future. My only question is how would incorporating affect capital gains made from selling real estate? You mentioned that gains under a corporation are taxed up to 60% – so isn’t it better to not incorporate, and pay only 50% of individual tax? Also, if my rental … Continue reading How would incorporating affect capital gains made from selling real estate?

Tax implications in Canada for inheriting Real Estate and Shares in India.

Tax implications in Canada for inheriting Real Estate and Shares in India.

Can you become a non-resident of Canada if you owe taxes?

I have a quick question that I cannot seem to find an answer for. Can you become a non-resident of Canada if you owe taxes?

Filing T1135

Thank you Allan for your great Forum! We bought condo in US in 2012 and we personally use it from 2-4 months per year and rent it for the rest. When we deducted expenses and depreciation we did have a loss and we decide not to calculate depreciation for US return. Income was reported in … Continue reading Filing T1135

Do I need a business license on my income tax for freelance work?

Do I need a business license (a business number) to write off expenses, such as rentals, mileage, etc.) on my income tax for freelance work? Do I just fill out the Schedule C? Or do I need the business license to do this?

Is it possible to split rental income with spouse when mortgage is only on my name? (Downpayment however is coming from our joint account line of credit)

Hi There, I am looking to purchase a rental property. I can qualify on my own or I can jointly qualify with my spouse. Is it possible to take the mortgage in only my name however for income tax purposes split the income with my wife? The downpayment for the property is coming from our … Continue reading Is it possible to split rental income with spouse when mortgage is only on my name? (Downpayment however is coming from our joint account line of credit)

Vacant land and tax residency

Dear Allan Madan, My wife and I are Canadian Citizens and have been living for 11 years in the Philippines. We both are Non-Residents for Tax Purposes in Canada (all ties are broken) and do not have to file a Canadian Income Tax anymore. Now, we are thinking of buying a Lot (Vacant Land only) … Continue reading Vacant land and tax residency

Am I resident or Non-Resident?

I left to move to the UK in February 2017, originally intending to reside for several years there, however I now wish to return to Canada. I rented out my Canadian condo and remitted the 25% Non-resident tax. The lease expires at year-end. …should I return before year-end, and if I do am I resident … Continue reading Am I resident or Non-Resident?

How can I deduct interest on a second mortgage?

HOW CAN I DEDUCT AN INTEREST ONLY SECOND MORTGAGE. I BORROWED 50000 TO PAY OFF DEBTS WHICH INCLUDED A LINE OFF CREDIT?

Child Benefit and Tax Return Filing outside of canada

I am a Canadian PR holder currently working in Saudi Arabia. I received my PR Status only last year i.e. 2016 July. I was in Canada for 5 months last year from July to December and then retuned back to Saudi Arabia to continue my work. During this period of stay I received Canada Child … Continue reading Child Benefit and Tax Return Filing outside of canada

Can I pay my Canadian taxes without income in Canada?

Hello, I am Canadian Permanent Resident, but not living in Canada. I am an Indian Citizen. I landed in Canada on April, 2014 and stayed there for couple of weeks and returned and never returned back. I want to know, whether I can pay my Canada taxes with out no income in Canada. I’ve a … Continue reading Can I pay my Canadian taxes without income in Canada?

What are the rules around carrying forward unused cCA?

I would like to know the specific rules around carrying forward unused CCA. There is an option through Turbo tax to override the CCA you can claim for the year, so it can be carried forward, and I was told that when you file that amount is registered with CRA, and that you can carry … Continue reading What are the rules around carrying forward unused cCA?

What Rate To Charge World-Wide Customers Via Online Sales?

Hello Allan et al; I have not been able to find an answer to this question, so i very much appreciate your help and look forward to retaining your services in 2018 & beyond… Quick intro on myself. I just opened a Federal Numbered Corp, dual registered with Ontario. The business activities consist of selling … Continue reading What Rate To Charge World-Wide Customers Via Online Sales?
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