Questions Archive

SR&ED tax credit & expenses which are included for this purpose

Hi Allan, If someone pays for one app for example $300,000, and it is a new app, is it possible to consider some of expenses of it as SR&ED in order to get tax credit? If yes, how can I determine which expenses are included as SR&ED? And Which for should I fill out in … Continue reading

Canadian Apprentice Seeking To Work in the U.S.

Hello, thank you for your passion and expertise. I’m a certified rock guide apprentice from canada – this means I am working my way to a full guide but at this time i am in a mentorship phase – though i can be employed and work with the public. I want to be in California … Continue reading

Canadian residing in USA on TN visa, investing in real estate in USA

I am a Canadian citizen working in the US on TN visa. I wish to invest in rental property in the U.S. However, to get credit lines for investing in multiple rental properties, I am asked to form an LLC. However, your advice is that LLC will lead to double taxation when filing taxes in … Continue reading

Non capital Loss transfer

We control two corporations – one corporation is dissolving due to non viability, this corporation has $200,000 in non capital losses. Can our second corporation acquire this corporation and utilize the losses against previous and future gains?

Canadian Company, Canadian Employee, Canadian Dollars, working remotely, temporarily, partially – tax implication with the IRS??

Are there any tax implications for a Canadian employee, working for a Canadian Corporation, paid in Canadian dollars? Total time in the US is about 20% of the annual hours.

Voluntary Disclosure

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How To Treat Dividends And Licensing Fees On Corporate Tax Return

I have a question about HST charged on licensing fee (for 5 yrs) of a business. How would I file this in T2? Is this considered as an operating expense under “amortized intangible assets”? Second question is regarding cash dividend payout to shareholders. Is it necessary to report this in Balance Sheet, or is reporting … Continue reading

real estate accounting services

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T5 Issued to Non Resident of Canada

I am a non resident of Canada since end of 2016. I forgot to update the information on one of my accounts and was issued interest income on a T5. How do i file this interest income form 2017, under (T5) or under (Non-resident Net interest and other investment income).

Canadian Non Resident in Australia

Hi All In 2016 Canadian tax, I have been successfully made as nonresident by CRA. In 2017, I had final income from my work in Canada. So, as a non-resident, how much portion of my Australian income can I put for “Amount of foreign tax treaty”? Thanks

Loss and profit of Stock, Dividend

Hi Allan, Hope you are doing fine. There is only one question about security in QuickBooks. If an owner of a company opens TD Waterhousing (For trade stock), which GL account should she select for it and how to set up this GL account? Since he got profit and also loss, and also got dividend … Continue reading

what happens if we leave shares in our trading accounts after declaring non residency

Hi Allan, Your blog is just fantastic. I read most of the previous Q&A but I still have few more questions. We are Canadian citizens and moved to the US in Sept 2016 and sold our house before moving. We have filed Canadian taxes for both 2016 and 2017 since I got some money from … Continue reading

Capital Improvements to a Rental Property – when and How to claim

Hi, We are a retired couple in Ontario, and own Investment Real Estate Property. We would like to sell the property next year. If we invest $30K to upgrade the property (kitchen, bathroom, etc), we will be able to sell it for $50-$60K more. We were wondering if we should claim the upgrade as maintenance … Continue reading

Selling Proceeds

Dear Allen I hope yo are well? I have a new question for you idf I may. I have a property that was purvhased under my name for my mother. Actually she paid for the purchase and she was the person living in the property. The property was purchased for about $504,000 under solely my … Continue reading

Subcontracting for a sole Proprietor Business

Hello! You have an excellent site with a lot of information that’s been really helpful for my small business. I am a Canadian running a sole proprietor, service-based business. I’m considering taking on a contract from a US company that could be worth more than $100,000 USD. Most of that would have to be paid … Continue reading

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