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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 Selling Proceeds

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 Subcontracting for a sole Proprietor Business

Need help with knowing how to enter hst reassessment from past years

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minor kids received INR cash as gift from grandparents

Does the rule of travellers bringing in $10000 cash into canada apply to minor kids as well. My kids both under 13yrs received INR cash equivalent to C$4000 each as gift from grandparents. Can they bring it in Canada without declaring or any questions raised later by CRA when I deposit in their accounts.

How can i record h r from past years

Need help with knowing how to enter hst reassessment from past years

Re-established in Canada & Selling Internet Domain

I saw you respond to a question on the turbotax community, I have a similar question. While I was a non-resident for tax purposes and living abroad, I bought an internet domain for 3k. I returned to Canada recently and have became a Canadian resident again, I’m working and have already filed a tax return. … Continue reading Re-established in Canada & Selling Internet Domain

Is an EIN/ITIN really required to Do Online Business From Canada in the US

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Are there any tax benefits of being a tri-citizen of canada, australia and ireland?

Dear Madan team, I am working Canadian resident and am looking into providing my services through a corporation to save on taxes. I work in film as a creative in both Australia and Canada but also plan to work in Ireland in the future. Are you aware of any financial benefit I may have being … Continue reading Are there any tax benefits of being a tri-citizen of canada, australia and ireland?

Are royalty fees a deductible Business Expense?

Hello, Are royalty fees a deductible Business Expense for small or large tech companies in Canada? For example a royalty fee (charged as a percentage of sales revenue of said product) for the use of a software product/license. Thanks, SV

What’s the capital gains tax rate in cana?

Hello, What’s the capital gains tax rate in canada, for example when selling one’s company? Thanks, SV

Incentives for moving business to canada?

Hello, Are there currently any significant incentives, such as paying no taxes or no capital gains tax for x number of years, for a US-based company relocating to Canada? Thanks, SV

Up to what revenue amount or Number of employees is a company considered a “Small Business”?

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starting a freelance business

Greetings, I saw one of your youtube videos and I have a question about business structure. I want to start a Freelance business doing digital marketing and I want to do Uber on the side. Being a newcomer with no credit history, is it better for me to start as a Sole proprietor or as … Continue reading starting a freelance business

Non-Resident Withdrawal – RESP

Continue with the question “What Happens To Your Child’s RESP When You Leave Canada?”. What will happen when I withdraw RESP for my non-resident child college? Is there a 25% tax hold on capital growth and tax hold on $7200 limit? The account owner is non-resident status also. Thanks

Selling Expenses

Hi I like the simple, yet understandable information you have here. But I am a bit confused on the cost part. As mentioned, if preparing the property for sale, I incurred costs like painting and putting in a new boiler, I should claim it under my personal taxes? But since its cost to prepare the … Continue reading Selling Expenses

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