Questions Archive

Canadian Doing Online Business in US

Hello, I am a Canadian tax resident and I am building an online business which I wish to register as an LLC in the US. I have, until now, only ever operated a business as a Canadian sole proprietor (in Ontario) – providing freelance services. Very simple. Now, I really need advice. It’s easy to … Continue reading

Sub contractor — Courier

Do Couriers Need Buisness Number To Claim Expenses In Canada

Dividends Paid to Family Member of Medical Doctor

Hi Allan, I wanted to discuss the best way to deal with pending tax changes for money held within my professional corp. How are accountants, lawyers, doctors, dentists dealing with the potential changes? It seems like the tax changes have their eyes squarely focused on going after money retained within the corp. I know they … Continue reading

Registraion on your forum

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What is the Tax implication in canada as i am working from canada and getting salary in india after TDS in my NRO account in India ?

Hi, I am a PR card holder in canada, working for indian organisation electronically and visit India for 15 days twice a year. My employer is paying salary after deducting Tax Deducted at Source (TDS) and Provident Fund etc in my NRO account in India. Q1. While filing my Income tax return in canada, i … Continue reading

What is the best way to sell realestate held in corporation?

Hi, Me, my sister and mother own a small commercial building in a corporation. We want to sell the property. Should we make it a share or asset sale? The intention is to use the money from the sale to purchase a house that will be my mothers and sisters primary residence. Me and my … Continue reading

Independant Consultant

I will be a independent consultant for a USA company. Do I have to charge them GST and PST on my invoice. Please advise. thank you What accounting software do you use or recommend to keep my books in order?

Capital Gain Tax on property

My mom and I purchased a condo in 2005. I lived with her for 4 years and moved out. The condo is her primary residence since 2005, and my primary residence for 4 years from 2005 until 2009. We are planning to sell the condo this year. 1) What will be our tax liability? Assume … Continue reading

Sale of primary residence

My girlfriend and I are looking to sell her condo which we have been renting out for the last 2 years. She owned the condo for 8 years total; with it being rented out for the last 2 years while she lived with me. Is the capital gains calculation straight forward. Meaning, since we live … Continue reading

i want to pay myself in my business with T4, how can i do it?

unbalanced Trail Balance

Hello Allan, The 2017 unbalanced Trail Balance shows a debit balance equal to the bank statement begging balance 1 jan.2016. Could you explain how to correct this error please? Thank you

Incorporate to do uber

Hi mr. Madan Is it possible to form a corporate to lease a car so i can do uber, or is there any better approach. Please note that i am a newcomer and dont have credit history

Reporting UCC

Hi Allan, I am not quite sure about how to balance the Capital Assets – $400 in the balance sheet. Is it correct to report the UCC – $500 under Shareholder’s Loan, if the answer was no, please advise. Your help is highly appreciated, Regards, Ali

Canadian Corporation with opportunity to work in US

I am an IT contractor, with a Canadian corporation with an opportunity to work in the U.S. on a Corp to Corp basis. I need to make sure I have the right paperwork and am setup correctly with the IRS. I want to avoid US Corp taxes by virtue of being treaty exempt and would … Continue reading

Recording undercoated capital cost

Hi Allan, If the UCC of equipments in jan. 1, 2017= 500$, assume depreciation amount 100$ at the end of 2017. Could you advise where the 500$ and 100$ would be recorded in the General Ledger and the Balance Sheet please? Thanks for your time Regards, Ali

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