Questions Archive

Can a non-capital loss for a certain year be carried forward?

Hello, I had a question on whether a non capital loss for a certain year can be carried fwd by skipping the immediate next year, to be applied 2 or 3 years after. For example, if I had a 10k non capital loss generates in 2010 and to be carried fwd. If I make $50k … Continue reading

First Year of Being Incorporated

Hello, I cannot seem to comment on the article on how to complete a corporation income tax return for business in Canada. I Appreciate all the info you have provided in the article and all the q&a’s in the comments. I had a question that many others asked as well regarding the first year of … Continue reading

How much money does your small business need to generate before you can write stuff off?

I need to ask some question on how much money does your small business need to generate before you can write stuff off .

Buying Canadian Real Estate via Foreign company

Hi, I was wondering what are the limitation and taxation of buying RE via a BVI corp. As a non-Canadian. Thanks, Tomer

Canadian tax on consultancy contract with foreign Company

Hi Madan, A quick question which I suspect I already know the answer to but thought it worth asking. I worked under contract as a consultant (in Canada) for 6 years on a monthly retainer/salary paid by a Kuwait based and 100% Kuwaiti owned company – they were my sole client. All of my work … Continue reading

Telecom communication services

Can you please advise is there any change to the place of supply rules for Telecom communication services? Basically I want to know how we charge hst/gst for 1. Service/Call originates in (starts in) Province 2. Service/Call terminates in (ends in) Province 4. Toll free service – Do we need to charge tax on it? … Continue reading

Non-Resident US Return

Hello I’m a Canadian resident and citizen and I’m considering taking a consulting position with a US based firm. I have my permanent home in Toronto but would be commuting on a regular basis to work in the US. I watched some of your videos which I found helpful. I would appreciate any advice if … Continue reading

If I wish to sell an Indian property and repatriate the funds back in Canada, what is the procedure?

I had purchased a home back in India in 2006 used for family and personal use and using funds I transferred from Canada to there. Since the cost amount then was around 85K CAD, I did not have to declare and file the 1135 form. If I wish to sell that property and repatriate the … Continue reading

Questions from New Sole part-time I.T. Consultant

Hello Allan and the team, My husband is a part time I.T. consultant and based in GTA, he earned $1000 in 2016 and invoiced the customer $1113 (that included tax) and deposit all the money to the business bank account. Do we need to write a cheque $113 to Government for year 2016 and file … Continue reading

Does receiving the NRRP Rebate in a Sole Proprietorship Require Adjusting UCC?

CRA Guide T4036 only mentions the UCC reduction for GST/HST rebates in the partnership section. What are the implications outside of that? Does the UCC reduction also apply to sole proprietorship as well?

Is US income taxable for Remote US workers living in Canada (Visitor Status)?

Hello Madan CA team, I am a US citizen working for a US firm with no clients or affiliations in Canada. I will be living in BC for three years as my partner completes his masters program. I currently have a visitors visa record spanning this period. I am wondering if I have tax consequence … Continue reading

is it possible to file my own t2?

I have been running an incorporated company for few years now, but haven’t done business last year. Zero in sales. i just filed my GST and I was wandering if i am able to file my own T2 without an accountant since i haven’t done any business. BTW, great videos and i look forward to … Continue reading

Foreign Income

Hello Sir, I am a US citizen working in India for a US company and have been since June 2014, however I was in US in 2016 52 days reporting to headquarters, do I qualify under the bona fide residence test and can I exclude all the foreign earned income. Thank you,

Should I take spouse as employee in my corp ?

Hi Allan At the outset, I’d like to commend the great work that your team has been doing. This portal is a great resource for hard to find information on critical tax matters This is my first year as an incorporated contractor and the projected revenues are ~ $160,000 (September year end) from technology consulting … Continue reading

Moving expenses against dividends from my corporation

Hello, I tried to claim moving expenses against dividend income on my personal income tax. The dividends were my only income and we’re paid by my own corporation (no salary). Shouldn’t the dividend income in this case be considered as self-employment Income? It is not dividend from an investment, so why would it be rejected … Continue reading

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