Archives: Questions

Question

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

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 Capital Gain Tax on property

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 Sale of primary residence

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

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 Canadian Corporation with opportunity to work in US

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

Property Flipping company Structure?

Hello Mr. Madan, We are a family based business planning to buy, renovate & flip the real estate houses. What should be the best optimize structure to set up the business? I was think to go with: Family Members- Trust- HoldCo- OptCo Can you please advise? Regards

cap gain on principal residence

Hi .. is cap gain exemption on principal residence valid for a new building too? Assuming someone owned the property for 10 years, lived in it for all that time, and then tear down to the old building to build a new house. how long (if at all) does someone need to live in new … Continue reading cap gain on principal residence

Beginning real estate investing in US and Canada

Beginning Real Estate Investing. As It Will Be In The US And Canada. Need To Set Up LLP And LLC. We are unsure if C Corp is needed. We were referred by Jenna. A similar situation to Megan who is seeing you. Thxs

Incorporating a start-up company

Hi Allan, We moved from India to NB, Canada 10 days back. I would really appreciate some advice. My husband has 2 IT products. One product is a pre-packaged software and other product is also a pre-packaged software but we do provide customization services for this product. Both products have combined profit of 60000 cad … Continue reading Incorporating a start-up company

Indian citizen with Canadian PR and taxes

Hello, Allan. We became permanent residents in Canada in January 2016. I, together with my children, decided to stay here while my husband decided to leave and stay and work in our country (India). We still have properties and a house in our country and my husband is a self employed in our country. What … Continue reading Indian citizen with Canadian PR and taxes

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