Archives: Questions

Question

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

How to report cash foreign inheritance

If I receive a cash amount of inheritance from my father in my country of origin, and I keep it in a bank account there, how do I report it to the CRA. It is inherited directly, not through a trust. Which forms to use ? Any other documentation required ?

Selling property in Costa Rica

We are Canadian citizens who moved to Costa Rica and purchased a property. We are selling and moving back to Canada (have only been gone from Canada for 1.5 years). We did not make any money in the sale, we broke even, and will be depositing the same amount into our Canadian account that we … Continue reading Selling property in Costa Rica

how to reduce capital gains paid when selling a business?

Good day Mr. Madan, I’ve got a restaurant business that I am interested in selling. However the price that I bought it at compared to the price that I can now sell it at is has a large variance hence I would have to pay a large amount for capital gains. I would be using … Continue reading how to reduce capital gains paid when selling a business?

Working as a consultnt for US Compny without any entity in Canada

Hi Allan, Me and my wife have recently moved to Canada from India and our previous employer in US wants to continue with us as consultants. They asked us to send the invoice and will pay us in Canadian dollars but they do not have any Canadian entity. I wanted to know the best way … Continue reading Working as a consultnt for US Compny without any entity in Canada

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