Archives: Questions

Question

non-resident receives income non-taxable in Canada, must be declared in my world income?

I receive interest from a Canadian Bank not taxable in Canada because of a treaty with Italy. Do I have to enter that amount on Schedule A, as income from Canadian sources? Thank you very much.

Self Employment Taxed Where

I am self employed in the US, am a US citizen, spend more than 183 days in the US and have a permanent establishment in the US. All self employment is for US clients, and performed in the US. However, I also have Canadian permanent residency. I do no work and have no income in … Continue reading Self Employment Taxed Where

Eligible or Non-Eligible for CCPC

Hi, I am a IT consultant with a numbered corporation in Ontario. My accountant mentioned that private corporations (CCPC) cannot declare Eligible dividends. Is that true? I’ve been reading about this online and it seems that private corporations can declare Eligible dividends.

balance the Opening Balance

Hello Madan, To balance the Opening Balance, Sales and Taxes charged on sale, is it correct to credit the Capital Stock account? Thank you Ali

new Business, loan or invest?

I just started a corporation and I was wondering how do I start buying things that the corporation needs? Should I loan money to my corporation or should I just put my personal money in the corporation bank account? Does the corporation have to pay tax on money that is deposited in the corporation bank … Continue reading new Business, loan or invest?

US Citizen offered Consulting position at canadian client of US company

Hi Madan – your videos and answers to other posters questions have been most informative. I work for a multinational corp based out of India (I’m a US citizen working for the US corp) I’m a Program Manager consultant in the IT consulting organization. They are offering a project based in Vancouver BC. I’m looking … Continue reading US Citizen offered Consulting position at canadian client of US company

Canadian Corp loan to US corp affilate – does Canadian Corp file a US return?

If a Canadian Corporation owns 60% of a US corporation that operates and pays taxes in the US, and the Canadian Corp earns interest income on a loan to the US corp, does the Canadian corp have to file a US tax return?

Can CMHC insurance add to ACB when selling The rental property?

Sold rental property last year. Just wondering if I can add CMHC insurance to ACB.

Personal tax for money coming from abroad and incorporation tax

Hello! I am a foreigner and non-resident of Canada. If I open an account with inheritance money coming from my home country, do I pay taxes on that initial deposit? If I have an account which receives income from my personal business, in which threshold do I fall in terms of the percentage I have … Continue reading Personal tax for money coming from abroad and incorporation tax

Drop shipping internationaly from canada

Hi Allan, I want to do a business online by doing drop shipping to the US mainly and around the world. As i mention, i will adopt the drop shipping model. People place orders on my online store and then vendors ship directly to my costumers. i will have suppliers in the us and overseas. … Continue reading Drop shipping internationaly from canada

how to report cash withdraw from corporation that makes no profit

Hi, Thanks for this amazing website. My corporation has sales with no profit, how can I report cash withdraw which was advanced by shareholders please? Thanks in advance, and

Interest on Fixed Deposit in Inda

I was working in the middle east and came to Canada in 2006. I had accumulated some funds in India and invested in a Fixed Deposit in India in 2012 the equivalent of CAD 200,000 which would mature in 2022. The maturity amount would be approx. twice the initial deposit. This amount was never disclosed … Continue reading Interest on Fixed Deposit in Inda

how to report cash withdraw from corporation makes no profit

Hi, Thanks for this amazing website. My corporation has sales with no profit, how can I report cash withdraw which was advanced by shareholders please? Thanks in advance,

Division of rental income for tenants in Common

Hi Allan, We are three joint owners (tenants in common) of a triplex in Toronto. One of us lives on one floor of the property as a principle resident. We rent out the other two units – the basement and main floor. We were wondering how to split the rental income among the three of … Continue reading Division of rental income for tenants in Common

Canadian PR, US Alien resident, w/ Bank Accounts in Canada.

Hello Madan, Seen your videos online and they are great! I would like to seek your advice on my situation. I have become a Canadian PR in 2017, have been a US Alien Resident since 2005 and pay US taxes. Presently reside in the US, Citizen of India. Have been in Canada for 4 days … Continue reading Canadian PR, US Alien resident, w/ Bank Accounts in Canada.

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