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Is it possible for my corporation to loan money to a person who is not an employee or shareholder?

Hi Allan, Is it possible for my corporation to loan money to a person who is not an employee or shareholder? If so, what terms and interest rate would be considered reasonable? Other than the risk of not getting paid back, are there any downsides from a tax standpoint? Thanks and happy new year!

Rental proprty used as primary residence

i m residence of montreal. We bought duplex which has basement with 2 kitchen ,upper floor with one kitchen and second floor with one kitchen. All level as separate entrance and also inter connected entrance. we took out all civic number and made one.someone from city came to verify it we also made door from … Continue reading Rental proprty used as primary residence

former u.S. resident alien with capital assets moving back to home country of canada

Hi there, Love the site and the resources! I’m in a bit of a situation right now where I’m trying to figure out my tax situation from the U.S. standpoint. I want to make sure the IRS won’t come knocking on my door some odd years later demanding unpaid taxes! Here are the relevant facts: … Continue reading former u.S. resident alien with capital assets moving back to home country of canada

Non-Resident Canadian

Thanks for letting me know that I cann’t become non-resident Canadian if my wife and kids living here. But what about if you are separated and kids (14 & 16 yrs) living with wife. Thanks in advance.

Non Resident Canadian

Can a person become non-resident if his family living in Canada i.e. spouse and kids? Wife and kids don’t want to leave Canada but husband want to leave Canada and want to become non-resident Canadian.

Tax Waiver (Regulation 105 Waiver)

I found your web page about US citizens working in Canada and have a few questions. I’m plan to start working in January 2018 for a Canadian organization in Vancouver, BC, as an independent contractor (grant writer for nonprofit arm of a corporation). I live near Seattle, WA. When I start, I will come up … Continue reading Tax Waiver (Regulation 105 Waiver)

If a shareholder took a loan from the company to pay for a downpayment on a home dwelling, How is that accounted for and how to account for it over time?

Hello Madan.. Love your videos been following you for a long time. Appreciate your knowledgeable videos. Regarding if shareholder took a loan from company to pay for a downpayment on a home dwelling. How is that accounted for and how to account for it over time ? Also can you take a loan from company … Continue reading If a shareholder took a loan from the company to pay for a downpayment on a home dwelling, How is that accounted for and how to account for it over time?

Where does My shareholder account fall on the company’s balance sheets And Do I eventually need to pay it back?

Hello Allan, I been following you on youtube and your videos are awesome A1 quality. I am a Calgary accountant with my own practice, I have been recently struggling with fully applying the shareholder loan to the T or 100% was wondering to see if you can fully explain it to me. Where does this … Continue reading Where does My shareholder account fall on the company’s balance sheets And Do I eventually need to pay it back?

If i Consider withholding tax as my final tax obligation, do i still need to file my tax returns?

I am non-resident canadian since Oct 2015, I filled my last departure return in 2016 for tax year 2015. Recently I bought my Ist property in Canada and declare as a rental property (Hired a property manager to manage the property and collect the non-resident withholding tax on rental income and pass to CRA). I … Continue reading If i Consider withholding tax as my final tax obligation, do i still need to file my tax returns?

How would incorporating affect capital gains made from selling real estate?

I am interested in incorporating in the near future. My only question is how would incorporating affect capital gains made from selling real estate? You mentioned that gains under a corporation are taxed up to 60% – so isn’t it better to not incorporate, and pay only 50% of individual tax? Also, if my rental … Continue reading How would incorporating affect capital gains made from selling real estate?

Tax implications in Canada for inheriting Real Estate and Shares in India.

Tax implications in Canada for inheriting Real Estate and Shares in India.

Can you become a non-resident of Canada if you owe taxes?

I have a quick question that I cannot seem to find an answer for. Can you become a non-resident of Canada if you owe taxes?

Filing T1135

Thank you Allan for your great Forum! We bought condo in US in 2012 and we personally use it from 2-4 months per year and rent it for the rest. When we deducted expenses and depreciation we did have a loss and we decide not to calculate depreciation for US return. Income was reported in … Continue reading Filing T1135

Do I need a business license on my income tax for freelance work?

Do I need a business license (a business number) to write off expenses, such as rentals, mileage, etc.) on my income tax for freelance work? Do I just fill out the Schedule C? Or do I need the business license to do this?

Is it possible to split rental income with spouse when mortgage is only on my name? (Downpayment however is coming from our joint account line of credit)

Hi There, I am looking to purchase a rental property. I can qualify on my own or I can jointly qualify with my spouse. Is it possible to take the mortgage in only my name however for income tax purposes split the income with my wife? The downpayment for the property is coming from our … Continue reading Is it possible to split rental income with spouse when mortgage is only on my name? (Downpayment however is coming from our joint account line of credit)

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