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If I inherited foreign real estate through a deceased relative’s will and sold it off in the same tax year do i need to file t1135 or t1142 or both?

I inherited a deceased relative’s apartment through his will in India last year and immediately dold it off. Do I need to file T1135 or T1142 or both?

Reflect HST on the 50% non-deductible Expenses of Meals & Entertainment under Retained earnings

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how can i change from a corporation (single person) to a sole proprietor?

Thanks. Your info and website are very helpful

Business loss

If a corporation has a business loss in 2022 My understanding is it can be carried back to previous year ( g : 2021). Which form is required to be completed and claim it for previous year? I had a tax owing situation in 2021, so was looking to claim this loss and maybe get … Continue reading Business loss

Tax implications of canadian non resident selling stock

My broker re-balanced my investments by selling some stocks before I got a chance to inform him I am a non resident. What are the tax implications? Which tax return needs to be filed? Thanks

rental property + full time job

Is It A Good Idea To Report Tax Separately Between Husband And Wife If Husband Has 2 Rental Property And A Full Time Job?

What liability GIFI code should i use to Record an employee expense that will be reimbursed?

What Liability GIFI Code Should I Use To Record An Employee Expense That Will Be Reimbursed? For example, I record a $20 8810 Office Expense. I then reimburse the employee on their paycheque. What Liability Account GIFI Code Should I Use?

Are non-sRED Software Development Costs Deductible?

Hi, Are non-SRED software development projects tax deductible? Such as consulting fees, equipment purchased for software development? My company has spent quite a bit of money creating this software, it’s not completed yet but I read somewhere that CRA is more likely to audit you if you’ve have large expenses. I have the receipts to … Continue reading Are non-sRED Software Development Costs Deductible?

What do i put on line 8 of TD1 im a single mother

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Health Benefits taxation for a Shareholder

Hello Team, I am a shareholder of a company, and withdraw dividends each month. Also I have a group health benefits plan which is the same as all the employees of my company have. Please, advise what form/slip should I file to report my health benefits to CRA? And what code should i use?

are Owner Contributions and Self Employment Tax Withholdings deductible?

Hello! I hope you’re doing well! I own a corporation and I’m preparing my self employment tax filing (T4A). I was wondering if the contributions, I’ve made to my company via my personal account a deductible expense on my T4A? Also, I withheld a portion of my company’s income to cover federal/provincial taxes that I … Continue reading are Owner Contributions and Self Employment Tax Withholdings deductible?

What to do when CRA violates Income Tax Act Subsection 220(4.5) and owes non-resident tax refund ?

I am a Canadian non-resident. I filed Form T1244, Election, Under Subsection 220(4.5) of the Income Tax Act, to Defer the Payment of Tax on Income Relating to the Deemed Disposition of Property. I have paid the taxes on all the properties disposed of. But CRA kept sending me tax bills on undisposed of property … Continue reading What to do when CRA violates Income Tax Act Subsection 220(4.5) and owes non-resident tax refund ?

sale of tTruck fully depreciated

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Pipeline Business

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Can the Shareholder use personal name on Title?

I created a purchase agreement with my grandmother to purchase her restaurant and property in the amount of $500,000 paid monthly over 13 years. I created an Ontario Corporation for the agreement. I am the majority shareholder. 6 months later I had my grandmother sign the documents allowing me to put my name on title … Continue reading Can the Shareholder use personal name on Title?
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