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Questions from New Sole part-time I.T. Consultant

Hello Allan and the team, My husband is a part time I.T. consultant and based in GTA, he earned $1000 in 2016 and invoiced the customer $1113 (that included tax) and deposit all the money to the business bank account. Do we need to write a cheque $113 to Government for year 2016 and file … Continue reading Questions from New Sole part-time I.T. Consultant

Does receiving the NRRP Rebate in a Sole Proprietorship Require Adjusting UCC?

CRA Guide T4036 only mentions the UCC reduction for GST/HST rebates in the partnership section. What are the implications outside of that? Does the UCC reduction also apply to sole proprietorship as well?

Is US income taxable for Remote US workers living in Canada (Visitor Status)?

Hello Madan CA team, I am a US citizen working for a US firm with no clients or affiliations in Canada. I will be living in BC for three years as my partner completes his masters program. I currently have a visitors visa record spanning this period. I am wondering if I have tax consequence … Continue reading Is US income taxable for Remote US workers living in Canada (Visitor Status)?

is it possible to file my own t2?

I have been running an incorporated company for few years now, but haven’t done business last year. Zero in sales. i just filed my GST and I was wandering if i am able to file my own T2 without an accountant since i haven’t done any business. BTW, great videos and i look forward to … Continue reading is it possible to file my own t2?

Foreign Income

Hello Sir, I am a US citizen working in India for a US company and have been since June 2014, however I was in US in 2016 52 days reporting to headquarters, do I qualify under the bona fide residence test and can I exclude all the foreign earned income. Thank you,

Should I take spouse as employee in my corp ?

Hi Allan At the outset, I’d like to commend the great work that your team has been doing. This portal is a great resource for hard to find information on critical tax matters This is my first year as an incorporated contractor and the projected revenues are ~ $160,000 (September year end) from technology consulting … Continue reading Should I take spouse as employee in my corp ?

Moving expenses against dividends from my corporation

Hello, I tried to claim moving expenses against dividend income on my personal income tax. The dividends were my only income and we’re paid by my own corporation (no salary). Shouldn’t the dividend income in this case be considered as self-employment Income? It is not dividend from an investment, so why would it be rejected … Continue reading Moving expenses against dividends from my corporation

Are Canadain RIF Periodic Pension Payments Eligible For Michigan Retirement And Pension Subtraction

Michigan’s Public Act 38 of 2011 started taxing pensions in Jan 2012. For folks born in 1952 – filing jointly – a maximum of $40,000 was permitted as a subtraction from taxation. I am a dual citizen (USA & Canada), & full-time resident of USA. I receive periodic pension payments from my Canadian RRSP (which … Continue reading Are Canadain RIF Periodic Pension Payments Eligible For Michigan Retirement And Pension Subtraction

Primary home and cottage in two different cities, is it possible?

Hi, I Plan To Purchase A Home In Northern Ontario In Early 2018, And In Late 2018 I Have A Pre-Construction Home (in Toronto) Which Will Be Completed. I Would Like To Keep My Toronto Home As My Primary Residence so That I Don’t Get Taxed On The Capital Gains when I sell it. And … Continue reading Primary home and cottage in two different cities, is it possible?

how much tax will I need to pay when gifting my rental house to my son

After my husband passed away I want to gift the rental house to my son who has been renting it for the past 6 years.Because I am gifting it to him I am not getting any money from him.What happens if I do not money to pay the gov. I am on a fixed income($11000)a … Continue reading how much tax will I need to pay when gifting my rental house to my son

Short landing in Canada ,went back to homecountry, still need to file tax?

I did a short landing in Vancouver last August 2016,stayed for 2 weeks, acquired SIN and opened a bank account. I went back to Singapore as I am still working as a doctor. I returned to Vancouver in December 2016 for another 2 weeks then went back to Singapore until today and will be returning … Continue reading Short landing in Canada ,went back to homecountry, still need to file tax?

I move to usa april’16 on TN visa ,family moved july and sold primary residence house in augest, DOes any implication on it or tax need to pay?

I Move To Usa April’16 On TN Visa ,Family Moved July And Sold Primary Residence House In August, 1]DOes Any Implication On It Or Tax Need To Pay? 2]Should I declare us income for canada return? 3]Can I change spousal rrsp investment within funds?

Can I deduct interest on vacant rental property

I use HELOC to purchase a rental property. Can I deduct interest on a vacant property due to rental market very slow in Calgary.

Income Employee Tax Breaks For 6 Figures

I Make Over 100,000 As An Employee And Rental Income. I Offset My Rental Income But I’m Left With 98k As Income Tax. Is There Anyway I Can Take Apart Of Tax Breaks? I Heard About Income Splitting. Would That Be Ideal? Since My Wife Makes 40k? Is There Any Other Additional Tax Breaks I … Continue reading Income Employee Tax Breaks For 6 Figures

Pay less tax with charitable donations and gift credits

How are high-income people using charitable donations and gift credits to pay fewer taxes? I understand a credit of 29% can be received but what about the 71% that is given away? Are they getting a kickback somehow? Article

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