Tax Resources

Answers to Your Tax Questions

We’ve created a comprehensive database featuring the latest and best tax tips and guides tailored for Canadians. Explore our resources across six categories: real estate tax, international tax, business tax, personal tax, US tax and accounting.  Stay informed and optimize your tax strategy with our free resources!

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How to Make Real Estate Investments Profitable
October 27, 2024
Purchasing Foreign Real Estate and FAPI Taxes
October 17, 2024
Navigating Tax Implications of Assignment Sales
September 29, 2024
Comparing Home Buyers Plan and First Home Savings Account
January 5, 2024
Real Estate Taxes With Allan Madan
April 12, 2021
Buying a primary residence through a corporation in Canada.
August 8, 2017
Purchasing a Primary Residence with a Corporation in Canada Watch Video
August 8, 2017
Tax implications of Canadian investment in Florida rentals.
August 1, 2017
How to Prepare a Rental Form
February 23, 2017
How to Prepare a Rental Form Watch Video
February 23, 2017
Tax on Real Estate Sales in Canada
September 7, 2016
Tax on Real Estate Sales in Canada Watch Video
September 7, 2016
Tax implications for Canadians selling US property
August 25, 2016
Tax Implications of Canadians Selling U.S. Property
August 25, 2016
Tax Implications of Canadians Selling U.S. Property Watch Video
August 25, 2016
Tax Implications on Real Estate Seminar by Allan Madan Watch Video
March 6, 2016
Tax Implications on Real Estate Seminar by Allan Madan
March 6, 2016
Selling a U.S. vacation property/ Know the tax implications
February 29, 2016
Should I Rent or Buy a Home in Canada?
January 7, 2016
Should I Rent or Buy a Home in Canada? Watch Video
January 7, 2016
How to Write-Off Taxes from Your Home Renovation Expenses Watch Video
November 25, 2015
Writing off taxes for home renovation expenses made easy.
November 25, 2015
How to Make Your Home Mortgage Tax Deductible in Canada Watch Video
November 4, 2015
Making your home mortgage tax-deductible in Canada explained
November 4, 2015
Saving on primary residence converted to rental property
October 21, 2015
How to Save Money on a Primary Residence Changed into a Rental Property Watch Video
October 21, 2015
GST/HST on Real Estate Development
August 25, 2015
Interest on borrowed money for investment property
August 24, 2015
How to Deduct Interest on Money Borrowed for Investment Properties Watch Video
August 24, 2015
Claiming Basement Renovation Costs Watch Video
June 11, 2015
Claiming Basement Renovation Costs
June 11, 2015
How to Defer Capital Gains Tax on Real Estate Sales Watch Video
April 15, 2015
Tax Implications of Leaving Canada Permanently
November 21, 2024
Purchasing Foreign Real Estate and FAPI Taxes
October 17, 2024
International Tax Accountant in Toronto
April 18, 2024
Tax Tips for Canadians Working Abroad Watch Video
June 18, 2016
Tax Tips for Canadians Working Abroad
June 18, 2016
How to Save Tax For A Non-Resident Investing in Canada
June 3, 2016
How to Save Tax For A Non-Resident Investing in Canada Watch Video
June 3, 2016
Tax implications for non-resident earning rental income
June 1, 2016
Tax Tips for Newcomers to Canada Watch Video
May 18, 2016
Tax Tips for Newcomers to Canada
May 18, 2016
Tax Implications for Canadians Doing Business in China
May 11, 2016
Tax Implications for Canadians Doing Business in China Watch Video
May 11, 2016
What are the New Tax Rules for Non-Residents Working in Canada? Watch Video
September 29, 2015
New tax rules for non-residents working in Canada explained
September 29, 2015
Canadians Working Abroad and Non-Residents – Tax Repercussions
September 17, 2015
Canadian Departure tax Rules
September 4, 2015
Employee Benefits in a Tax Free Country
July 27, 2015
Employee Benefits in a Tax Free Country Watch Video
July 27, 2015
Filing for a “Regulation 105 Waiver” Watch Video
July 22, 2015
Filing for a “Regulation 105 Waiver”
July 22, 2015
Non-resident taxation on RRSP and RIF withdrawals outlined.
June 26, 2015
Non-Resident Taxation on RRSP and RIF Withdrawals Watch Video
June 26, 2015
Property management tips for non-resident owners
May 11, 2015
Are UN Employees Tax Exempt? Watch Video
April 30, 2015
Are UN Employees Tax Exempt?
April 30, 2015
Tax implications for Canadian employees working abroad
February 23, 2015
How to Save Canadian Taxes as a New Immigrant
October 24, 2014
How to Save Canadian Taxes as a New Immigrant Watch Video
October 24, 2014
Canadian corporate loans to non-residents
September 10, 2014
Foreign Accrual Property Income – Part 2
August 29, 2014
Understanding Foreign Accrual Property Income in Canada.
July 10, 2014
Non resident withholding tax – What is a section 217?
June 16, 2014
Best Practices for Financial Success: Pro Tips from a Trusted Small Business Accountant Mississauga
November 16, 2024
How to Prepare a T5 Slip for Dividends Paid | Watch Video
November 12, 2024
Does Your Canadian Company Need an EIN?
August 31, 2024
2019 Tax Rules on Investment Income for Canadian Controlled Private Corporations Watch Video
July 9, 2018
New Income Splitting Rules for Canadian Corporations (2018) Watch Video
June 5, 2018
Year End Tax Planning for Business Owners (2018) Video
December 18, 2017
Webinar: New Changes to Small Business Tax Watch Video
November 24, 2017
New Tax Increase on Family Business Transfers in Canada (2018) Watch Video
October 16, 2017
New Tax Rules for Small Businesses in Canada (2018) Watch Video
September 8, 2017
Purchasing a Primary Residence with a Corporation in Canada Watch Video
August 8, 2017
Part 2: How to Prepare Business Taxes for Self-Employed Individuals Watch Video
March 15, 2017
Part 1: How to Prepare Business Taxes for Self-Employed Individuals Watch Video
March 1, 2017
How to Prepare a T4 Slip Watch Video
February 8, 2017
How to Prepare a T5 Slip Watch Video
January 31, 2017
5 Best Business Tax Tips for the Year End Watch Video
January 3, 2017
Minute Books: Why They Are Essential For Your Business
December 9, 2016
Benefits of using an accountant to incorporate a business.
December 9, 2016
Tax Write-Offs for a Small Business in Canada Watch Video
August 8, 2016
Transferring Business to Family Member in Canada Watch Video
July 6, 2016
Tax Strategies for Physicians in Canada Watch Video
April 20, 2016
Top Tax Saving Strategies for Small Businesses Webinar Watch Video
April 18, 2016
How the 2016 Budget Could Affect CCPCs in Canada Watch Video
April 13, 2016
How can I get tax free benefits from my corporation? Watch Video
March 3, 2016
Crowdfunding
February 4, 2016
The Rise of Transfer Pricing Disputes
January 20, 2016
Benefits of Incorporating Your Business Using Section 85 Watch Video
December 30, 2015
Should I Declare a Year-End Bonus or Pay Dividends from Company Profits to Myself? Watch Video
December 16, 2015
Why Canada Needs Corporate Tax Reform
October 30, 2015
2015 Canadian Federal Election and Taxes Watch Video
October 15, 2015
Reducing Tax with Corporate Life Insurance Watch Video
October 9, 2015
How to Reduce Taxes on Earn-Outs in Canada Watch Video
September 29, 2015
How to Reduce Corporate Tax with Inter-Corporate Management Fees Watch Video
September 28, 2015
Year-End Tax Planning To Minimize Your Tax Bill
November 24, 2024
Tax Accountant Mississauga: Tax Strategies for High-Net-Worth Individuals
November 21, 2024
Steps to take after a CRA Notice of Assessment Watch Video
October 29, 2024
Navigating Capital Gains Tax Changes in 2024
September 29, 2024
Preparing A T5 Tax Slip
September 12, 2024
Understanding Car Allowances
September 12, 2024
Steps to Take After a CRA Notice of Assessment
August 31, 2024
Personal Tax Tips from an Oakville Accountants
March 28, 2024
Common pitfalls in personal tax filing to avoid.
February 13, 2024
Principal residence exemption and property flipping.
February 6, 2024
How is Crypto Taxed in Canada?
January 19, 2024
Strategies to save Canadian tax as a new immigrant discussed
January 16, 2024
Applying for the Canada Emergency Response Benefit.
April 20, 2020
Foreign Tax Credits for Canadians
November 8, 2019
Moving back to Canada: Tips for a smooth move for Canadian Expatriates
September 10, 2018
5 Tips on How to Save Income Tax in Canada
May 16, 2018
Taxation of Stock Options for Employees in Canada Watch Video
January 23, 2017
Taxation of stock options for Canadian employees clarified.
January 23, 2017
Important changes for income tax filing starting 2016.
January 16, 2017
A Lesson in Record Keeping
October 1, 2016
Finalizing Your 2013 Income Taxes
September 30, 2016
New Tax Rate for the Canada Pension Plan (2016)
June 27, 2016
New Tax Rate for the Canada Pension Plan (2016) Watch Video
June 27, 2016
8 Ways to Reduce Taxes In Canada Watch Video
April 6, 2016
8 Ways to Reduce Taxes In Canada
April 6, 2016
Registered Disability Savings Plan (RDSP)
March 31, 2016
Payroll Taxes for Canadians Temporarily Working in the U.S. Watch Video
March 30, 2016
Payroll taxes for Canadians temporarily working in the U.S.
March 30, 2016
How to Reduce Your Taxes on RRSP Withdrawals Watch Video
March 23, 2016
How to Reduce Your Taxes on RRSP Withdrawals
March 23, 2016
How to Choose Your Next Tax Preparer
February 12, 2016
How to Choose Your Next Tax Preparer Watch Video
February 12, 2016
Why do Canadian Businesses need a US EIN Watch Video
October 1, 2024
Transfer Pricing – Concept and Procedures
October 11, 2018
How to Reduce Withholding Taxes on the Sale of U.S. Property Watch Video
June 5, 2017
How to Report the Sale of a U.S. Rental Property Watch Video
May 1, 2017
Part 2: How to Prepare a 1040-NR Tax Return for U.S. Rental Properties Watch Video
April 4, 2017
Part 1: How to Prepare a 1040-NR Tax Return for U.S. Rental Properties Watch Video
March 24, 2017
U.S. Tax I.D. Numbers for Canadians Watch Video
January 13, 2017
Why do LLCs Result in Double Taxation for Canadians? Watch Video
July 14, 2016
Payroll Taxes for Canadians Temporarily Working in the U.S. Watch Video
March 30, 2016
Filing Tax Returns for U.S. Citizens Living in Canada Watch Video
February 4, 2016
Tax Implications for Canadians Working Temporarily in the U.S. Watch Video
October 8, 2015
US Expatriation Tax
August 10, 2015
Overview of U.S. gift and estate taxes for Canadians.
July 15, 2015
U.S. tax implications for Canadians working or living abroad
July 7, 2015
Certificate of Coverage for Americans Working in Canada Watch Video
July 3, 2015
Tax Tips for Canadians Investing in American Real Estate
March 24, 2015
Form W-8BEN/W-8BEN-E and W-9
February 23, 2015
Canadians Owning a Vacation Property in the US
February 23, 2015
Tax Implications of Sending U.S. Citizens to Work in Canada Watch Video
January 8, 2015
Taxes for Canadians Selling Property in the US Watch Video
December 18, 2014
Tips for Americans Performing Services in Canada Watch Video
December 12, 2014
Tax Implications for Canadians Travelling to the U.S. Watch Video
December 3, 2014
How to Withdraw a IRA and 401K for Returning Canadians Watch Video
October 29, 2014
How to Avoid Paying U.S. Estate Taxes Using a Two Tier Partnership Watch Video
October 27, 2014
Tax on dividends from U.S. companies to Canadian parents.
September 30, 2014
When is the US Personal tax filing deadline?
June 9, 2014
Overview of FATCA and its impact on U.S. residents in Canada
March 3, 2014
Do investors who receive form 1099 or form 1042 from the U.S. have to file a U.S. tax return?
February 20, 2014
As a US citizen, is there any benefits of holding a TFSA/RESP?
February 12, 2014
What is the tax deadline for U.S. Personal Tax Return?
January 20, 2014
Permanent Establishment for Short Term Contracts in the US
December 19, 2013
Sales tax in the United States
December 4, 2013
Tax Accountant Mississauga: Tax Strategies for High-Net-Worth Individuals
November 21, 2024
Minute Books: Why They Are Essential For Your Business
December 9, 2016
Tax Implications of Crowdfunding in Canada
July 15, 2015
Top 3 Reasons To Hire a Bookkeeper Watch Video
June 8, 2015
Organize Your Finances through Wave Accounting
February 3, 2015
How to Use Video Marketing for your Business
October 24, 2014
Constructing your Global Business Empire
July 16, 2014
Should I use an Accountant or Tax Software?
May 14, 2014
Accounting Services for Various Company Sectors
March 27, 2014
I want to perform bookkeeping for my small business. What do you recommend me to use?
January 3, 2014
Should I use Wave Accounting for my bookkeeping needs?
December 23, 2013
Mobile Accounting Apps for Small Businesses Watch Video
December 23, 2013
Mobile Accounting Apps for Small Businesses
December 23, 2013
Reasons to avoid outsourcing accounting in Mississauga.
December 4, 2013
How a chartered accountant can harm your business finances.
December 4, 2013
How to Prepare Financial Statements Watch Video
September 12, 2013
How to Prepare Financial Statements
September 12, 2013
The Best Financial Stress Relieving Strategies by Allan Madan
July 19, 2013
The Best Financial Stress Relieving Strategies by Allan Madan Watch Video
June 19, 2013
How long should I keep my income tax records?
March 20, 2013
Why is my bank asking me for “reviewed” financial statements?
November 13, 2012
Accounting Tips for Small Businesses Owners in Canada
December 8, 2010
Accounting Tips for Small Businesses Owners in Canada Watch Video
December 8, 2010
The Best Accounting Practices Watch Video
August 16, 2010
The Best Accounting Practices
August 16, 2010
Cost-effective accounting alternatives to major firms.
July 26, 2010
Deloitte, PWC, KPMG, E and Y Toronto – Cost Effective Alternatives Watch Video
July 26, 2010
Impact of poor accounting on company profits explained.
March 31, 2010
Expert accounting tips from Allan Madan in Milton.
March 23, 2010
Accountant in Mississauga Business Tips
March 9, 2010
Essential accounting knowledge for Toronto business owners.
February 28, 2010
Tax Seminar for Accountants & Bookkeepers
February 20, 2010

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Faq's

Q: I rent out a residential property. What are some tax implications, with regards to sales tax?

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Q: I just bought a new house with the closing today, but my current house will be sold soon. How can I maximize deductions?

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Q: As a non-resident with rental property in Canada, am I required to remit 25% to the CRA?

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Q: When a rental property is converted into a principal residence, are there any tax implications?

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Q: I’m a non-resident owning rental property in Canada. I’m confused between the NR4 slip, and NR6 form.

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Q: What are my tax obligations if I am a non-resident holding rental property?

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Q: If I purchase a rental property, and I’ve never owned a primary residence, can I utilize the First time Home Buyers Plan?

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Q: If I am a non-resident of Canada, and I sell Canadian real estate, what is the procedure for filing tax returns, and paying taxes?

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Q: I am a non-resident earning rental income in Canada. Do I need to file an NR4 slip and summary with the CRA?

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Q: Do I have to file a NR4 return with the CRA even if I did not remit any non-resident withholding taxes to the CRA?

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Q: How do I set up a non-resident account number?

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Q: I am a non-resident with retirement funds in Canada. What are my tax consequences if I start withdrawing?

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Q: Are there special rules for the principal residence exemption for non-residents?

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Q: As a non-resident with rental property in Canada, am I required to remit 25% to the CRA?

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Q: Can I make payments to the CRA for non-resident withholding taxes from my rental income?

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Q: If I sell services to clients outside Canada, do I have to collect GST/HST?

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Q: How do I amend my HST return?

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Q: Does HST have to be collected/paid on acupuncture treatment?

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Q: I incurred meals expense that were reimbursed by my client. Is this expense 50% deductible to me or 100%?

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Q: If a company is willing to pay money per month for an annual membership (fitness club, golf) again, is there a way to structure it not as just an expense of the company?

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Q: If a company leases a car for me, is it a taxable benefit? Is there a way for me to have my company simply pay for it?

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Q: I collected HST but didn’t register for an HST number on time, what should I do?

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Q: What is a reasonable management fee?

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Q: My current employer asked me to become an independent contractor. What’s the benefit for them?

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Q: What rate of tax does a “Testamentary Trust” pay?

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Q: Do I have to make payments on sales tax?

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Q: I will make instalment payments for the current year based on the estimated taxes payable. What if, during the course of the year, my net income increases dramatically (the taxes payable will increase too). What are the tax implications?

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Q: How do I get a Social Insurance Number, which is required to be reported on tax returns?

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Q: What is the benefit of contributing to a spousal RRSP?

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Q: Can rent paid by a student for residence be claimed on the personal tax return?

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Q: Are board and lodging considered a taxable benefit for employees?

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Q: Have the CPP and EI max thresholds changed for 2014?

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Q: Do investors who receive form 1099 or form 1042 from the U.S. have to file a U.S. tax return?

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Q: As a US citizen, is there any benefits of holding a TFSA/RESP?

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Q: What is the tax deadline for U.S. Personal Tax Return?

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Q: What happens to my IRA & 401K if I temporarily relocate to Canada?

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Q: I am a Canadian resident and I received dividends and interest income from the U.S. Do I have to file a U.S. tax return?

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Q: When are U.S. Personal Tax Returns due?

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Q: I’m a US business planning on selling products to Canadian customers. Do I need an extra-provincial license?

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Q: I am a Canadian resident and have some funds in a U.S. 401K. What is the most tax efficient way of bringing these monies into Canada?

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Q: I want to perform bookkeeping for my small business. What do you recommend me to use?

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Q: Should I use Wave Accounting for my bookkeeping needs?

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Q: How long should I keep my income tax records?

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Q: Why is my bank asking me for “reviewed” financial statements?

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Q: What are business accounting services?

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Q: Is there such a thing as a Chartered Accountant – Expert in Taxes?

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Q: How can an Accountant in Mississauga help my business obtain a bank loan or line of credit?

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Q: Can inadequate business accounting services cause my business to fail?

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Tax Implications of Canadian Bank Accounts for non-Resident Canadians in U.S.
 foreign sole proprietorship income?
 Corporate Tax Refund From RDTOH Account
I am canadian non resident. I am part of a general partnership that had losses. I am wondering if being a no resident, I have to file personal income tax, even if I have no tax to pay
 Departure Tax and Deemed Capital Losses
 Using canadian credit cards after emigration
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