Ask Allan Forum

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Hi Mark, Business losses can be carried back to the preceding 3 tax years or carried forward for up to 20 tax years. Complete Schedule 4 of the T2 ...

Hi Jacky, Canadian tax returns are filed separately and there is not an option to file jointly. If you are the owner of the 2 properties, you must...

Hi, Use GIFI Code 2621, Trades / Accounts Payable.

Hi, You need to file a T1 Departure Return and you may owe departure tax. Gains / losses from marketable securities sold after your departure date...

Hi, Yes, you can deduct expenses incurred for software projects that don't qualify for the SR&ED program. Note that capital assets purchased i...

Hi Mariam, Group benefits (medical and dental) are not a taxable benefit, so long as you (shareholder) are also an employee and the benefits you re...

Hi, It appears that you are on your company's payroll system. In this case, the company should issue a T4 slip to you, and not a T4A. The company ...

Hi, Please complete form RC4288 Request for Taxpayer Relief and send it to the CRA.

Hi Jill, Pay for these expenses yourself and then have your company reimburse you on a monthly or quarterly basis for the business use portion of y...

Hi, You should consult with an attorney regarding the legality of the contract. At a minimum, your grandmother should have received independent lega...

Hi, Enter $15,000 on line 1 and 7 of form TD1. Enter $0 on line 8 since you are married and don't meet the conditions for the eligible dependent tax...

Hi, Your shares are not QSBC shares if your corporation did not carry on an active business in the 24 months prior to sale.

Yes, you will still be a tax resident of Canada, which means you are taxable in Canada on your global income. To avoid double taxation, claim a forei...

If you become a US resident for tax purposes, you will need to file form 5471 with the IRS in respect of your Canadian corporation. In addition, you ...