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The income earned by your and your husband's US C-corporation is classified as foreign accrual property income (FAPI) for Canadian tax purposes. If t...
You can purchase a home through a corporation. The arrangement is such that the corporation uses its cash retained earnings in combination with a ban...
I am assuming that all of the companies involved are Canadian corporations. In this case, your investment company can claim a tax deduction under sec...
Yes, you can transfer an existing business to a newly incorporated holding company on a tax-free basis by implementing a Section 85 rollover. I need ...
Your best option is to send money to your son as a gift. Your son will not have to pay tax on the gift received, and there is no upper limit on the a...
No, you cannot defer capital gains on the sale of marketable securities held in a non-registered account.
If the currencies are held on an exchange outside Canada, and the total cost amount is more than $100,000 at any time in the year, then form T1135 mus...
The following are the tax implications: The US C-corporation (subsidiary) will pay US federal income tax at a rate of 21%, plus applicable Sta...
It's too late to add your spouse and income-split with her. Other than repaying your shareholder debt, consider paying yourself a tax-free capital di...
In your case, the UCC is equal to the purchase price + closing costs paid because you have not claimed any CCA to date.
Your spouse can rollover assets / shares at their cost amount to you (automatic rollover). When you sell the assets / shares, you can claim the capit...
Forms 1042, 1042-S and 1042-T must be filed by March 15 of the year following the calendar year in which the dividend was paid. The deadline for paym...
If the property belongs to your mother and she is the beneficial owner of the property, then the after-tax sales proceeds can be paid to you in Canada...
Hi Anu, Here are some tax tips for a high-income earning spouse: 1. Contribute to a spousal RRSP. RRSP contributions are deductible, and upon r...
First, repay any shareholder debt owing. This is tax-free and the repayment is recorded as a reduction of the shareholder debt. Second, pay a taxabl...