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If your elderly parents meet the requirements, then yes, your elderly parents can claim the lifetime capital gains exemption. Consider purchasing the...
HST is payable on accounts receivable in the 4th quarter. However, you do not have to pay HST again when the accounts receivable is collected. Do no...
If you have not claimed CCA, and there is no structural change when the basement was built, then you can claim the principal residence exemption on th...
It's too late to pay a salary to your spouse. Salary payments cannot be back-dated. If you are the sole owner, you will have to pay tax on the incom...
You can use your personal savings to purchase US real estate under the name of the company, assuming that the company will be on title to the property...
You do not have to pay tax on the gift received.
They are accrued and deducted in the previous fiscal period.
Follow these steps: 1. Incorporate a company to purchase real estate (e.g. Real Estate Inc.) 2. Make a tax-free loan (e.g. $150,000) from your exi...
The foreign tax credit will be the lesser of (a) the taxes paid in India on the capital gain and (b) the taxes payable in Canada on the capital gain. ...
From a tax perspective, it is possible for work permit holders living in Canada and PR card-holders to invest in Canadian real estate. Before purchas...
Yes, your parents should prepare a gift letter specifying the following information: (a) name of the giver, (b) name of the recipient, (c) date of gi...
You will pay personal income tax on the taxable amount of the non-eligible dividend received. The actual amount (before gross-up) will be equal to th...
For Canadian tax purposes, the 3 tier structure works well. Make sure that the properties are profitable and generating positive cash flow before imp...
Generally speaking, a corporation can claim a deduction for charitable donations made up to 75% of its net income for the year. The donation must be ...
The actual amount of eligible dividends received by the corporation in respect of its investments in marketable securities should be entered on Schedu...