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This form is only for companies incorporated in Ontario, and not for Federally incorporated companies.
A US C-corporation owned by a Canadian holding company is a tax efficient structure for Canadians doing business in the US. The following points shou...
Record 'business-use-of-home expenses' in GIFI Schedule 125, Line 8911 (real estate rental). This is akin to rent expense for an office space. The t...
The accountant may have reviewed your investment statements to calculate the gains and income for the year ended November 30. Once the final T3 slip ...
Pursuant to the Canada-US Tax Treaty, annuity payments are subject to a 15% withholding tax. To avoid double taxation, claim a foreign tax credit on ...
A company incorporated in Canada is taxable on its worldwide income. This is because a company incorporated in Canada is a tax resident of Canada.
Enter the amount of rent paid on GIFI Code 9811. Do not amend the previous year return, because both rent and management fees are tax deductible.
GST/HST collected from customers and GST/HST payments made to the CRA should be recorded in a GST/HST liability account, which is reported on GIFI Sch...
Yes, you will pay capital gains tax when you sell your property on 67.6% of the capital gain since 67.6% of the property is used to earn rental income...
Her 2 adult children will not pay Canadian income tax on the cash gifts received. If the cash is kept in an Indian account belonging to the adult chi...
As you know, the prior year's closing retained earnings should appear on the current year's balance sheet as opening retained earnings. In your frien...
Yes, you can sell your Canadian rental property in the current financial year ended on December 31, 2020.
The answer depends on whether you are being hired as an employee or an independent contractor. If you are an employee, then your employer is responsi...
According to the double taxation agreement/treaty between Canada and Hong Kong, you are a resident of the country where your permanent home is located...
You do not have to pay Canadian income tax on the value of a foreign inheritance that you receive. You may need to complete Form T1135, foreign incom...