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The tie-breaker rules contained in the tax-treaty in respect of determining where a person is a tax resident (i.e. India or Canada) supersede both Ind...
Your company must follow the accrual basis of accounting. Therefore, because the salary became payable in December 2019, your company must claim a ta...
If your business does not have a permanent establishment in the US, then I recommend that you operate your business through a Canadian Corporation (CC...
File a T1 adjustment for 2017 and 2018 to get a tax refund for Canadian income taxes paid on your US income. Do not file a tax return with the CRA to...
For Canadian tax purposes, the cost basis of your US investments is equal to their fair market value on the date that you permanently move to Canada. ...
No, you do not have to pay Canadian income taxes because you are a non-resident of Canada based on your limited ties to Canada. When you permanently ...
The HST liability account on the balance sheets is made up of these 3 amounts: 1. HST collected (credit amount) 2. HST paid on business expenditures...
Deduct the selling costs from the sales proceeds. One half of the capital gain will be included in your income in the year of sale. Furthermore, pro...
Yes, you can still deduct the interest even though it's a new loan. This is because the loan proceeds are being used for an income-producing purpose.
The gain from the sale of goodwill should be reported on Schedule 8 and Schedule 3 of the T2 corporate tax return.
Record the amount received as other income on the financial statement and T2 return.
No, that will not be a problem from a Canadian tax perspective. Check with the bank if they will accept a notarized Gift Letter to transfer the funds...
The gross cost and the accumulated depreciation of assets must be disclosed on Schedule 100.
When you become a non-resident of Canada, you are deemed to dispose of all of your assets (excluding cash, Canadian real estate, pensions, RRSPs and T...
No, so long as it's not a business transaction, I don't see how this would be taxable.