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No, you do not need to open a US entity. You can do business with Amazon.com through a Canadian corporation. Make sure you apply for a US EIN for yo...
You need to determine the fair market value of the computer on the date that you began using it for business purposes. You can then claim CCA on the ...
Both family members and unrelated individuals can make a gift to you, and you will not pay tax in Canada on the gift received. The gift letter should...
Yes, you can.
Prepare a gift letter and transfer title of the property for $0. A lawyer can assist with this. The deemed sales price for tax purposes is equal to ...
Hi, Enter $13,229 on Line 7 - Spouse Amount.
Match the additional HST paid to the expenses that it relates to and increase those expenses accordingly. If you are unable to match, then record the...
Do not do business in the US through a US LLC, because you will be double taxed. While a US LLC with multiple members is considered to be a partnersh...
So long as you pay your brother, you can claim a medical expense tax credit for the amount paid.
Thank you for your kind feedback. Your Dad's CCPC (Dad Inc.) can do the following: 1. Gift the property to you. This will be treated as a deemed di...
Do not subtract the non-deductible portion of meals and entertainment expenses from the company's income. Furthermore, when completing the GIFI sched...
If you are a tax resident of Canada, then you will be required to report your global income to the CRA and pay Canadian taxes. You can claim a foreig...
Carrying costs-incurred for a vacant home ready for sale cannot be considered as capital expenses or outlays when calculating the capital gain realize...
When an individual shareholder sells his shares for more than the amount that he paid to acquire them, there will be a capital gain for that individua...
Generally speaking, the capital gains tax rate is higher in Canada. The Canadian capital gains tax rate is 25%, whereas the US long-term rate is 20%....