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Yes, you may have to pay capital gains tax, as your name is on the deed. To avoid capital gains tax, you would need to prove that you are not the ben...
Unfortunately, your company is not eligible for the Canada Emergency Small Business Loan, because it did not have a payroll in 2019.
Practically, it will be difficult for you to recover the overpayment of tax. You can write to the international tax services office, and ask them to ...
Report the gross income including HST on line 3A of Form T2125. Then, subtract HST included in gross income on line 3B of Form T2125. Claim operati...
A Optional Practical Training (OPT) is temporary employment that is directly related to an F-1 student’s major area of study. This means that you are...
Cost refers to the amount paid, and not market value. Having said that, gifted land has a cost basis equal to its market value on the date of the gif...
You will need to amend the T2 Return, along with Schedules 125 and 100 for the updated financial statements. For detailed instructions, see this link
Registered Pension Plan (RPP) withdrawals made by a resident of Canada are subject to a withholding tax of 20%. Since you made the withdrawals prior ...
This is a very common problem. You have two options: 1) Prorate the amounts reported on the tax slips issued by the REITs for 9 months of the year (...
Record software subscriptions as an expense. You did not purchase the software and are paying a fee to have access to the software for a period of ti...
The transportation allowance is taxable to you. You can deduct vehicle expenses, including capital cost allowance, so long as you are required by con...
There are two options available: Pay a dividend OR pay a salary from your corporation to you. Either option is acceptable, and you can combine them ...
You have two options of doing business in the US: US Limited Partnership You can flip homes in the US through a US LP. With this set-up, you will...
You should open up a US Limited Partnership (US LP). With this structure, your liability will be limited and you will avoid double taxation.
You may be a tax resident of Canada. According to the double taxation treaty between the UK and Canada, you are a resident of the country where your ...