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'Profit' made from utilizing the Quick Method Election is not taxable.
Use GIFI code 8620, Employee Benefits, to record premiums paid to a Health Spending Account for an employee.
I recommend that you use CRA's online payroll calculator. Here is the link:
I don't believe that the workplace in Canada constitutes a permanent establishment for your business because you have no control over the workplace. ...
So long as the company has sufficient retained earnings, clear the shareholder account through the 'cash dividends' account. Record the following ent...
No, you do not need to apply for an ITIN in this case. Please keep track of your days spent in the US to see if you meet the Substantial Presence Tes...
There aren't any specific forms to fill out in order to trace the use of the funds received from the 1st mortgage. Should the CRA conduct an audit, p...
To determine the amount that you can deduct in respect of rent paid in part for the use of a home office, follow these steps: 1. Multiply the rent ...
Distributions that are a return of capital and capital gains realized from the disposition of mutual fund units are not subject to a non-resident with...
It depends on what the proceeds from the mortgage are used for. For example, if the proceeds from the mortgage are used for personal expenses, then t...
Yes, a non-resident employee can claim a deduction on his Canadian Non-Resident Personal Tax Return pursuant to paragraph 110(1)(d) of the Canadian In...
Since she became a non-resident of Canada, she should contact her Pension Plan Administrator and Service Canada to inform them about her non-resident ...
If she moves to France with her children, and (a) she does not maintain a home in Canada, and (b) you, her husband, are not residing in Canada, then s...
If you incurred the moving expenses prior to becoming a resident of Canada, then the moving expenses incurred will not be deductible from your Canadia...
Generally speaking, the GRIP balance is calculated on a yearly basis when filing a company's corporate tax return. The GRIP balance in the year is eq...