Ask Allan Forum
Get expert answers to your tax questions straight from Allan, our owner and experienced CPA. It’s free, direct, and designed to help you make the best decisions when it comes to your taxes.
The answer depends on whether you made the sale through a US partnership, S-corporation, C-corporation, LLC or in your name. If you made the sale per...
Your clients should avoid investing in Canadian mutual funds as they could be double-taxed because of the way the IRS treats foreign mutual funds. Th...
Record the bond at its purchase amount on Schedule 100. If the interest is paid annually, record the interest income on Schedule 125. However, if the...
Loan repayments should be recorded as a reduction of the loan balance. The loan balance as of the year-end is reported on Schedule 100, and not the in...
If the IT consultant becomes a non-resident of Canada for tax purposes, then he will have to pay capital gains tax on the value of his shares (less th...
Since your friend is a non-resident shareholder of a Canadian corporation, an NR4 slip should be prepared annually to report the dividends paid to him...
You should have a gift letter prepared, and signed by both parties - the giver and the recipient. The date of the gift and the amount of the gift sho...
You will be a 'part-year tax resident' for the 2019 year. As a result, you will be eligible for the Basic Personal Tax Credit for the period of time ...
As a non-resident of Canada, you can own 100% of the shares of a Canadian corporation. However, certain provinces require that some of the directors o...
A corporation cannot claim the Spousal Tax Credit. You can claim the Spousal Tax Credit on your personal return if your spouse has an income below $1...
Generally speaking, the partners in a general partnership do not receive a salary. However, the profits of the partnership are allocated to each part...
As long as you have immediate, liquid access to this trust fund, then I don't see a problem. If your company is incorporated, then the funds should b...
Your company in Canada will not have to charge HST to your US client (i.e. US address as per invoice).
Line 9970 is part of GIFI Schedule G140 (not required). Line 9999 is the company's net income after tax for accounting purposes.
It looks like the CRA is trying to verify if the children live with you in Canada, which is one of the criteria for receiving Canada Child Benefits.