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Consider paying yourself a reasonable salary as a manager of the company in order to reduce the company's taxable income. Or you could set up a prope...
There is no monetary limit from a tax perspective. A gift of $40,000 made to you by your parents will not be taxable to you.
Line 8762, Business Taxes, on GIFI Schedule 125 relates to fees and charges paid by a business to the government. It does not relate to corporate inc...
Yes, payments made to subcontractors for worked performed are tax-deductible and reduce your taxable income from the business.
I don't believe your W7 application will be processed successfully because you are a US citizen and you are eligible for an SSN. If you are eligible ...
Thank you for your positive feedback. We do host webinars occasionally, which we post to our blog: The corporate capital gains tax rate of 25% wi...
According to the treaty, the tax deducted from the interest payments made by the Egyptian payer (e.g. bank) to the resident of Canada cannot exceed 15...
Thank you for your questions. My responses are as follows: > The $30,000 that has been set aside for the business will be taxed. Each partner ...
You should file an amended T2 return and Schedule 3 for the year in which the dividends were paid/declared.
Yes, that is correct. GST that is recovered by claiming input tax credits cannot be deducted as an operating expense.
Yes, you can. Gifts are not taxable to the recipient in Canada.
The amount of the loan will be taxable to your son. This is because your son does not deal at arm's length with you, unless your son repays the entire...
Even if there is an overall loss, I still recommend that you prepare Schedule 7 to ensure completeness of the tax filing. However, if you don't fill o...
According to the Canada-US tax treaty, you are a resident of the country where your permanent home is located. A permanent home can either be rented o...
If the capital gains arose from the sale of investments that you purchased from your funds (not your parents' savings), then you have to record the ca...