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It depends on several factors: - Where are the services performed? Canada or the US? - If the services are performed in Canada, how many days are ...
Record the following transactions in this order: 1) Debit Cash $100 and Credit GST/HST Payable for $100 (to record HST collected on sales) 2) Debi...
When GST/HST is collected, the GST/HST liability account is credited. Likewise, when input tax credits are claimed (for GST/HST paid on business expen...
Charge Newfoundland HST because that's where your customer's billing address is. File a single GST/HST return and report the sales for the period, GST...
The CRA will send a Notice of Assessment for the tax return for which the 45(2) election relates. However, I have not received a letter from the CRA u...
Thank you for your question. Employer-provided housing is a taxable benefit to employees. Payroll taxes will need to be deducted from the benefit in t...
Report the income and expenses (in Canadian dollars) in respect of your Indian rental property on form T776. Claim a foreign tax credit for the Indian...
The best way is to hire a professional - either an accountant or a lawyer so that they can incorporate the company properly. Consider incorporating a...
Based on what you have said, you should consider incorporating your business. You should first confirm with your regulatory body if commissions can b...
Thank you for your question. In my opinion, vacant land is not personal use property. Personal use property includes a cottage, vacation property, o...
Great question. I have taken the net US tax liability (after tax credits) and claimed the net amount as a foreign tax credit. In your case, this is $...
You should hire a Chartered Business Valuator to determine the value of the business. As a general rule of thumb, the value of a business is 3 to 5 t...
You are not required to register for a GST/HST number and you are not required to charge GST/HST to customers because your sales are less than $30,000...
My responses are as follows: 1. Do not claim a tax deduction on line 256. The income is not tax exempt. Any income earned by your clients outside...
A corporation can conduct multiple businesses. You do not need to open a separate corporation for each business. However, to minimize risk, I sugges...