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Yes, this is the correct approach because you continued to operate as a sole proprietor until March 2019.
If you are filing a US 1040-NR (non-resident alien tax return), you cannot claim exemptions nor the standard deduction.
Do not report shareholder loans made by you to your corporation on your personal tax return. In your example, the corporation owes you $500. This is ...
The best way to invest in the US, where you are a Canadian and your partner is an American, is by forming a US Limited Partnership (US LP). The US LP...
Thank you for your question. I am assuming that you are carrying on an active business in Canada with your American partner. If this is the case, th...
If you converted your primary residence into a rental property, then the cost basis of your property is equal to the fair market value of the property...
If you continued to collect payments and invoice customers from your sole proprietorship, then you can record the income on your personal tax return. ...
Yes, you can still be considered as a first time home buyer so long as you did not buy a home in the previous 4 years. You do not need to be register...
Yes, you can claim Capital Cost Allowance. This should be claimed when filing a Section 216 Non-Resident Rental Return.
Submit your W2 slip plus any other tax slips that you have along with your 1040 return to the IRS.
Hello, If you have no immediate need to use the cash generated from the business profits for personal purposes, then incorporate. In this manner, yo...
According to the Canada-US tax treaty, gains from the sale of real estate are first taxable in the country where the real estate is located. As such,...
According to the Canada-Germany tax treaty, lump-sum withdrawals / payments from a RRSP to a non-residents of Canada are subject to a non-resident wit...
For tax purposes, the balance sheet should reflect the book value as of the date the investments were purchased. Purchases and sales made in the tax ...
That's a very good question. I believe the answer depends on whether the kids are your children. A child is from birth or legal adoption. If you ha...