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.
Hi Leah, Assuming that you amalgamate the two companies, the new amalgamated corporation can carry-forward the losses of the predecessor corporatio...
Hi, Cash dividends paid need to be reported on the balance sheet (GIFI Schedule 100) and on Schedule 3. Report licensing fees as other operating e...
Hi, Do not file a Canadian tax return. Non-residents of Canada are not supposed to file a Canadian return to report interest income. Even though ...
Hi, As a non-resident of Canada, you are only taxable in Canada on your Canadian employment income. Your Australian income is not taxable in Canad...
Hi, Now that you have officially decided to stay in the US, you should file a departure return with the CRA for the 2018 tax year. Departure tax d...
Hi Vahid, Purchases an sales of stocks, bonds and mutual funds should be posted to the Marketable Securities account (current asset). Dividends r...
Hi, Incorporate a company in Canada to minimize your liability and to save tax. Hire subcontracts through your Canadian corporation. You will not...
The problem is that both of your names are on the property, but your mom is the one who wants to claim the principal residence exemption for the entir...
If your company has received a reassessment for additional HST owing relating to prior tax years, then record the additional HST as an expense on the ...
Hi Falcon18, Any traveller bringing cash into Canada over $10,000 must declare it with Canada Customs, regardless of the traveller's age. However,...
The domain name has to be revalued to its market value on the date that you came back to Canada. The market value becomes the cost basis for Canadian...
Hi Aidan, From a tax perspective, you can only be a tax resident of any one of these 3 countries at a time, even if you are a citizen of all 3.
Hi, I suggest that you start as a sole proprietor. It is less expensive than incorporating in terms of setup costs, and ongoing tax & account...
When you sell an asset or shares for profit, one half of the gain is taxable at your marginal tax rate. For example, assume that you sold shares of a...
Hi, I am not aware if such incentives are available.