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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.
Yes, royalty fees are a deductible business expense.
Hi, I am assuming that your child is a non-resident too. The tax impact for your child (making the withdrawals) has to do with child's residency s...
Reasonable money spent on repairs and maintenance to get the house ready for sale can be deducted as selling expenses. Improvements (like buying a ne...
Hi Rajiv, Your best option is to open a Canadian corporation. Then have your Canadian corporation send invoices to the American customer for servi...
Hi Amandeep, Consider selling the shares of your corporation in order to take advantage of the lifetime capital gains exemption (LTGE). If you qua...
Hi Fabiana, The Canadian tax reporting requirements for your property in Costa Rica depends on whether you sold this property when you were a resid...
Hi Aahh, The foreign inheritance you received is not taxable to you in Canada. However, you do have to report cash held in a foreign country on f...
Thank you for reaching out to me. My responses to your questions are as follows: 1. My fee to incorporate a company is $918 plus tax. This incl...
Hi Salem, You can operate as a sole proprietor in Canada with overseas income. The income along with the related business expenses should be repor...
Hi, thanks for reaching out to me. Do not open up a LLC to operate your online business in the US. LLCs cause double taxation for Canadians. You ...
Couriers do not need a business number to deduct business expenses in Canada. If your business name is the same as your first and last name, then a b...
Income splitting is limited now through the use of dividends paid to family members of an owner of a professional corporation (e.g. medicine PC) . Und...
Hi Anil, Your Indian employer must register for a Canadian payroll account number, because you (employee of Indian company) are physically working ...
Hi, The company should sell the commercial building (i.e. asset sale). The alternative, a share sale, will result in a large capital gain, because ...
Hi Reuel, No, do not charge your US customer GST nor PST. I recommend that you use QuickBooks software or Wave for bookkeeping.