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Hi Ken, I assume that you did not transfer title of the property to your mom after you moved out. Also, I am going to assume that you and your mom...
Hi Craig, When your girlfriend changed the use of her property from her primary residence to a rental property, there was a 'deemed sale' at that t...
Hi, it's very difficult for me to answer this question without examining the books of account first. Sorry that I couldn't be of more help.
Hi George, Your company must first obtain a Payroll Account Number from the CRA. They can issue this over the phone by calling 1-800-959-5525. Ne...
Hi, it depends on how the asset was acquired. If you paid for it on behalf of the corporation, then you should record the amount paid to the sharehol...
Hi, you can incorporate a company in Canada, and the corporation can lease a vehicle to be used by you as an Uber driver. If your income (after expen...
Hi, Your Canadian corporation will need a US EIN, and will also need to provide your American client with form W8-BEN-E to avoid a 30% US withholdi...
Hi RA, if you tear-down your home and build a new one, then the principal residence exemption will not be applicable for the old home. This is becaus...
Hi Vik, It makes sense to flip houses through a Canadian corporation, which I will refer to as OPCO. This is because OPCO pays a low rate of incom...
Hi Ali, Record the following entry for depreciation: Debit Depreciation Expense - $100 Credit Accumulated Amortization - $100 Depreciation e...
Hi Ken, The recommended structure for Canadians to own US real estate is a Limited Partnership. The Limited Partnership will own the property, co...
Hi, incorporate the companies separately, so you have the option of selling one business without having to sell the other. In addition, you may be el...
Since you and your children live in Canada, and since you are all PR card holders, your husband will be liable for tax in Canada on his worldwide inco...
Hi Kim, you will not have to pay Canadian income tax on the gift received. Gifts are non-taxable to the recipient in Canada. A gift letter needs to ...
Hi, if the interest that you are earning on your cash savings is less than the interest that you are paying on your mortgage, then use your cash savin...