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 Lavie, if the property sells for $400,000, then the gain will be $25,000. Since you are flipping this property, the entire $25,000 gain will be ta...
Hi, your father-in law shouldn't sell you the apartment for $100,000 less than market value, if this an investment property (e.g. rental property). Th...
Hi Ahmed, if you are a factual resident of Canada, then you are eligible to elect under subsection 45(2) of the income tax act. If you are a factual ...
Hi Smith, once you have separated and transferred your matrimonial home to your ex-wife, you can immediately purchase a principal residence. There is...
Hi Sam, for Canadian tax purposes, the cost basis for your mother-in-law of the property in Hungary is equal to the market value of the property on th...
Hi, there is no advantage. Income from a RESP and TFSA is taxable in the US if you are a US citizen.
Hi Karen, selling costs can be deducted to reduce the capital gain realized upon the sale. Selling costs include: - commissions paid to a realtor ...
Hi, you will not have to file a Canadian tax return for the 2018 tax year, since you were in Canada for only 15 days. Non-residents (including Canadi...
If she doesn't know if she will stay permanently in the UK, then she should continue to file Canadian tax returns as a resident of Canada. As a resid...
Hi Paul, RSUs are not the same as employee stock options. When RSUs vest, the vested amount is included in your income (T4) and subject to payroll ta...
Hi Dave, I'm assuming that the real estate is located in Canada and that the corporation that owns it is a Canadian Controlled Private Corporation....
Hi Leslie, the purpose of this form is to allow you to defer the payment of capital gains tax until the proceeds are received from the seller. For in...
Hi Ying, report the fee on Schedule 11 of your T1 return.
Hi Tim, since the work is performed in Canada, the income is eligible for the small business deduction.
Hi Rama, The gift transferred to you by your parents is not taxable to you in Canada. The gift can be sent by a wire transfer from your parents' b...