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 Gus, you can claim a capital loss for the unpaid balance of the shareholder loan owing to you, if the company cannot repay you. To do so, attach a...
Hi Cristian, thank you for your positive feedback. I will do my best to prepare a tutorial on how to complete the tax forms for passive investment in...
Hi, the subsection 45(2) election must be filed with your personal tax return for the tax year during which you changed the use of your property from ...
Hi, pay yourself a dividend to avoid the headache of payroll taxes and to avoid paying Canada Pension Plan premiums. The tax free amount is $35,000 / ...
Hi Ron, Before a terminal loss can be claimed and a CCA class 'closed', all of the assets in that class have to be disposed / sold / thrown away ...
If you filed a non-resident tax return with the CRA, because you are protected by a tax-treaty with Canada, then you do not have to file a departure t...
Hi Bill, the payment has to be made by January 30, or else the income attribution rules will apply for the year. If the cheque for the interest payme...
Hi Michael, it depends on the amount of the dividends you received. The taxable amount (as per the T5 slip) of the dividends received must be include...
A tax deduction is not available for stock grants. Stock grants are added to your income (T4) when they are fully vested.
For accounting purposes, the holdco should record the dividends received as income. When the corporate tax return is prepared, a deduction can be cla...
Hi Mohan, pursuant to the Canada-Indian tax treaty, it's very unlikely that you will be treated as a non-resident of Canada, and a resident of India. ...
Hi John, you can charge back a portion of your home rent to your corporation. The allowable portion is determined by calculating the % that your home...
Hi Mohan, have your parents prepare a gift letter stating that they are gifting the property to you. The value of the gift should also be specified o...
Hi Punjani. send a wire transfer from your home country bank to your Canadian bank once you come to Canada. This transfer will not be taxable, if the...
Hi Mohan, thank you for your question. When a gift of property is made, the proceeds of disposition are deemed to be equal to the market value of the ...