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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.
The property management company in the 3-tier structure will pay corporate income tax at the small business rate of 13.5% (Federal + Ontario). The pro...
If your wife and children are now permanently living in Canada, then all of you will be treated as tax residents of Canada. Tax residents of Canada a...
I can help you. You will have to file a Canadian tax return as a resident of Canada, along with your wife. This is under the assumption that both of...
H Patrick, the CRA will likely classify you as a resident of Canada, because your spouse is living in Canada. However, for greater certainty, you can...
Hi Sherri, you have to submit forms 3520 / 3520A to the IRS in respect of your Canadian TFSA.
Hi Tito, the 1% credit will only apply to the sales that you have made up to $30,000. For example, if your sales are $8,000, then you will receive a ...
Hi Danny, yes, if the vehicle is used in the business and purchased during the quarter.
Hi Andrea, if you are an employee of an American company and living / working in Canada, then your US employer must begin deducting Canadian payroll t...
If the duplex is made up 2 separate self-contained units, with separate addresses, then you can only claim one of the two units as your primary reside...
Yes, so long as the person receiving the loan is not a family member of the shareholder. Charge a market rate of interest and reasonable repayment te...
Hi Ken, if you have legally separated from your wife, but your children still live in Canada, then you will very likely be treated as a tax resident o...
Hi Ken, no. He cannot become a non-resident, since his spouse and children are living in Canada.
You could apply for a tax-waiver (regulation 105) to stop withholding tax from payments made to you by your Canadian customer. BUT, the tax only appl...
Thank you for your kind feedback. An employee can receive a loan from his employer (corporation) and not have to pay tax on the loan proceeds, if: -...
The shareholder loan represents the money that your company owes you for expenses that you paid on behalf of your company, less shareholder loan repay...