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No, you are not obligated to file a Non-Resident Section 216 Return in respect of the rental income that you collected from your rental property in Ca...
It's not a good idea to own real estate in a corporation anymore, because of the high tax on capital gains and passive investment income. The tax rat...
Yes, you can become a non-resident of Canada if you owe taxes.
Hi Marjana, you must report the cost amount of foreign property in excess of $100,000 on form T1135. For example, assume that you and your spouse joi...
Hi Ram, if both spouses equally contributed to the down-payment for the property and the ongoing expenses are also equally shared, then the rental inc...
Schedule C is for American returns. If you are filling out a Canadian return, complete form T2125 for business income and expenses. You do not requir...
You and your wife will not become tax residents of Canada by buying vacant land in Canada.
I recommend that you return to Canada after the year-end. If you return in 2017, it will complicate your tax filing situation. This is because you c...
You can deduct the interest paid on a second mortgage if the proceeds from the second mortgage were invested in an income producing investment / busin...
You were a non-resident of Canada, since you temporarily stayed in Canada, and left after a few months. In addition, you had very few ties to Canada....
You should not file a Canadian tax return because (a) you did not earn any income in Canada and (b) you are a non-resident of Canada for tax purposes....
Hi Janet, thanks for your question. CCA is a discretionary deduction. You can choose to claim it in one year, and not the next - it's totally up to ...
Hi Edward, if you are selling to customers located outside of Canada, then do not charge them GST/HST. If you are selling to customers within Canada,...
In your example, you can apply the 2010 loss of $10,000 to the net income earned in the 2012 tax year. The non-capital loss can be carried-forward fo...
These expenses should be recorded by your corporation. I suggest that you purchase a tax return preparation software from TurboTax or Ufile if your r...