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Firstly, you should file a departure tax return with the CRA to establish that you became a non-resident of Canada upon leaving to AU. Secondly, you ...
You do not have to report trades / sales made within a TFSA on your personal tax return. This is because any gains made within a TFSA are not taxable...
Yes, the interest is tax deductible. Please report the interest expense on form T2125.
HST is calculated on the gross trip fare.
There are two major tax implications. First, the tax status of your corporation will change from a Canadian Controlled Private Corporation to an Othe...
I'm not sure where the NRC is located. So I will answer your question based on the assumption that the location is in Canada. As a non-resident of...
Yes, you can claim the premiums paid for private health insurance for the medical expense tax credit.
The combined corporate tax rate for small businesses in Ontario that earn active business income is 15% up to $500,000 of taxable income. Thereafter,...
No, you do not need to file form T1135 in your example.
Do not directly invest in a LLC, otherwise you will be double taxed. There are specific cross border structures that are better for Canadians that lim...
If each web-store is a separate business then it's better to put each web-store in a separate corporation. This minimizes your overall risk. Should ...
Once you pay departure tax, the adjusted cost base (ACB) of your stocks/shares increases to their fair market value as of the date departure tax is ca...
You should form a US Limited Partnership in order to avoid double taxation and reduce risk. Click here to view our article.
Thanks for contacting me. I have many clients in the same situation as you. As a US citizen, you must pay US taxes on your worldwide income. To avo...