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We attempt to assist our readers by simplifying some of the complex income tax issues in Canada. Occasionally, we answer the general tax questions as well that can help a broader readership of our blog section.
INSIGHTS
U.S. Individual Tax returns
Mark the calendars as the extended due date of October 16, 2023 is approaching soon for the U.S. individual taxpayers.
Infographic: Non-Residents Owning Canadian Properties
Filing requirements: Non-residents with Rental income from Canada Non-residents of Canada who own Canadian real properties and generate rental income from such properties need to comply with certain reporting requirements. Important Disclaimer: Please note that
Checklist: U.S. Individual Tax Returns
Please use the below checklists to arrange the information for the preparation of U.S. personal tax returns. Starting information & Filing Status – All the individuals filing U.S. Tax returns must provide this. Information required
2023 – Sec 216 and Non-Residents Tax Returns
Please use the below checklists to arrange for your information if you are filing Section 216 tax returns and non-resident individual income tax returns in Canada. Individual Tax Number (ITN) for Non-Residents Non-residents of Canada
CRA Individual Tax Number (ITN)
Individual Tax Number (ITN) for Non-Residents In order to file an individual income tax return with Canada Revenue Agency (CRA), you require either a Social Insurance Number (SIN) or an Individual Tax Number (ITN). If
2023 – Canadian Residents T1 Checklist
2022 – Individual Income Tax Return (T1) Checklist Canada Revenue Agency systems to allow electronic filing of Individual Income tax returns (T1) for 2022 are opening on February 20, 2023 (Expected, not confirmed yet). We
TAX QUESTIONS
Late filing Penalties for form 5471
Tax Question asked by Aiman Doe (Name changed at their request) I am an American living in Canada since 2011. I own a Canadian Corporation since 2012. I have never
Tax Treaty Benefits for Non-U.S. members of LLC
Question: Can a U.S. LLC claim exemption from Canadian corporate income tax under article VII of treaty if it has non-us members?
IT Contractors – Employee Vs Incorporation
Question: I Am An IT Professional. I Just Received An Offer From My Employer. My Employer Wants Me To Incorporate And They Have Agreed To Offer A Better Hourly Rate. I Am Confused Should I Set Up A Corporation Or Become An Employee?
Tax on Inheritance in Canada
Question: My mother passed away in India last month. I am receiving my share of the family house. The home is located in India. I am a resident of Canada. Do I need to pay taxes in Canada when this property is transferred to me?
Incidental Rental income of CCPC
Question: My corporation, a CCPC, has a catering business and holds a building as an asset. I rent a portion of the building but use the rest in my operations. Is my corporation now Specified Investment Business?