Insights – Home
Take Advantage of our Insights and Tax Questions
Human-written quality content, without any AI or Bot assistance, so you can trust!
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
Important Deadlines – Canada & the U.S.
Important Deadlines: 2024 Tax Returns to be filed in 2025 The 2024 tax season is approaching, and it’s time for individuals and businesses to start preparing to file their 2024 tax returns due in 2025.

Checklist: U.S. Individual Tax Returns
Please use the checklists below to arrange the information for preparing U.S. personal tax returns. Starting information & Filing Status – All the individuals filing U.S. Tax returns must provide this. Information required from 1040

2024 Checklist – 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

2024 – Canadian Residents T1 Checklist
2024 – Individual Income Tax Return (T1) Checklist Efiling Status: Canada Revenue Agency systems to allow electronic filing of Individual Income tax returns (T1) for 2024 will open somewhere in the third week of February
Tax Alert: Capital Gains Inclusion Rate Changes
Budget 2024: Federal government proposed changes to Capital gains inclusion rate in Canada. An overview of the proposed changes and planning opportunities.
Important Deadlines – 2023 Tax returns
Important Deadlines: 2023 Tax Returns to be filed in 2024 As the 2024 tax season approaches, taxpayers in both Canada and the United States must follow critical deadlines to ensure compliance and avoid penalties. This
TAX QUESTIONS
Short Term Rentals in Canada
Tax Question Asked by: Andrea J. Marie I have a condo that I use as an AirBNB in Toronto. I am recently told that I cannot claim any tax deductions
Bare Trust Reporting in Canada
Question asked by Sumit Khanna My son owns a house where he lives. He was having a hard time getting a mortgage. I decided to be on the title of
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?