Maroof HS CPA Professional Corporation, Toronto

Insights – Home

Take Advantage of our Insights and Tax Questions

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

PFIC rules for U.S. citizens and green cardholders living in Canada with Canadian investments such as Mutual funds and etf.
U.S. Income Tax
Maroof Hussain Sabri

U.S. Tax Rules for PFICs – Canadian Context

Passive Foreign Investment Companies (PFICs) In this post: What is a PFIC? Definition of PFIC Deep dive into PFIC definition Gross Income Test Asset Test Exceptions – What is not PFIC? Controlled Foreign Corporations (CFCs)

Read More »
income taxes in Canada for Ukrainians moving to Canada
Individual Tax - Canada
Maroof Hussain Sabri

Income Tax Issues for Ukrainians moving to Canada

Canada is going the extra mile to support the Ukrainians affected by the Russian Invasion. With every passing day number of applications for temporary residence is growing. Many of the Ukrainians are already in Canada

Read More »
Cross border tax issues for U.S. persons with Canadian Corporations who are CFCs.
U.S. Income Tax
Maroof Hussain Sabri

Controlled Foreign Corporations (CFCs)

The U.S. tax system went through a major overhaul as a result of the Tax Cuts and Jobs Act (TCJA). Beginning in 2018, the U.S. taxes individuals on worldwide income whereas corporations on a Quasi-territorial

Read More »

TAX QUESTIONS

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?

Read More »

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?

Read More »

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?

Read More »
Scroll to Top