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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
Business Model Canvas
A business plan plays a key role in the decision-making process for its internal and external users. The very first challenge entrepreneurs face is the writing of this business plan. Unfortunately, sometimes it looks like
Understanding GILTI – For US Expats in Canada
Global Intangible Low-Taxed Income – Simplified! The Tax Cuts and Jobs Act of 2017 (TCJA) brought major changes to the U.S. tax system. With these changes come additional complications for U.S. citizens and resident aliens.
2020 U.S. Individual Income Tax Returns – Deadline extended by IRS
The Internal Revenue Service (IRS) has extended the deadline to file Individual income tax returns for 2020 in the U.S. The new deadline is now May 17, 2021 (the usual deadline is April 15 every year).
Hybrid Entities – The Tax Problems in Canada
U.S. LLCs and S Corps are hybrid entities due to a mismatch of income tax treatment in both U.S. and Canada
How to Stay Safe this Tax Season
Tax season is in full swing! Millions of Canadians and Residents are looking to file their taxes. Traditionally, taxpayers with simple tax situations tend to visit drop-off locations of various tax service providers. With Covid-19,
Blockchain Technology and Cryptocurrencies
Blockchain technology, including Cryptocurrencies, are on the rise. What are the income tax implications and how to report them
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?
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?
U.S. Citizens and Residents with U.S. Amazon Stores
Question: Do Canadian Corps using U.S. Amazon FBA services need to pay branch profit taxes and file 5472.