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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
2020 Individual Income Tax Return Checklist
2020 Tax season just started. Individual income tax and benefits returns are now open for e-filing. A checklist is compiled to help you preparing all the documents for your tax appointment. Please do not forget
Forgivable Portion of CEBA and Income Inclusion
Many businesses in Canada have taken advantage of Canada Emergency Business Account (CEBA). The initial program offered $40,000 with 1/4 i.e. $10,000 is forgivable if certain conditions are met. Later on, the program expanded and
Personal Services Business (Incorporated Employee)
Have you recently received a contract offer from a business that has asked you to incorporate yourself? By the way, this is very trendy in the IT and transportation industry! We receive a couple of
2019 Income Tax return Adjustments for CERB Eligibility
A lot of people have claimed CERB for the full 28 weeks period, totalling up to $14,000. Canada Revenue Agency (CRA) has issued letters to the taxpayers who they think might not have been eligible.
2020 – Year End Income Tax Planning – Individuals
The year 2020 is approaching an end! This is the time of the year when you should not forget important tax planning to best optimize your 2020 income taxes in Canada. We have compiled a
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.