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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 End of Year Tax Planning for Small Corporations in Canada
There are many ways small business owners can optimize their corporate income taxes for 2020. This post is for the small to medium-sized businesses operating in the corporate form. Further, we do not recommend relying
Flipping Houses – Business Income Vs Capital Gains
Property flipping is an increasingly common practice to buy a property and then reselling it for a quick profit. Property flipping also includes assignment sales a.k.a. shadow flipping. Shadow flipping is the sale of a property
5 Alternatives to CEBA
Canada Emergency Business Account (aka CEBA) has been the most talked-about government support program for small businesses. Since its launch, it has helped many small businesses with the liquidity pressures faced during the pandemic. Many
Canada Emergency Rent Subsidy (CERS) – Applications opened
Canada Emergency Rent Subsidy (CERS) applications are open now. CERS provides much-needed support to Canadian businesses struggling with rent payments during the pandemic. If you have already applied for Canada Emergency Wage Subsidy (CEWS) you
COVID-19 Exception: Substantial Presence Test (U.S.)
Canadians in the U.S. must file U.S. tax return if they meet Substantial presence test. What’s the exception due to Covid-19
A Guide to Investor Pitch Deck
A beginner’s guide to Investor Pitch Deck. How to prepare the one, what to avoid and the tips for success.
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.