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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
Effects of Losing CCPC Status for Corporations in Canada
What is a CCPC and how does a Canadian Corporation lose CCPC status at emigration of its shareholder.
Non-Deferrable Expenses Stream – CEBA
Almost a month ago, in May, the government announced expanded eligibility for Canada Emergency Business Account (CEBA). Previously, only the businesses with a minimum of $20,000 in payroll were eligible. After facing a lot of criticism and
Expanded CEBA Program for Small Businesses
The Government had rolled out its Canada Emergency Business Account (CEBA) to support small businesses due to pandemic. Since the start of the program there has been a much criticism over the “exclusion” of certain
How to setup a corporation in Canada?
Wondering how to incorporate your business in Canada? Let’s find out the general steps involved to set up a corporation in Canada. 1. Decide if you need to incorporate your business? A lot of times
US Income Taxes for Canadian Businesses – Which Forms to File?
How to report and pay U.S. income taxes for Canadian Corporations?
How and When U.S. Taxes Canadian Businesses
U.S. Income tax is one of the most complex tax systems in the world. Being a global leader, many times international businesses get their income connected to the U.S. and they even don’t know it.
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.