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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
Voluntary Disclosure Program (VDP) in Canada – Come Clean with Taxman
You can come clean with the Taxman in Canada using VDP whether the non compliance was intentional or unintentional.
Canada Emergency Response Benefit CERB – Common Questions
COVID-19 is spreading its grasp all over the world. Like other governments, the Canadian government has also stepped in to check the adverse impact of the disease. The government came up with the Canada Emergency
Rental Income from Associated Corporations as Active Business Income
Rental income earned by a corporation is considered property income i.e. aggregate investment income. Active business income of Canadian-controlled private corporations (CCPC) is subject to preferential tax treatment due to the small business deduction. Earning
Earning Investment income in a CCPC and Refundable tax
Earning investment income in CCPC can affect Small business deduction and QSBC Status of a Canadian Corporation.
Income Tax Tips for Freelancers in Canada
Freelancing, full time or as a side-gig, is a very attractive way for people to generate income for themselves. With a lot of freelancing websites such as Fiverr and Upwork, more and more Canadians are
Reporting Online Trading on Personal Income Tax Returns in Canada
If you are generating gains or losses from the sale of securities, this is most likely to be treated as Capital gains. However, in certain cases, this might be treated as business income (or loss)
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.