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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
Tax Tips: If you are leaving Canada
If you have been a resident of Canada and decide to leave Canada, you must review your assets, income, and income tax obligations. Leaving Canada is often referred to as “Emigration”. The year in which
Tax residency in Canada – Common Questions
Tax Residency in Canada is determined using a very subjective approach; primary and secondary residential ties.
Personal Taxes Checklist – Canada 2019
Personal Income tax and benefit returns (T1) efiling will be opening on February 24, 2020 for the tax year 2019. Though the electronic filing of personal taxes is starting from February 24, 2020, it is
Start a Business in Canada in 15 Easy Steps
Bored by your 9 to 5 work life? Is there an inner voice urging you to escape the mundane professional life, the grunts of your boss? Is your mind innovative enough to brainstorm ideas and
5 Ways to Strengthen Financial Section of Your Business Plan
No doubt, the Financial section is one of the most critical areas of the business plan writing process! You should not be surprised if you gave your business plan to someone and that person immediately
What is A Business Plan and How do I Write One?
A Canadian Perspective on business plan writing… Recall your middle school teachers insisting on making a routine for the completion of your syllabus. Why would you do it? How would you frame your routine? And
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.