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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
Permanent Establishment (PE) in Canada, focused on Services
Permanent establishment in Canada and why it matters for treaty-based tax relief on cross border services When a nonresident business earns service revenue connected to Canada, two sets of rules can apply at the same
US IRC 6013 Elections Explained
IRC 6013(g) and IRC 6013(h) Elections Explained for US Canada Couples When one spouse is a US taxpayer and the other is not, the tax return stops being a simple compliance exercise and becomes a
Important Deadlines – Canada & the U.S.
Important Deadlines: 2024 Tax Returns to be filed in 2025 The 2024 tax season is approaching, and it’s time for individuals and businesses to start preparing to file their 2024 tax returns due in 2025.
CRA Reviews of Foreign tax Credits
Foreign Tax Credits are almost always reviewed by the Canada Revenue Agency (CRA), at least for individual taxpayers. Interestingly, based on our experience, this is often the most easily mistaken area for the DIY tax
Tax Alert: Capital Gains Inclusion Rate Changes
Budget 2024: Federal government proposed changes to Capital gains inclusion rate in Canada. An overview of the proposed changes and planning opportunities.
Important Deadlines – 2023 Tax returns
Important Deadlines: 2023 Tax Returns to be filed in 2024 As the 2024 tax season approaches, taxpayers in both Canada and the United States must follow critical deadlines to ensure compliance and avoid penalties. This
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.