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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
Corporate Transparency Act (CTA) & Canadian Businesses
BOI Reporting requirements for Canadian corporations and entities who are registered in the United States.
Departure tax in Canada
What is departure tax in Canada? How to manage it; exemptions, payment and deferral, and some planning options.
U.S. Individual Tax returns
Mark the calendars as the extended due date of October 16, 2023 is approaching soon for the U.S. individual taxpayers.
Non-Resident Selling Canadian Real Property & Certificate of Compliance
Non-residents of Canada face some challenges when it comes to compliance when owning Real Estate in Canada. Non-Residents here does not mean Non-Canadians, it also includes Canadian citizens and permanent residents who emigrated from Canada.
Moving from Canada to the U.S.
There are many reasons why Canadian tax residents move to the U.S. including economic opportunities, family reunification, education, and lifestyle preferences. Those who are planning their move to the United States must recognize the key
10 Things Americans in Canada Should Know!
Immigration from the U.S. to Canada, or Canada to the U.S. is very common due to multiple reasons including personal, economic or political ones. There is a large number of U.S. citizens and Green Card
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.