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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
Moving from Canada & Principal Residence Exemption
A lot of taxpayers emigrate from Canada every year, some to the south of the border and others beyond. In Canada, generally, the owners of the residential property are exempt from the taxes on capital
Controlled Foreign Corporations (CFCs)
The U.S. tax system went through a major overhaul as a result of the Tax Cuts and Jobs Act (TCJA). Beginning in 2018, the U.S. taxes individuals on worldwide income whereas corporations on a Quasi-territorial
IRS form 5471: U.S. Persons with Canadian Corporations
IRS form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, is one of the most complex forms in the U.S. Expat tax return package. The form has evolved significantly post-TCJA to
Foreign Accrual Property Income
How to calculate foreign accrual property income for a Canadian corporation.
T1134: Foreign affiliate Information Return
T1134 has changed for the tax years starting Jan 1, 2021 with additional reporting and disclosure requirements.
IRS Streamlined Foreign Offshore Procedures
IRS Streamlined Foreign Offshore Procedures In this post: Streamline Foreign Offshore Procedures (SFOP) – Overview Eligibility for SFOP Requirements of SFOP – Checklist Who should not use SFOP! How can Maroof HS CPA Professional Corporation
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.