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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
Top 10 Mistakes to Avoid on Personal Tax Returns
Tax filing is sometimes, if not always, a fairly complicated process! For the majority of taxpayers, it is so easy to make mistakes and overlook possible credits and deductions. It simply cannot be taken for
Personal Real Estate Corporation (PREC)
In Ontario, real estate agents and realtors have traditionally operated as sole proprietors, as they were not allowed to incorporate their businesses. However, Bill 145, the Trust in Real Estate Services Act, 2020, introduced important
2021 – Individual Income Tax Return (T1) Checklist
2021 – Individual Income Taxes – Checklist Electronic filing for Individual Income Tax Returns (T1) for the 2021 tax year is open now. We have compiled a checklist for the individual taxpayers for a quick
Business and Professional Income (T1)
Business or Professional Income on T1 If you have a business income or professional income, please provide the below information. Please note this is applicable to any unincorporated form of business, also known to some
Crypto Mining in 2022 and Income Taxes
Crypto mining is on the rise! Learnt he income tax application and reporting of Crypto mining in Canada!
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.