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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
2021 – Individual Income Tax Rates – Federal, Ontario & Alberta
Individual income tax rates 2021 and 2022 for Ontario and Alberta in Canada/
CSRS 4200 Compilation Engagements
Compilation of Financial Statements The Auditing and Assurance Board issued a new standard, ‘CSRS 4200 Compilation Engagements’ for the first time in almost 30 years! CSRS 4200 replaced Notice to reader report under Section 9200
Lifetime Capital Gains Exemption in Canada
What is life time capital gain exemption? Common purification and crystallization strategies.
How to extract Surplus cash from Corporation without paying taxes?
Corporate reorganization technique that may allow you to take cash out of corporation without paying income taxes in Canada.
Canadian Taxpayers Selling U.S. Property
Many of Canadian taxpayers maintain a second home, a vacation property, or hold a U.S. real property interest for investment purposes. In 2020 and 2021, there is an upward trend of dispositions of U.S. real
Professional Corporations & Income Taxes
Many professionals can now incorporate their practices as professional corporations as per the provincial legislation. Professional Corporations are now becoming a very common structure since the majority of provinces have relevant professional regulations. Professional Corporations
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.