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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
Ontario – Incorporation without Resident Canadian Director
News Release – July 05, 2021 Resident Canadian Director no more needed for Ontario Corproations The province of Ontario in Canada has removed the residency requirement of the Director effective July 5, 2021. Previously Ontario
Qualified Small Business Corporation Shares (QSBC)
QSBC allows its shareholders to claim Lifetime Capital Gain Exemption on the disposition of its shares.
CCPC Shares & Emigration
Deemed disposition and departure tax for the owner-managers of Canadian Corporations.
Black Entrepreneurship Program in Canada
Business Plan is required for Black Entrepreneurship Program
Cryptocurrencies: Income Tax Implications in Canada
How are cryptocurrency transactions reported to Canada Revenue Agency?
ITIN Supporting Documents – third-party withholding
U.S. ITIN Applications without tax returns for third party withholding of taxes.
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.