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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
Business Model Canvas
A business plan plays a key role in the decision-making process for its internal and external users. The very first challenge entrepreneurs face is the writing of this business plan. Unfortunately, sometimes it looks like
Understanding GILTI – For US Expats in Canada
Global Intangible Low-Taxed Income – Simplified! The Tax Cuts and Jobs Act of 2017 (TCJA) brought major changes to the U.S. tax system. With these changes come additional complications for U.S. citizens and resident aliens.
2020 U.S. Individual Income Tax Returns – Deadline extended by IRS
The Internal Revenue Service (IRS) has extended the deadline to file Individual income tax returns for 2020 in the U.S. The new deadline is now May 17, 2021 (the usual deadline is April 15 every year).
Hybrid Entities – The Tax Problems in Canada
U.S. LLCs and S Corps are hybrid entities due to a mismatch of income tax treatment in both U.S. and Canada
How to Stay Safe this Tax Season
Tax season is in full swing! Millions of Canadians and Residents are looking to file their taxes. Traditionally, taxpayers with simple tax situations tend to visit drop-off locations of various tax service providers. With Covid-19,
Blockchain Technology and Cryptocurrencies
Blockchain technology, including Cryptocurrencies, are on the rise. What are the income tax implications and how to report them
TAX QUESTIONS
Taxation of RSUs after moving from Canada
Question: I moved from the U.S. to Canada in April of 2024 after I got my Canadian PR approved. I have RSUs that were granted while I was in the
Short Term Rentals in Canada
Tax Question Asked by: Andrea J. Marie I have a condo that I use as an AirBNB in Toronto. I am recently told that I cannot claim any tax deductions
Bare Trust Reporting in Canada
Question asked by Sumit Khanna My son owns a house where he lives. He was having a hard time getting a mortgage. I decided to be on the title of
Late filing Penalties for form 5471
Tax Question asked by Aiman Doe (Name changed at their request) I am an American living in Canada since 2011. I own a Canadian Corporation since 2012. I have never
Tax Treaty Benefits for Non-U.S. members of LLC
Question: Can a U.S. LLC claim exemption from Canadian corporate income tax under article VII of treaty if it has non-us members?