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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
Notice to Reader Financial Statements
Since December 2021, Notice-to-Reader is replaced with compilation engagement report.
Principal Residence Exemption and Change of Use
Principal residence exemption allows a taxpayer to eliminate capital gains on the disposition (or deemed disposition) of his/her principal residence in Canada. This post is meant for general information purposes. You can find below a
TAM, SAM & SOM in Business Plans and Investor Pitch
Investor Pitch & Business Plans: Have you done TAM, SAM and SOM? Need Capital but having a hard time convincing the investors? Did you do the TAM, SAM, and SOM right? Taking a new business
Can I do back-filing of T4 and get CEBA Loan?
Canada Emergency Business Account (CEBA) is a loan program announced by the government of Canada to support small businesses in meeting their operational needs. You can find more information about this program from your bank.
Raising Funds? Why your business plan did not work out?
Lenders and investors need to see the potential in a business and the credibility of those presenting before they invest in an idea, just like you would do thorough research before buying a house or
Income Tax Returns for Actors in Canada
How can I lower my taxes if I am an actor or a person employed in the entertainment industry? This post outlines income tax returns for actors in Canada who are also residents of
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?