Maroof HS CPA Professional Corporation, Toronto

how to record rental income from associated corporation in Canada
Financial Statements

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

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How to get refund of taxes from IRS from Canada on the sale of U.S. property
Individual Tax - 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

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income taxes for professional Corporations in Canada
Corporate Tax - Canada

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

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GILTI and US citizens shareholders of Canadian corporations
U.S. Income Tax

Understanding GILTI – For US Expats in Canada

Global Intangible Low-Taxed Income – Simplified! The Tax Cuts and Jobs Act of 2017 (TCJA) brought some major changes for U.S. taxpayers. The Global Intangible Low-Taxed Income (GILTI) regime was enacted to tax the U.S. Shareholders

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U.S. Canada cross border tax accountant for American citizens in toronto
U.S. Income Tax

10 Things Americans in Canada Should Know!

Effective February 12, 2021, the Internal Revenue Service (IRS) has begun receiving 2020 tax returns in the U.S. In 2020, the Americans have moved to Canada in record numbers. Whether you have recently moved to

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How to save taxes on selling and flipping properties in Canada?
Corporate Tax - Canada

Flipping Houses – Business Income Vs Capital Gains

Property flipping is an increasingly common practice to buy a property and then resell it for a quick profit. Property flipping also includes assignment sales a.k.a. shadow flipping. Shadow flipping is the sale of a property

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R&D tax incentives in Canada
Business Plan

Canada: On Road to a New Global R&D Hub!

For a while, Silicon Valley in the United States has been a Research and Development hub in the world. Well, that may change soon. According to the 2019 global technology innovation report, the US and

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immigration business concept for toronto entrepreneur stream Ontario canada
Business Incorporation

10 Reasons to Move your Business to Canada

10 Reasons to Invest in Canada Planning to start a business or looking to expand internationally? Well, Canada is the place for you. Investing in Canada offers plenty of opportunities in terms of everything right

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US taxes for Canadian businesses
Corporate Tax - Canada

How and When U.S. Taxes Canadian Businesses

U.S. Income tax is one of the most complex tax systems in the world. Being a global leader, many times international businesses get their income connected to the U.S. and they even don’t know it.

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Principal residence election, how to file late election for change of use
Individual Tax - Canada

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

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Income tax return for actors and artists in canada
Individual Tax - Canada

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

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US Tax return for US amazon store from Canada
Corporate Tax - Canada

Infographic – Income taxes for US Amazon Store

In recent times there is an uptick in E-commerce sales, especially due to COVID-19 Pandemic. With the closures of more and more retail stores, customers are ordering online. Amazon is one of the biggest online

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taxes on foreign rental income and properties in canada
Individual Tax - Canada

How to report foreign rental income in Canada?

In recent days, we have received a couple of inquiries from our blog subscribers and readers about the foreign rental income of Canadian residents. This post is for general information purposes and cannot be relied

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is inherited property taxable in Canada
Individual Tax - Canada

How is foreign inherited property taxed in Canada?

Canada is a country having vast immigrant population. Every year new immigrants come to Canada and gradually achieve their immigration status as permanent residents and ultimately Canadian citizenship. If you are a new permanent resident

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CPA for business income tax planning Canada
Corporate Tax - Canada

Year End Tax Planning Guide for Businesses in Canada

Businesses and their managers can optimize their corporate business taxes using below simple and effective planning strategies in Canada: Caution: Below post explores tax planning strategies for businesses in Canada without getting into depth. You

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income taxes for newcomers to Canada
Individual Tax - Canada

Tax Tips: Newcomers (Immigrants) to Canada

Canada taxes its residents on the worldwide income. You become a resident of Canada when you establish residential ties with Canada. The year in which you become a resident of Canada is considered a part-year

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tax tips if you are leaving canada
Individual Tax - Canada

Tax Tips: If you are leaving Canada

If you have been a resident of Canada and decide to leave Canada, you must review your assets, income, and income tax obligations. Leaving Canada is often referred to as “Emigration”. The year in which

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tax advice for short term or temporary residents of Canada
Individual Tax - Canada

Short-term residents of Canada and Income Tax

Canada taxes its residents on worldwide income. When an individual becomes a resident of Canada by immigration or leaves Canada as an emigrant, there are specific income tax rules. It’s possible for an employer to

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how to write a great business plan
Business Plan

How to Strengthen Your Business Plan

Are you looking forward to new business and sketching up your business plan? Or, are you rethinking your business model? Business plan writing can be tough, especially if you have a time crunch. Not to

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income tax problems for U.S. LLC in Canada
Corporate Tax - Canada

How a US LLC is taxed in Canada?

What is a US LLC? A Limited Liability Company (LLC) is a type of business entity that is created by a state statute in the US. This type of structure does not exist in Canada.

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US taxes for Canadian Snowbirds
Individual Tax - Canada

US Taxes for Canadian Snowbirds

What is a Snowbird? If you are a Canadian and spend winter in the U.S. you may, unknowingly, become a US resident under the tax laws of the United States. So, now you are a

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Incorporation for IT Contractors
Corporate Tax - Canada

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?

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do i need to pay inheritance tax in Canada
Individual Tax - Canada

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?

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income taxes in Canada for Ukrainians moving to Canada
Individual Tax - Canada

Income Tax Issues for Ukrainians moving to Canada

Canada is going the extra mile to support the Ukrainians affected by the Russian Invasion. With every passing day number of applications for temporary residence is growing. Many of the Ukrainians are already in Canada

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Cross border accountant toronto for IRS Streamlined program
U.S. Income Tax

IRS Streamlined Foreign Offshore Procedures

IRS Streamlined Foreign Offshore Procedures The IRS has strict rules when it comes to filing your taxes. You have to report all your income, and foreign assets and provide all applicable information to support your

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Mistakes to avoid on tax return in Canada
Individual Tax - Canada

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

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Preparing T2125 business or professional income
Individual Tax - Canada

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

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