non Fungible Tokens – NFTs
An introduction to emerging world of NFTs
Crypto Mining in 2022 and Income Taxes
Crypto mining is on the rise! Learnt he income tax application and reporting of Crypto mining 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! …
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, …
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 …
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 …
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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.
Cryptocurrencies: Income Tax Implications in Canada
How are cryptocurrency transactions reported to Canada Revenue Agency?
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 …
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
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 …
Personal Services Business (Incorporated Employee)
Have you recently received a contract offer from a business that has asked you to incorporate yourself? By the way, this is very trendy in …
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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. …
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A Guide to Investor Pitch Deck
A beginner’s guide to Investor Pitch Deck. How to prepare the one, what to avoid and the tips for success.
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 …
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 …
U.S. Canada Cross Border Taxation for Canadian Businesses
How can Canadian businesses operate in the U.S. Choose the right structure and common mistakes to avoid.
Effects of Losing CCPC Status for Corporations in Canada
What is a CCPC and how does a Canadian Corporation lose CCPC status at emigration of its shareholder.
US Income Taxes for Canadian Businesses – Which Forms to File?
How to report and pay U.S. income taxes for Canadian Corporations?
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 …
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 …
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 …
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 …
Voluntary Disclosure Program (VDP) in Canada – Come Clean with Taxman
You can come clean with the Taxman in Canada using VDP whether the non compliance was intentional or unintentional.
Rental Income from Associated Corporations as Active Business Income
Rental income earned by a corporation is considered as property income – investment income. Active business income of Canadian controlled private corporations (CCPC) is subject …
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Earning Investment income in a CCPC and Refundable tax
Earning investment income in CCPC can affect Small business deduction and QSBC Status of a Canadian Corporation.
Reporting Online Trading on Personal Income Tax Returns in Canada
If you are generating gains or losses from the sale of securities, this is most likely to be treated as Capital gains. However, in certain …
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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 …
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 …
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What Should Your Business Plan Include? Dissecting the Essentials
Preparing a good business plan is a time-consuming task that requires dedication and far-sightedness. Many entrepreneurs choose not to craft a business plan before going …
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How to Explain Business Concept in a Business Plan Clearly
Your business plan is incomplete without a clear business concept. If you don’t highlight what your business is about, your plan is missing its key …
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Income taxes for non-residents on Rental Income from Canada
Income taxes for Non residents having rental income from Canada. When and how to report a non resident’s rental income to CRA.
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 …
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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 …
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 …
Tax residency in Canada – Common Questions
Tax Residency in Canada is determined using a very subjective approach; primary and secondary residential ties.
Start a Business in Canada in 15 Easy Steps
Bored by your 9 to 5 work life? Is there an inner voice urging you to escape the mundane professional life, the grunts of your …
5 Ways to Strengthen Financial Section of Your Business Plan
No doubt, the Financial section is one of the most critical areas of the business plan writing process! You should not be surprised if you …
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What is A Business Plan and How do I Write One?
A Canadian Perspective to business plan writing… Recall your middle school teachers insisting you on making a routine for the completion of your syllabus. Why …
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 …
Important considerations while paying Management Fee in Canada
What is a Management Fee? Often, businesses in Canada use multiple entities to run their operations or there are allocations of Management fees because of …
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Year End Tax Planning for Businesses– Owner-Manager or Shareholder Manager
If you are an owner-manager of a Canadian Controlled Private Corporation (CCPC) you can use certain tax planning strategies to optimize both personal taxes and …
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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 …
How to write a killer business plan for immigration to Canada?
Are you good at the business nitty-gritty? Canada is looking for entrepreneurs who can contribute to the economy. If you want to successfully immigrate to …
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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 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 …
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 …
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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 …
2021 – Individual Income Tax Return (T1) Checklist
2021 – Individual Income Taxes – Checklist Electronic filing for Individual Income Tax Returns (T1) for the 2021 tax year is open now. We have …
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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 …
2021 – Individual Income Tax Rates – Federal, Ontario & Alberta
Individual income tax rates 2021 and 2022 for Ontario and Alberta in Canada/