2020 Individual Income Tax Return Checklist
2020 Tax season just started.
Individual income tax and benefits returns are now open for e-filing. A checklist is compiled to help you preparing all the documents for your 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 American have moved to Canada in record numbers....
Forgivable Portion of CEBA and Income Inclusion
Many businesses in Canada have taken advantage of Canada Emergency Business Account (CEBA).
The initial program offered $40,000 with 1/4 i.e. $10,000 is forgivable if certain...
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 the IT and transportation industry!...
How to apply for a U.S. ITIN from Canada?
The Internal Revenue Service (IRS) issues an Individual Taxpayer Identification Number (ITIN) for federal tax purposes. If you have the U.S. tax filing requirement and do not...
2019 Income Tax return Adjustments for CERB Eligibility
A lot of people have claimed CERB for the full 28 weeks period, totalling up to $14,000. Canada Revenue Agency (CRA) has issued letters to the taxpayers who they think might...
2020 – Year End Income Tax Planning – Individuals
The year 2020 is approaching an end! This is the time of the year when you should not forget important tax planning to best optimize your 2020 income taxes in Canada.
We have...
2020 End of Year Tax Planning for Small Corporations in Canada
There are many ways small business owners can optimize their corporate income taxes for 2020.
This post is for the small to medium-sized businesses operating in the corporate...
Flipping Houses – Business Income Vs Capital Gains
Property flipping is an increasingly common practice to buy a property and then reselling it for a quick profit. Property flipping also includes assignment sales a.k.a. shadow...
5 Alternatives to CEBA
Canada Emergency Business Account (aka CEBA) has been the most talked-about government support program for small businesses. Since its launch, it has helped many small...
Canada Emergency Rent Subsidy (CERS) – Applications opened
Canada Emergency Rent Subsidy (CERS) applications are open now.
CERS provides much-needed support to Canadian businesses struggling with rent payments during the pandemic. If...
COVID-19 Exception: Substantial Presence Test (U.S.)
As we are in the final quarter of 2020, many wonder if they are subject to U.S. Income taxes due to the travel restrictions earlier in the year!
Good News: Yes, there is an...