Maroof HS CPA Professional Corporation, Toronto

Author: Maroof Hussain Sabri

Maroof Hussain Sabri

5471 late filing penalties and how can IRS collect them
U.S. Income Tax

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 filed 5471, mostly due to

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How to avoid or reduce departure tax in Canada
Uncategorized

Departure tax in Canada

What is departure tax in Canada? How to manage it; exemptions, payment and deferral, and some planning options.

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Income tax tips and issues when moving from Canada to the United States
Individual Tax - Canada

Moving from Canada to the U.S.

There are many reasons why Canadian tax residents move to the U.S. including economic opportunities, family reunification, education, and lifestyle preferences. Those who are planning their move to the United States must recognize the key

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PFIC rules for U.S. citizens and green cardholders living in Canada with Canadian investments such as Mutual funds and etf.
U.S. Income Tax

U.S. Tax Rules for PFICs – Canadian Context

Passive Foreign Investment Companies (PFICs) In this post: What is a PFIC? Definition of PFIC Deep dive into PFIC definition Gross Income Test Asset Test Exceptions – What is not PFIC? Controlled Foreign Corporations (CFCs)

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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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Rental income of CCPC Corporation in Canada
Corporate Tax - Canada

Incidental Rental income of CCPC

Question: My corporation, a CCPC, has a catering business and holds a building as an asset. I rent a portion of the building but use the rest in my operations. Is my corporation now Specified Investment Business?

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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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