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 …
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 …
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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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 …
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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 …
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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 …
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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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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 you …
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COVID-19 Exception: Substantial Presence Test (U.S.)
Canadians in the U.S. must file U.S. tax return if they meet Substantial presence test. What’s the exception due to Covid-19