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 flipping. Shadow flipping is the sale of a property
How to report and pay U.S. income taxes for Canadian Corporations?
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
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
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
You can come clean with the Taxman in Canada using VDP whether the non compliance was intentional or unintentional.
COVID-19 is spreading its grasp all over the world. Like other governments, the Canadian government has also stepped in to check the adverse impact of the disease. The government came up with the Canada Emergency
Rental income earned by a corporation is considered property income i.e. aggregate investment income. Active business income of Canadian-controlled private corporations (CCPC) is subject to preferential tax treatment due to the small business deduction. Earning
Freelancing, full time or as a side-gig, is a very attractive way for people to generate income for themselves. With a lot of freelancing websites such as Fiverr and Upwork, more and more Canadians are
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 cases, this might be treated as business income (or loss)
