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Tag: Tax Questions

Tax Questions

Toronto CPA to file bare trust return
Individual Tax - Canada

Bare Trust Reporting in Canada

Question asked by Sumit Khanna My son owns a house where he lives. He was having a hard time getting a mortgage. I decided to be on the title of the property to help him

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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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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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