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In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I am a Canadian, working in the US, under US payroll, on O-1

I am a Canadian, working in the US, under US payroll, on O-1 visa. I filed in Canada and US and now I owe taxes in both countries. 2015 was my first year working as US employee (transferred from Canadian employee to US in Feb/ March 2015 so only had a couple months of Canadian income that year). This is my first time filing in the US. Is it right that I owe tax in both US AND Canada?

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Robin D.

Vocational, Technical or Trade School

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We own a ; we occupy the downstairs and there are 2

We own a triplex; we occupy the downstairs and there are 2 apartments upstairs. In 2015 we paid for repairs caused by water damage in an upstairs apartment. While at it, we had the entire apartment repainted. Several months after the work was done we claimed for those damages from our insurance company, and received a portion of the total cost. Can we claim all of these expenses, and if so, do we have to report the insurance money?

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
I am planning on buying with my brother an apartment back

Hi. I am planning on buying with my brother an apartment back home in Colombia. The value of the apartment is about $150.000 cad. Do I need to declare it next year even if I will only put half of the money?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
CRA -- In .C. - Canada In a divorce I can claim

Hello --- CRA -- In B.C. - CanadaIn a divorce I can claim spousal support .Paying 16,400 in 2014 -- I had cheques of $4000 excepted by the courts as payments .$12,400 went through FMEPCRA Excepted the 12,400 as paid however not the $4000 I will need a court action now to get her signature .However the 12,400 is now not recognized as a payment because of the 4000 is not excepted yet .Is it possible to get recognized and a return for the $12,400 they agreed on ?

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My Saskatchewan, Canada farm land was foreclosed on me by the

My Saskatchewan, Canada farm land was foreclosed on me by the bank in the late 1980's. I used $450,000 Capital Gains Exemption at that time. Because of "right of first refusal", I was able to repurchase some of my land at approximately $200./acre. I did not transfer this land from the bank to me, but I have the transfer documents to do this at any time! Now, I want to sell this land for $950,000. $950,000 - $450,000 = $500,000 I can still use in the capital gains exemption leaving $450,000 to pay income tax on $225,000.Since I have not transfered this land in my name, can I transfer some of this land from the bank into my wife of three years's name instead of mine, to let her use $450,000 as Capital gains exemtion? Do you only deal with Americans or do you help Canadians also?

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ShawnA

CEO

Bachelor's Degree

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I'm an US citizen residing in Florida. I'm about to inherit

I'm an US citizen residing in Florida. I'm about to inherit from my mother's estate that is residing in Canada. She is a Canadian citizen. What kind of tax will I be looking at?

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
At the end of 2014 I became a US resident, but I still have

Hi,At the end of 2014 I became a US resident, but I still have a Collective Retirement Account (CIA) in the UK. I believe this to be similar to a 401(k). I would like to now close this and access the money - in the UK this usually wouldn't be done until retirement age, however because I no longer live in the UK and don't intend to move back I would like to do it now.Do I may US income tax on the full amount that I withdraw? As I am no longer a UK resident - do I pay tax there on it too?

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
My name is ***** ***** and my bf has been working off the

My name is ***** ***** and my bf has been working off the books i think? For the last 3 or 4 yeRs. Hes been getting checks from his boss but no t4JA: Thanks. Can you give me any more details about your issue?Customer: Yeah. In alberta. Works for construction company. Just quit . I dont believe his boss was claiming him because he is refusing to give him a t4 now. He said hes been putting him in a lower tax bracket by paying him under the table?JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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