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Recent tax questions

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

 
16,298 satisfied customers
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

 
20,266 satisfied customers
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

 
20,266 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

 
16,298 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

 
4,724 satisfied customers
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

 
20,266 satisfied customers
US Resident Canadian CitizenA) Have a T4A Payout

US Resident Canadian CitizenA) Have a T4A for Pension Payout due to death with Canada withholding taxes. Does your advise also apply when reporting this in my return in Line 16a and seek credit for foreign tax?B) Have a NR4 noting a death benefit other than CPP or QPP. Taxes withheld in Canada as well. Do I report as Social Security, on 16a or elsewhere?Thanks!

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
I'm a Canadian Citizen. I purchased a condo in Florida in 1984

I'm a Canadian Citizen. I purchased a condo in Florida in 1984 for 54000. I've now grown old and wish to sell. What are my tax implications?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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