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Recent CRA questions

Big C Corp has $2,000,000 in Net Operating Income each year.

Big C Corp has $2,000,000 in Net Operating Income each year. It was to acquire 100% of Small C Corp that has no liabilities and only one asset: a $100,000 charitable contribution deduction. The federal tax rate for Big C Corp is 35%. Are there any IRS rules that apply to the change of control? What is the value (savings after consolidation) of Small C Corp to Big C Corp?JA: Since business law varies from place to place, can you tell me what state the corporation is registered in?Customer: DelawareJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: No. This is more than enough complication

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,498 satisfied customers
As a owner of an Online Dating website, i want to

Hello! As a owner of an Online Dating website, i want to incorporate. Do i need to apply for GST/HST, if i charge clients only for reading messages? Copying photo, video or other data from website is not allowed, so there is no any digital content for download

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
I am thinking about employing a Canadian individual (as an

I am thinking about employing a Canadian individual (as an Employee) from my US LLC. The US LLC is not currently registered in Canada with the CRA. I would need to register with the CRA to employ the person as an employee in Canada. Note that this person will be working in Canada not in the US (and will almost never visit the US in fact), so the work is done in Canada.Question: Are there any potential negative consequences for my US LLC if I register it with the CRA?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

360 satisfied customers
What is the cost in receiving an answer to a 401K query for

Hi what is the cost in receiving an answer to a 401K query for non US citizen non-resident?

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Chad CFP ®

Certified Financial Planner(R), Pro

Master's Degree

368 satisfied customers
My husband is self-employed and I was doing our taxes online

Hi. My husband is self-employed and I was doing our taxes online with Turbotax Home and Business and because his income is all business income, at the end of inputting all our numbers his income reads $0. How do I fix that? We pay into our joint account from the business now and then. Is there some way to keep track of that? Is that the amount I should be using for his income? How do I input that if there are no tax receipts for it? Thanks!

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ABC Accounting Group

Bachelor's Degree

1,398 satisfied customers
Can the TAX revenue agency of Canada, use information from

Can the TAX revenue agency of Canada, use information from my citizenship application against me? Lets say the address did mot match exactly, would my citizenship application be question? Would my Canadian taxes be scrutinized from the revenue agency?

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Robin D.

Vocational, Technical or Trade School

25,656 satisfied customers
Is unwritten employment considered legal?

I need to reference a Canadian court case where an unwritten employment is considered legal. I am a 100% shareholder and employed by my corporation. I claimed employment expenses based on a T2200. The CRA states that the T2200 is invalid since I do not have an employment contract with my company. The T2200 was issued and signed by my accountant who is a vendor.

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Dr. Fiona Chen

President

Ph.D.

1,036 satisfied customers
I am a US Permenant Resident and File tax returns. I have a

I am a US Permenant Resident and File tax returns. I have a rental property in Canada. If I sell the rental property, how will the gains be treated ? as Capital gains? and at what rates?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,498 satisfied customers
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

22,498 satisfied customers
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