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Speculation Tax
Tax Question: What is the Speculation Tax? Facts: The 2018 budget released by the B.C. Government introduced a new tax on Real Estate effective in the 2018 tax year called ...
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GST on commercial real estate
Tax Question: How is goods and services tax (GST) applied to commercial real estate? Facts: In real estate, the beneficial owner of the property has the responsibility to collect GST ...
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Security requirements for non-residents
Tax Question: Is a non-resident corporation that is registered for a Goods and Services Tax/Harmonized Sales Tax (GST/HST) account with the Canada Revenue Agency (CRA) required to send a security ...
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GST on residential real estate
Tax Question: How is goods and services tax (GST) applied to residential real estate? Facts: In real estate, the beneficial owner of the property has the responsibility to collect GST ...
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Disposition of property by non-residents
Tax Question: What are the tax rules for disposal of property by non-residents? Facts: If a property owned by a non-resident is sold in Canada, then it is subject to ...
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Foreign Real Estate
Tax Question: What are the tax obligations for holding foreign real estate? Facts: If a Canadian corporation holds foreign real estate, there are certain reporting requirements: A T1135 return must be filed ...
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Flow-through of GST
Tax Question: How does a non-resident company flow-through its goods and services tax (GST) paid on importing goods to its Canadian customers? Facts: When a non-resident company imports goods into ...
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Difference between “SIMPLE” and “EASY”?
Question: What is the difference between “SIMPLE” and “EASY”? Facts: This is a surprisingly tricky question. Many business people launch into projects thinking that they can achieve them quickly because ...
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Submitting an Audit Shield claim
Tax Question: What do I need to give to Gilmour Group Chartered Professional Accountants to make an Audit Shield claim? Facts: Audit Shield is an insurance program for the cost ...
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Work in progress for professionals
Tax Question: What are the tax changes regarding work in progress for professionals? Facts: In previous years, under a provision in the Income Tax Act, professionals did not pay tax ...
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Corporate Director Residency Requirements
Tax Question: Which provinces and territories allow Canadian corporations to have 100% foreign directors? And 100% foreign owners/shareholders? Facts: In Canada a corporation must have at least one director but ...
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Being late vs wrong
Question: How can being late be more costly than being wrong? Facts: There are trade offs in taxes. Being wrong (filing on time but not having all the information to ...
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Corporate tax rates across Canada in 2018
Tax Question: What are the corporate income tax rates for active business income across Canada in 2018? Facts: The table below outlines the Canadian corporate income tax rates for each ...
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Can tax really be avoided?
Question: What do they mean when they say avoid tax? Can it really be avoided or is tax just a zero sum game like accounting? Facts: The Income Tax Act ...
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Replacement property rules
Tax Question: What are the replacement property rules for taxation? Facts: In the normal course of business, a corporation may sell a property and purchase a replacement property. There are ...
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Change in the use of real estate
Tax Question: What is the tax treatment for change in use of real estate? Facts: In real estate, it is common to change the use of property from income producing ...
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Disposition of Real Estate
Tax Question: What are the tax rules for disposition of property related to real estate? Facts: A disposition of property can be categorized as business income or as a capital ...
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Qualifying non-resident employee
Tax Question: If I am a qualifying non-resident employer, how do I know if an employee is a qualifying non-resident employee? Facts: If you are a certified qualifying non-resident employer, ...
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Stiff Penalty for Missed Tax Deadline
By Junita Thakorlal Vancouver: For millions of Canadians, the tax return deadline is a sad reminder of the hustle and grind in an increasingly complicated income tax system which Prime ...
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Last-minute tax-filing tips
Vancouver: The deadline to file your 2017 tax return is April 30, 2018. If you or your spouse or common-law partner are self-employed, you have until June 15 to file ...
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Capital cost allowance for real estate
Tax Question: What tax issues arise with capital cost allowance related to real estate? Facts: Capital cost allowance (CCA) is the tax term in Canada for the deduction of amortization ...
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Need help doing your taxes? Get them done for you, for free!
Surrey: Tax time is coming, and it’s important that you do your taxes to keep getting the benefits and credits you’re eligible for. If you have a modest income and ...
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Tax treatment of leasehold improvements
Tax Question: What is the tax treatment of leasehold improvements related to real estate? Facts: In real estate, property and building leases are common signed agreements between two corporations. Leasehold ...
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Don’t get scammed! Beware of fraudsters claiming to be from the Canada Revenue Agency
Vancouver: Did you get a suspicious email, telephone call, letter or text message claiming to be from the Canada Revenue Agency (CRA)? If you’re being asked for personal information such ...
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Qualifying non-resident employer
Tax Question: What is a qualifying non-resident employer and how do I apply to become certified as one? Facts: A qualifying non-resident employer can be certified and thus will have ...