CdnTaxForum

hope to provide basic knowledge about Cdn tax system
博文
(2005-08-21 09:45:06)
Q:CanIdeductfullyearofCAAifIpurchaseditemssomepointduringtheyear?A:Generallyyes,butitissubjecttoanumberofrestrictionsunderdifferentscenario.alittlebitmorecomplexthanyousimplequestion.halfyearruleisapplicableveryoftenwhenyouhaveanetincreaseinyourUCCpolli.e.youtotaladditionduringtheyearintospecificclassofassetsismorethanyoutotaldisposalandthereisassetremaininginthatclassattheendoftaxationyear.forexa...[阅读全文]
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Q:CanIdeductexpensesincurredforissuingsecuritiesorborrowingmoneyforrunningbusinessorearnpropertyincome.A:Yes,butonastraightlinebasisof5years,generallyspeaking.Theyincludelegal,accountingandprintingfees,commissions,serviceorbonuspaidtosalesman,agentordealer.somevariations-ifthereisshortertaxationyear,amountmustbeproratedforlessdeduction.ifamountrepaidduringtheyear(notpartofrefinancing),remainingbal...[阅读全文]
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Q:CanIdeducttheinterestandpropertytaxincurredtoacquireavacantland? A:Generallyspeaking,no. FirstpointIneedtoclarifyisthatwearetalkingaboutbusinessactivity.ie.bothinterestandpropertytaxarepaidforthepurposeofgainingorproducingincomefromabusinessorpropertywithrespecttothelandacquisition.Otherwise,neithinterestnorpropertytaxcanbedeductedandit'stheendofthestory. Ifyouareinthebusiness,badnewsisyo...[阅读全文]
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Q:howmuchcanyoudeductasbusinessexpenseifyoupayallowancetoemployeeforusinghis/hercarA:norestrictioniftheallowanceisrequiredtobeincludedintheemployee'sincomeOtherwise,42cperkmforthefirst5000kmand36cperkmforthekmabove5000kmiftheuseofthecarisforbusinesspurpose.TherateisrevisedperiodicallybyCRA.[阅读全文]
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1.WhatisPSB? PersonalServiceBusinessor'incorporatedemployee' Itusu.appliestoascenariowherethereisonlyoneemployeeinonecorporation,whoserveverylimitednumberofclient,usu.justone. CRAputrestrictionontheexpenseswhichcanbedeductedbythebusiness. Alloweddeductionarelimitedto: 1.salaryandbenefit 2.amountre.sellingofpropertiesandnegotiationofcontract 3.legalexpensesincurredtocollectaccount Basic...[阅读全文]
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(2005-08-16 09:08:01)
Whythedistinctionofthesetwotypesofincomeisimportant: 1.Fornon-resident,businessincomeissubjecttoPartItax.WhilepropertyincomeissubjecttowithholdingtaxunderPartXIII.inotherwords,youwillgetmoneynetofcertainpercentagewitheldbydistributingparties. 2.ratearedifferent-propertyincomeattractsrelativelyhighertaxthanbusinessincome.However,partofthetaxforpropertyincome(investmentincome)paidbyaprivatecor...[阅读全文]
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