Transfer Certificate Filing Requirements
Transfer Certificate Filing Requirements for the Estates of Non-residents Citizens of the U.S. Transfer Certificate Filing Requirements for the Estates of Non-residents not Citizens of the U.S. You may be aware that U.S. citizens regardless of their residency must file IRS Form 706 (Estate tax return) if their taxable estate exceeds $11.58K (2020). Likewise, non-residents […]
CEBA Loan tax implication rules
Under The Canada Emergency Business Account, a number of business received the $40K loans of which up to $10K is forgivable if the loan is repaid by December 31, 2022. Paragraph 12(1)(x) of the Income Tax Act (“ITA”) requires any government assistance to be included in income by virtue of subparagraph 12(1)(x)(iv). The inclusion of […]
Home office expense claim due to COVID-19
Home office expenses are claimed on the employment expense claim form, CRA Form T777 with their eligibility for the deduction provided by the employer on CRA Form T2200. The T2200 also outlines the eligibility for an employee to claim other employment expenses including unreimbursed auto expenses.Home office expenses are deductible provided the employer states that […]
