Serbinski Accounting Firms

US S-Corp. No Canadian permanent establishment. Canadian Sales are sold/shipped from Canadian warehouse.

Registered a GST # to remit taxes, but was also given a corporate income tax #.

Am I required to file a T2?

01/10/2020 - 01/20/2020 is my last tax return as I sever Canadian residency. My T2125 2020 opening inventory value is $10,000. I received a $300 refund Jan 5th 2020 for damaged inventory from my supplier purchased in 2019. I bought no inventory in 2020. Would I enter -$300 on my inventory purchased ...

Severed CDN residency 1/20/2020 and moved to USA. I had (1) Business Number and operated the CDN sole prop from 01/01/2020 – 01/20/2020. I then operated the same Business Number as a US sole prop from 1/21/2020 until March, 2020. I ceased operating this US sole prop and BN in March, 2020. My CDN Sol...

US citizen. Became Michigan resident 1/20/2020 (from Canada). Michigan states it follows IRS guidelines for estimated tax requirement: 90% of your current year's tax liability, or 100% of your previous year's tax liability, or 110% of your previous year's tax liability if your previous year's adjust...

Another user stated: 3 options. Declare loss which may or may not lead to cra questioning it. Declare zero - likely okay, CRA is not gonna spend time on valuing your used goods inventory unless it’s a decent sum. Declare your average margin and pay tax- safest option Im leaning towards option 2 &quo...

I emigrated Canada 1/20/2020 to the USA had ~$10K sole-prop business inventory at this time. Accountant response: "You are deemed to have disposed of all assets when you break residency. All inventory would be deemed to have been sold at fair market value, and then you'd have an offsetting dedu...

My american self (US SOLE PROP) has been mirroring an exact replica of my Canadian sole-prop return as US citizens report / file taxes regardless of residency. So my US returns are an exact replica of my Canadian returns. Selling to my self would not make any sense as this same inventory already exi...

I severed ties to Canada 1/20/2020. I live in USA now. My 1/20/2020 Sole Prop T2125 closing inventory value is ~$10k. I'm continuing my business from the US and selling said inventory under my US Sole Prop and LLC in Canada (3rd party fulfillment, no permanent Canadian establishment) Q: Is there a w...

taxquestions wrote: > I will have to disagree with you nelsona. > > If you pay 100% of your prior year taxes you will not be subject to any > penalty. > > Example: 2019 tax liability: $10k. 2020 tax liability: $25k. As long as you > pay $10k for your estimated tax installments for 2020, you will not...

I will have to disagree with you nelsona. If you pay %100 of your prior year taxes you will not be subject to any penalty. Example: 2019 tax liability: $10k. 2020 tax liability: $25k. As long as you pay $10k for your estimated tax installments for 2020, you will not be charged any penalties on the r...

Ive talked to multiple accountants about this and have had conflicting answers and would appreciate more opinions. I have personal credit cards in my personal name / address. These will be used to make inventory purchases for S-Corp. Inventory purchased will be expended on the S corp as a Cost of Go...

Paying 100% of the last year tax liability from my understanding is the "safe harbour" rule, and like you said you'll have no penalties, even if you make a million dollars this year and have a massive tax bill. So this makes your statement that "estimated taxes are due regardless of w...

I understand that for estimated taxes for self-employed, you can pay 100% of your prior years taxes owed or 90% of the taxes you *estimate* you will owe for the current year. My 2019 taxes owed are about $25,000 USD, however they are almost zero because I am a non-resident and claim FTC's (Foreign T...

If I emigrate from Canada > USA and sever ties to Canada but still continue my online business sales in Canada (no permanent establishment, not subject to Canadian income taxes) and want to keep my business number for GST/HST collection and remittance, would I simply change the address in my CRA bus...

The US sole prop would NOT have a permanent establishment in Canada**