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Our newsletters cover one corporate tax topic per month and are a quick to the point way to learn corporate tax saving techniques.

Our “FAQs on INTERNATIONAL TAX” newsletters focus on international tax issues for corporations doing business across borders.

01
DEC
2015

International FAQ #12 – What is a T1135?

Tax Question: What is a T1135 Foreign Income Verification statement? Facts: Many Canadian corporations are choosing to invest their money in foreign markets. When corporations invest in foreign markets, the Canada Revenue Agency (CRA) may or may not be aware of the investments....
03
NOV
2015

International FAQ #11 – What is a T1134?

Tax Question: What is a T1134 Information Return relating to controlled and not-controlled foreign affiliates? Facts: If a corporation or individual has an interest in a foreign affiliate, whether controlled or not, it will need to complete a T1134 information return. The T1134...
06
OCT
2015

International FAQ #10 – What is Place of Supply?

Tax Question: What is “Place of Supply” and how does that apply to sales taxes? Facts: Sales taxes can be confusing. In particular supplying goods or services across a country, province or state border. Discussion: Many sales taxes in Canada and the world in general...
25
AUG
2015

International FAQ #9 – What is a Schedule 7?

Tax Question: What is a schedule 7 as part of a T2 corporate tax return?  Facts: Schedule 7 is generally used by Canadian Controlled Private Corporations (CCPCs) (see FAQ #13) to calculate their aggregate investment income. It also calculates foreign investment income, specified...
28
JUL
2015

International FAQ #8 – What Is a Schedule 3?

Tax Question: What is a schedule 3 as part of a T2 corporate tax return?  Facts: Schedule 3 is the primary place to report dividend income that a corporation received during its tax year from other corporations. Discussion: Dividend income is considered a different stream of...
23
JUN
2015

International FAQ #7 – Financial Reporting in Canada

Tax Question: What financial reporting rules are followed in Canada? Facts: Financial information is generally prepared in accordance with a country’s Generally Accepted Accounting Principles (GAAP). GAAP are the rules that govern how the financial results and position of...
14
APR
2015

International FAQ #6 – Tax Treatment of Investment Income – Part 5 of 5

Tax Question: What is the tax treatment of foreign investment income in a corporation? Facts: In an increasingly integrated global market, many corporations are choosing to invest their money in foreign markets. Whether they choose to investment in shares of a corporation or in...
03
MAR
2015

International FAQ #5 – W-8BEN

Author: Grant Gilmour, CPA, CA   Tax Question: What is an Internal Revenue Service (IRS) form W-8BEN and why do I need one? Facts: More and more people that do business with American businesses or have American investments are being asked, even out right demanded, to file a...
03
FEB
2015

International FAQ #4 – Types of Financial Statements

Tax Question: Are there different types of financial statements in Canada? Facts: In Canada a company can be asked to prepare financial statements with one of five levels of report; No Report, Notice To Reader, Review Engagement, Audit Report or Forensic Audit Report. The costs...