You prolly dont give a damn but does anybody know a method to log back into an Instagram account..? I was stupid lost my account password. I would love any help you can give me.
Very impressive. after watching many videos this guy helped me to learn alot. great sir. i have opened my construction company in quebec so these videos would help me alot to put genuine things for tax. thank you.
Allan, I appreciate your videos and you have been very helpful. I had a question and I wasn’t sure if you actively respond on here or not. Is there a revenue threshold that I need to meet to qualify for these deductions/write offs? If I am a new business owner trying to get started can I utilize these right away or do I need proof of revenue and income before I can use the deductions?
Thanks a lot Allan for this video and all the videos, you are a true help! I have a question regarding the business vehicle lease; I am paying $900 a month for my truck lease, so would I be able to deduct 10,800 from my income for the year (say it is 80,800) so my taxable income becomes 70,000 instead?
Hi Hany, if the truck is used to haul goods, then it's not treated as a passenger vehicle, and the lease amount is fully deductible. Otherwise, the truck will be treated as a passenger vehicle, and the lease deduction is limited to $800 per month.
Wow! Great video. I was wondering if you can write off unsold inventory? For example, I purchase 100 hoodies and I only sell 50 hoodies for the year, can I write of the remaining 50 hoodies?
*Uploader is amazing, ty from a young Canadian!* *If i had parents that gave a fucking shit about me and taught me things, i would have been a millionaire by now.*
Hi Allan, Thank you for putting out this video, really helpful. I have a question - what If I subscribed annually for an application (Nov 15th) just before incorporating my business (Dec 15th), can I transfer the remaining subscription cost (11 months) to the business?
Hi Allan, thank you for a great channel! Question: many small businesses advertise online (google ads, Facebook targeted ads etc.) Is this tax deductible? Thank you very much.
As a self employed (I do tutoring), can I file more expenses than profit ? For example, If I make 2000$/year profit tutoring and I declare 4000$ for expenditures for many years in a row. Thank you.
what do you mean by "Make capital purchases right before the year-end so you can take maximum advantage of depreciation deductions on purchase assets" ? please help
Hi Lu Rose, when you purchase a company asset during the year, you can claim 6 month's of depreciation expense, regardless of when you purchase it in the year. This is known as the 'half-year rule' for depreciation. To maximize your after-tax dollars, consider purchasing a company asset at the end of the year. By doing so, you can claim 6 months worth of depreciation expense, even though you owned the company asset for a very short-time period.
Allan, very good explanation. In case of cars, the car registration have to indicate that the Corporation is the owner or the lessee? or it is not necesary/
Hi Allan how are you great video. I have a question about the vehicle. I have a car and almost my financing this year. Can i include my remaining payments for my car and other expenses? As you've said it should not be a passenger car. Means i can't deduct anything for my taxable income at the end of the year?
Hi Lisa, the same write-offs apply even if your sales are below $30,000. However, you are not required to register for GST/HST if your sales are below $30,000.
Hey Allan, love the content. I have a question in regards to tax write-offs. when leasing to own equipment for my business, is the whole monthly payment a tax write off?
I believe a lease is 100% an expense. Meaning that because it's not an asset, it doesnt depreciate. So i think you can get the whole monthly payment. I could be wrong and this is not financial advice.
I just have one question. How do you define a small business? What if my company only has one person but I pay more taxes than company with more employees?
Hi Galina, Mortgage interest is deductible if the borrowed funds are used to purchase an income producing investment. In addition, if you rent a portion of your home to your company to use as office space, you can deduction a portion of the mortgage interest you pay.
Alan, If my incorporated small business is paying a Salary to me, the main employee, can I purchase a Health & Dental Benefit Plan for me and my dependent spouse and claim this monthly charge to the business?
If the capital acquisitions are in Class 12, am I correct that you the half-year rule does not apply and you can write off 100% of the value in that first year? Subscribed.
Can u make a video specifically on advertising? I created my own advertising platform and j would like more information, please and thank you! Great video, by the way, are you from Toronto?
I'm assuming that you are tax resident of Canada. If this is the case, then taxes of 15% will be deducted form dividends paid by US companies to you. Any capital gains on the sale of US marketable securities will only be taxable to you in Canada.
Hi Emanda, lease payments are tax deductible. If you financed the purchase amount of the vehicle, then you can write off the interest paid. In addition, for a financed vehicle you can also claim depreciation at an annual rate of 30%.
How exactly does one calculate their "mortgage interest only" per monthly payment? For example I have a 25 yr mortgage of $290K at 3.04% and my monthly payments are $1370.
Hi Allan, thank you for your video. I have a question regarding write-offs for advertising. If I pay for a Google Ad, but geo-target it to Canada, is that eligible to be written off? Thanks.
Hi Allan, can I purchase a cottage home and a primary residence in 2 different cities? And if I sell the primary residence can I avoid paying tax on the capital gains for the primary residence? And what order I should purchase the homes in (ie. first buy the cottage or the primary residence).
You can only claim the principal residence exemption on one property in a year. In other words, you cannot claim to have to primary residences in the same year.
ok great. BTW your videos are amazing. I've learned so much. Im just throwing this out there, but maybe making a video about this may help. Many of my friends had the same question and concerns regarding owning 2 properties (cottage & house down south) and wanting to sell their house down south (primary residence) and not wanting to pay tax on the capital gains since its their primary residence. Thanks again,
so Allen, just to clarify, if i purchase a 160,000 car, I can only claim $24,000 (15%) in the first year and a maximum of $6,000 (4%) the next year and thats it. I would not be able to claim anything else, correct?
If you purchase a vehicle for $160,000, then the amount allowable for CCA is limited to $30,000 + taxes. For example, assume that you purchase a car for $30,000 (ignore taxes for simplicity). In year 1, you can claim 15% or $4,500 of CCA. In year 2, you can claim 30% of the balance remaining for depreciation: 30% x (30,000 - $4,500) = $7,650 of CCA.
So probably better to lease the ? I know the lease limit is $800 + tax, is that for all the cars under the corporation or can I have 2 cars under my corporation for $800 per car? And if so, can I purchase the cars within the same year or is there a limit of cars you can lease per year? Thanks again, Your videos are great
Work closely with our local agents, many of whom live in your neighborhood. Let us get to know you and your needs. www.ccvinsurance.com/locations/brampton/ #autoinsurancebrampton #carinsurancebrampton #insurancebrampton #homeinsurancebrampton
The capital cost allowance (i.e. depreciation) rate is 30% per year for vehicles. In the year of purchase, only 15% can be claimed. Note: The maximum cost allowable for CCA is $30,000. The purchase price in excess of $30,000 cannot be written-off.
If he bought his car say 5 years ago, would have only be able to write off 30% of the current "book value" of the car? ... and if so, does the half-year rule of 15% apply since it's the first year he's claiming it?
Hi Jamie, no, it doesn't make sense to incorporate a company for one rental property. Canadian corporations pay a high rate of tax on rental income (net of expenses) - approximately 50%.
Allan Madan I think rental properties are a great asset to my portfolio however I don't know the tax side enough. Your videos are great I have been watching a lot of them. I think this is the year I hire a tax person.
I've been wondering how to organise my expenses for taxes purposes, this video helped me 100% Thank you very much Allan!
You prolly dont give a damn but does anybody know a method to log back into an Instagram account..?
I was stupid lost my account password. I would love any help you can give me.
Thanks. That was straightforward and succinct. Well done
Very well explained, thanks!
Very impressive. after watching many videos this guy helped me to learn alot. great sir. i have opened my construction company in quebec so these videos would help me alot to put genuine things for tax. thank you.
guy...may the lord bless you, i was so stressed being first year in business...this was a great help!
Thank you! Best of luck in your business.
Clear and simple - Great for my business English class who are all small business owners. Good reminder to keep a record of mileage etc.
Thank you for the positive feedback. I appreciate it.
Thanks Alan for your video I get answers on my questions about business expanses.
thank you for putting out this video! Such great information for a new business looking to maximize their writeoffs!
Hi Jill, thank you for your positive feedback.
amazing, informative!
This was really informative and helpful! Thank you Allan!!
Great clarity. Thanks.
Woo keep this coming with updates and reminders and repeat videos! Great stuff!! Recycle content, trust me there is no issue in that! Thanks!
Well done. Thank you.
Thank you sr. very helpful info.
Thank you for the positive feedback.
This was so informative and simple. Heading to your website now!
Allan, I appreciate your videos and you have been very helpful. I had a question and I wasn’t sure if you actively respond on here or not. Is there a revenue threshold that I need to meet to qualify for these deductions/write offs? If I am a new business owner trying to get started can I utilize these right away or do I need proof of revenue and income before I can use the deductions?
This was a stellar video! Thank you :D
Awesome. thank you so much Mr. Allan!
Thank you very much for all this information, greatly appreciated 👍
Thanks a lot Allan for this video and all the videos, you are a true help!
I have a question regarding the business vehicle lease; I am paying $900 a month for my truck lease, so would I be able to deduct 10,800 from my income for the year (say it is 80,800) so my taxable income becomes 70,000 instead?
Hi Hany, if the truck is used to haul goods, then it's not treated as a passenger vehicle, and the lease amount is fully deductible. Otherwise, the truck will be treated as a passenger vehicle, and the lease deduction is limited to $800 per month.
Thanks Allan, I do transport tools and kits on my truck as I am an oilfield consultant, so yes I think it wouldn't be treated as a passenger vehicle.
It won't be treated as a passenger vehicle in your case.
Thank you so much!! This is extremely helpful:)
Great video brother! thank you!
this is awesome!
Hi Allen thank you for the great information. Do I need to have a HST number to take advantage of these?
This was very helpful. Thank you Allan.
Thank you for this,✊🏽
Wow! Great video. I was wondering if you can write off unsold inventory? For example, I purchase 100 hoodies and I only sell 50 hoodies for the year, can I write of the remaining 50 hoodies?
Great video Allan, thanks!
wow your videos are so useful!!
Hi Bianca, thank you for the positive feedback.
*Uploader is amazing, ty from a young Canadian!*
*If i had parents that gave a fucking shit about me and taught me things, i would have been a millionaire by now.*
Hi allan amazing as always. Content simply amazing. Please help me on 2021 leases and what can I claim as a small biz inc. Thanks
Great info, thank you!
Thank you for the Video.
You're welcome.
Why have you stopped making videos? Nice content!
Hi Allan,
Thank you for putting out this video, really helpful. I have a question - what If I subscribed annually for an application (Nov 15th) just before incorporating my business (Dec 15th), can I transfer the remaining subscription cost (11 months) to the business?
Amazing content, thank you
Good video, practical
thank you !
Hi Allan, thank you for a great channel! Question: many small businesses advertise online (google ads, Facebook targeted ads etc.) Is this tax deductible? Thank you very much.
Yes, these are tax deductible.
Fantastic. I'll recommend you. Cheers
Good info
As a self employed (I do tutoring), can I file more expenses than profit ? For example, If I make 2000$/year profit tutoring and I declare 4000$ for expenditures for many years in a row. Thank you.
great video. thank you.
what do you mean by "Make capital purchases right before the year-end so you can take maximum advantage of depreciation deductions on purchase assets" ? please help
Hi Lu Rose, when you purchase a company asset during the year, you can claim 6 month's of depreciation expense, regardless of when you purchase it in the year. This is known as the 'half-year rule' for depreciation. To maximize your after-tax dollars, consider purchasing a company asset at the end of the year. By doing so, you can claim 6 months worth of depreciation expense, even though you owned the company asset for a very short-time period.
You are good Allan!
Thank you for the positive feedback.
Can you kindly provide a more challenging tutorial on how to allocate the small business deduction between two associated companies?
Sure, I will do my best to prepare one.
Allan, very good explanation. In case of cars, the car registration have to indicate that the Corporation is the owner or the lessee? or it is not necesary/
Hi Carlos, yes, the car registration / lease agreement should be in the name of the corporation.
good man , handy tips
Hi Allan how are you great video. I have a question about the vehicle. I have a car and almost my financing this year. Can i include my remaining payments for my car and other expenses? As you've said it should not be a passenger car. Means i can't deduct anything for my taxable income at the end of the year?
Very informative and really helpful.
However, please remove back ground music. Hard to concentrate.
Thanks Pal!
Hi Allan,
Thank you for sharing. Will this information apply to a small business that has not yet reached the $30,000 mark?
Hi Lisa, the same write-offs apply even if your sales are below $30,000. However, you are not required to register for GST/HST if your sales are below $30,000.
Allan Madan , but do I still have to register for business number
Big like,you're awesome
you mentioned life insurance can be claimed as business expense ,in that case what about death benefit amount ,will not be taxable?
Hey Allan, love the content. I have a question in regards to tax write-offs.
when leasing to own equipment for my business, is the whole monthly payment a tax write off?
I believe a lease is 100% an expense. Meaning that because it's not an asset, it doesnt depreciate. So i think you can get the whole monthly payment. I could be wrong and this is not financial advice.
I just have one question. How do you define a small business? What if my company only has one person but I pay more taxes than company with more employees?
Thank you for the video!
I have a question about a mortgage interest. Is it really deductible? I know it is in States, but not in Canada.
Hi Galina,
Mortgage interest is deductible if the borrowed funds are used to purchase an income producing investment. In addition, if you rent a portion of your home to your company to use as office space, you can deduction a portion of the mortgage interest you pay.
Alan, If my incorporated small business is paying a Salary to me, the main employee, can I purchase a Health & Dental Benefit Plan for me and my dependent spouse and claim this monthly charge to the business?
Do I have to make payments through my business account to get write offs or I can use my personal account
Arigato Gosaimasu!!!
If the capital acquisitions are in Class 12, am I correct that you the half-year rule does not apply and you can write off 100% of the value in that first year?
Subscribed.
The half year rule does not apply to purchases of Class 12 assets, except for certain items like software.
Thanks Allan.
Can u make a video specifically on advertising? I created my own advertising platform and j would like more information, please and thank you! Great video, by the way, are you from Toronto?
Thank you for the positive feedback. I will do my best to create a video on advertising.
Allan Madan Yes please!
Hello Allan,
I am interested in investing in the stock market in the USA and Canada. How will I be taxed on my dividend income from both countries?
I'm assuming that you are tax resident of Canada. If this is the case, then taxes of 15% will be deducted form dividends paid by US companies to you. Any capital gains on the sale of US marketable securities will only be taxable to you in Canada.
Hi there,
Can you write off finance payments for a vehicle, or is it only lease payments?
Hi Emanda, lease payments are tax deductible. If you financed the purchase amount of the vehicle, then you can write off the interest paid. In addition, for a financed vehicle you can also claim depreciation at an annual rate of 30%.
How exactly does one calculate their "mortgage interest only" per monthly payment?
For example I have a 25 yr mortgage of $290K at 3.04% and my monthly payments are $1370.
Your bank should provide you with a year-end statement showing the total interest paid and total principal paid. Use the figures from this statement.
Hi Allan, thank you for your video. I have a question regarding write-offs for advertising. If I pay for a Google Ad, but geo-target it to Canada, is that eligible to be written off? Thanks.
Yes, you can write off the expense.
@@AllanMadanCA But what if the company that i paid online for my business is outside canada like FIVERR?
Hi Allan, can I purchase a cottage home and a primary residence in 2 different cities? And if I sell the primary residence can I avoid paying tax on the capital gains for the primary residence? And what order I should purchase the homes in (ie. first buy the cottage or the primary residence).
You can only claim the principal residence exemption on one property in a year. In other words, you cannot claim to have to primary residences in the same year.
I don't plan on selling 2 homes as my primary residence. Can I have a cottage home and a primary residence in Toronto at the same time?
Yes, you can have both. But only 1 can be designated as your principal residence at a time.
ok great. BTW your videos are amazing. I've learned so much.
Im just throwing this out there, but maybe making a video about this may help.
Many of my friends had the same question and concerns regarding owning 2 properties (cottage & house down south) and wanting to sell their house down south (primary residence) and not wanting to pay tax on the capital gains since its their primary residence.
Thanks again,
You're more than welcome. I will try my best to produce a video on the cottage + home scenario.
we just really should not have to pay tax ,at the amount that are scammer gov, think we should give them. free man on the land
Complaining about how it is won't change a thing, the successful adapt
so Allen, just to clarify, if i purchase a 160,000 car, I can only claim $24,000 (15%) in the first year and a maximum of $6,000 (4%) the next year and thats it. I would not be able to claim anything else, correct?
If you purchase a vehicle for $160,000, then the amount allowable for CCA is limited to $30,000 + taxes. For example, assume that you purchase a car for $30,000 (ignore taxes for simplicity). In year 1, you can claim 15% or $4,500 of CCA. In year 2, you can claim 30% of the balance remaining for depreciation: 30% x (30,000 - $4,500) = $7,650 of CCA.
So probably better to lease the ?
I know the lease limit is $800 + tax, is that for all the cars under the corporation or can I have 2 cars under my corporation for $800 per car?
And if so, can I purchase the cars within the same year or is there a limit of cars you can lease per year?
Thanks again,
Your videos are great
The lease limit of $800 is for each car / per car. You can lease or purchase within the same year.
You set up a meeting with me but did not show up. You asked for my number but never called. I called your office but no one picks the phone????
Work closely with our local agents, many of whom live in your neighborhood. Let us get to know you and your needs. www.ccvinsurance.com/locations/brampton/ #autoinsurancebrampton #carinsurancebrampton #insurancebrampton #homeinsurancebrampton
U can’t claim home office expense anymore
so if i buy or own a $60,000 car would i still get a 30% write off?
The capital cost allowance (i.e. depreciation) rate is 30% per year for vehicles. In the year of purchase, only 15% can be claimed. Note: The maximum cost allowable for CCA is $30,000. The purchase price in excess of $30,000 cannot be written-off.
If he bought his car say 5 years ago, would have only be able to write off 30% of the current "book value" of the car? ... and if so, does the half-year rule of 15% apply since it's the first year he's claiming it?
Is this information up to date
bluffing for a commercial property sale, on the up sell . lol
Should I incorporate if I only have one rental property???
Hi Jamie, no, it doesn't make sense to incorporate a company for one rental property. Canadian corporations pay a high rate of tax on rental income (net of expenses) - approximately 50%.
Allan Madan I think rental properties are a great asset to my portfolio however I don't know the tax side enough. Your videos are great I have been watching a lot of them. I think this is the year I hire a tax person.
U should remove old videos.. out dated. ?
I was just watching this and I spilt candle wax all over me lol
82k views? No wonder why people are poor. This should be taught in churches.