I'm doing a partial 1031 exchange on a rental property. I need to determine how much cash I can take out of the exchange without incurring tax liability. I have both offsetting capital losses and catch up depreciation which may impact the decision. What are the tax implications of taking cash out during the exchange, and how do capital losses and catch up depreciation affect this?

November 24th, 2024

Is there anything I can do to protect my tax refund from being taken due to child support arrears, especially since my child now resides with me and I need the refund to buy a home for my family?

October 11th, 2023

Who is the responsible party for an EIN application when a revocable trust converts to an irrevocable trust upon the grantor's death?

December 22nd, 2023

Hello - re IRD 082-805-133. We have just been advised by our accountants that this entity has a penalty going back to May 2019. There was no GST to pay, and we were not aware that filing had not been completed. Now after four years, this is the first notification we have received. There has been no communication during this period. Consequently, we ask for the understanding of Inland Revenue in this instance. Thank you Ralph Faulkner ***@******.*** (###) ###-####.

November 17th, 2024

I'm planning to leave Canada for a year and take a 'leave without pay,' so I won't have income during this period. How can I claim tax afterwards and what do I need to do before departure?

November 23rd, 2024