Q:
If company is buying a used car from another person, is the purchase tax deductible?
A:
If there is a proper invoice issued for the sale of the used car, and the used car is used in the business of the company, the car is eligible for claiming capital allowance.
Q:
Mr Lee wants to transfer his real property to his child. Is there any difference between transferring the property to his child directly and transferring to a trust? Is stamp duty required to be paid?
A:
Yes, if Mr Lee transfers his real property directly to his child, it is subject to stamp duty, but there will be a 50% exemption. If he transfers it to a trust, it will be subject to stamp duty with no exemption.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!
P.P.S. If you're liking these little tips, you can't imagine how much you'll get out of my FREE Tax Livestream! Learn more here: https://bit.ly/zen-taxlive