Archives: Questions

Question

What is the difference between them? Which one to use?

1. Change My Return 2. ReFILE 3. T1-ADJ1 4. Voluntary Disclosure Program What is the difference between the above 4. When to use which? Is T1-ADJ1 always done offline, where you fill up the forms and mail it to them? Or do you do it online via Netfile or via upload the documents on My … Continue reading What is the difference between them? Which one to use?

T1135 – Joint Foreign Bank more than $ 1,00,000 in it. How do we report it? Husband & Wife.

Husband & I, we have a foreign bank account with $100,000 in it, but less than $250,000 in it. I (wife) am the primary holder & husband is secondary holder. All the interest in it is accrued in my name only. And I am the only one who files an Income Tax return in the … Continue reading T1135 – Joint Foreign Bank more than $ 1,00,000 in it. How do we report it? Husband & Wife.

REFERENCE : Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues?

Thanks Allan Sir for replying promptly to our previous message. 1. We departed in April, 2021 with the intention of coming back, but could not. We thought we are factual residents of Canada. 2. So for 2021, 2022, 2023 – we filed as resident of Canada. Yet to file for 2024. So we got Carbon … Continue reading REFERENCE : Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues?

Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues?

Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues? Senior Couple Departed Canada in April, 2021 for India. India & Canada do have a tax treaty. Intention was to go back & forth between both countries. But both of us developed serious health issues – so both can’t come back to Canada … Continue reading Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues?

Do my spouse and i need to file tax return for the year 2024

Please let us know if my wife and I should file tax returns in Canada for 2024. My name is Aiyaswami Natesa Prasad (age 75), and my spouse is Dr. Rama Lakshmi (age 69). We are both retired and receive income from investments in India, regularly filing tax returns there. Our children live in Canada. … Continue reading Do my spouse and i need to file tax return for the year 2024

Departure tax return forms

Hi, if my date of departure from Canada to the US is January 1, 2024 do I only need to file forms T1161 and T1243? Or do I need to file a full Canadian tax return as well as these two forms mentioned above? My understanding is once I file forms T1161 & T1243 I … Continue reading Departure tax return forms

Question regarding Foreign exchange rate gain Tax

Hi, Nice to meet you. I’m Xiaowei and lives in Seattle. I’m doing my US tax preparation and my colleague mentioned you to me. Wondering if you are familiar with the foreign exchange rate gain due to selling a foreign property or refinancing a foreign mortgage, aka the section 988. Here’s the situation with my … Continue reading Question regarding Foreign exchange rate gain Tax

Bank issued t5 instead of NR4

Bank issued a T5 instead of NR4 this year. I’m a non-resident of Canada this year, and will be filing as a resident Tax alien of the US. Is any action necessary, or can I just use T5 in place of NR4 when filing US taxes?

Investment strategy to pay least tax

I been looking for a tax professional to ask a question I have but couldn’t find anyone online so Im hoping it be ok to get your help. If I give my parents each $102,000 to put into their TFSA to invest, and a few years down the line they decide to use this money … Continue reading Investment strategy to pay least tax

IRS Form 1099-R

Restricted content

NR6 /NR4 for rental property in Canada

Hi, I paid 25% of my gross rent for 2024 ( first year that I collected rent), I am planning to move back to Canada this year, do I still have to file NR6, and I need to wait until NR6 form approved before I can file NR4 right? thanks Joey

Cost of reporting FHSA in the US

Hey there, I have GIC in the FHSA account that hasn’t matured yet. To close the account, I’ll lose all interests earned (~500 CAD) as well as penalties. I want to get an idea of the cost of reporting FHSA in the US to decide the best option. Also, I might come back to Canada … Continue reading Cost of reporting FHSA in the US

What is the deal here???

I just recently returned from a trip to Mexico, I won’t say where. It’s a place with many American and Canadian expats and retirees. I was told by a Canadian woman who had just bought a property there that none of her Canadian friends living there had paid any departure tax and people were keeping … Continue reading What is the deal here???

Dual Citizen Tax Questions

Restricted content

Reporting taxes paid for previous year

Restricted content

Pin It on Pinterest