Archives: Questions

Question

Option trading–can i setup a CCPC actively trading Option/stock and qualify SBD?

I’m working on to setup a CCPC and actively trading Option/stock. Will this CCPC qualify SBD and the income to be treaded as active business income with tax rate of 12% (in Ontario, <$500K)? I heard completely opposite opinions about this question. Is this area your expertise? Thank you, P.S. Trading strategy: weekly or a … Continue reading Option trading–can i setup a CCPC actively trading Option/stock and qualify SBD?

Issues from not paying Withholding Tax on Rental Income

I moved to the US from Canada end of 2024 and have not been paying withholding tax on my Canadian rental income. I recently did the following: Adjusted my 2024 tax return to put my departure date and let the CRA know i am no longer a tax resident. Filed an NR6 for 2026 and … Continue reading Issues from not paying Withholding Tax on Rental Income

Question on secondary ties.

Hi, I asked a question earlier on secondary ties. I left Canada but forgot to cancel health insurance/it expired after 1 year. How do I correct my back departure and will this make me a resident even if not used? Just noticed it wasn’t abswered but posted.

Butterfly Transactions

Restricted content

Safe Income Bump

Restricted content

Dividend question: does my corp need to fill out schedule 55 if a dividend was paid?

Hi Allan, Thanks so much for your helpful videos. I have regularly relied on this video to fill out my T2 for my small consulting corp: https://www.youtube.com/watch?v=jU4Td7652hs My question is about line 710 on the T2 which refers to a schedule 55. If I paid myself a dividend instead of a salary this fiscal year, … Continue reading Dividend question: does my corp need to fill out schedule 55 if a dividend was paid?

If I never cancelled my provincial health insurance for 3 years but was outside Canada living, will CRA expect I pay worldwide income?

I left Canada, never cancelled my provincial health insurance, but want to be seen as a non-resident for tax purposes. How will CRA assess this in my backdated departure?

Determination of Residency Form

Restricted content

Planning for becoming Non Resident of Canada

Iam filling T1135 form & have paid Accrued Interest every year from my Fixed Deposit/ GICs in India. If I become Non resident of Canada, Will I have to pay any Departure tax on that again? Please advise.

can we receive a monetary gift from my father to use for a down payment without being taxed?

Hi Allan, My husband is a US Citizen (with PR) and I am dual. We are moving to Canada from the US in 2026. My father (Canadian) has offered to loan or gift us (whichever is easier re: tax or other issues) money for a downpayment on a house in Canada. He was told that … Continue reading can we receive a monetary gift from my father to use for a down payment without being taxed?

Claiming FICA taxes as Foreign tax credit if person has more than 40 credits

Request your input.I’m trying to understand how CRA treats U.S. FICA (Social Security + Medicare) for the Foreign Tax Credit (FTC). CRA’s T2209 instructions say that contributions to a foreign public pension plan only qualify for FTC if: The contribution is mandatory; and It’s reasonable to conclude the worker will not receive future benefits from … Continue reading Claiming FICA taxes as Foreign tax credit if person has more than 40 credits

Financial Planning for Non-Resident Canadians returning back to Canada and also tax Tips

Hello Allan, I am, living in US since 10 Years now. I am returning back to Canada after 2 years. Do you guys provide service regarding providing guidance and tax filing services for following: 1) 401 K 2) IRA 3) Cross border tax simplification. 4) Informing CRA once I become resident of Canada.

Can I claim capital loss on a crypto gift ( I disposed) that had its value decreased since the day of the purchase?

Hi, I would like to ask if I could claim a capital loss on the crypto I recently gave away as a gift since its value decreased from the day I purchased it? Thank you 🙂

Can I write-off inventory sourcing expenses that are paid with cash to non-businesses?

Most of my sourcing purchases are paid with cash or e-transfer for buying on online marketplaces like facebook or kijiji, so I want to know what evidence I would need to prove these purchases if I were ever audited. Thank you. I am a reseller by the way.

OAS/CPP/Bank Savings Account Interest only source of income as a Non Resident- NR4 slips. Tax filing as a Non Resident. Is it required?

Parent is a non resident for 2025. Left permanently in April 2025 & won’t be coming back to Canada again. Only source of income from Canada is OAS/CPP/Bank Account Interest. He will be getting OAS & CPP NR4 slips and 25% withholding tax on it. He doesn’t want that 25% withholding tax back. Savings bank … Continue reading OAS/CPP/Bank Savings Account Interest only source of income as a Non Resident- NR4 slips. Tax filing as a Non Resident. Is it required?

Pin It on Pinterest