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Answer

Can an Inheritance be split 50/50 with a spouse in a non-registered Join account or do attribution rules apply?

Hi Dan, Here’s how CRA generally treats an inheritance that is invested in a non-registered account and then placed in a joint account with a spouse: 1. Attribution Rules and Inheritances Attribution rules under the Income Tax Act s.74.1(1) apply when a taxpayer transfers or loans property to a spouse or related minor for less … Continue reading Can an Inheritance be split 50/50 with a spouse in a non-registered Join account or do attribution rules apply?

Capital Gains on sale of foreign Cottage.

Hi Bittan, Thank you for your question. Here’s what you can expect from a Canadian tax perspective when you sell your Swedish cottage. As a Canadian tax resident, you are taxed on your worldwide income, including capital gains from selling foreign real estate. Your capital gain will be calculated as the difference between the sale … Continue reading Capital Gains on sale of foreign Cottage.

Left Canada in May 1999 – Did not file a Departure date and Emigrant return. How do I rectify this now?

Hi Mary, Thank you for your detailed message. Your situation is a common one, and the good news is that CRA does allow us to correct past records even after many years have passed. Here’s what I recommend: 1. Filing a Late Emigrant Return Even though your departure was in 1999, CRA will still accept … Continue reading Left Canada in May 1999 – Did not file a Departure date and Emigrant return. How do I rectify this now?

Instalment Corporate tax payments and CCPC

Hi Darron, thank you for raising this thoughtful question. You’ve touched on two important but distinct issues: (1) the Small Business Deduction (SBD) and CCPC status when directors emigrate, and (2) corporate instalment payment requirements. Let’s address each point in turn. 1. Small Business Deduction and CCPC Status A Canadian-Controlled Private Corporation (CCPC) must, by … Continue reading Instalment Corporate tax payments and CCPC

Emigrating from canada with a cCPC

Dear Emad, Thank you for your question and for outlining your situation regarding your move to the UAE and continued work through your Canadian corporation. As you’re planning to become a non-resident of Canada while maintaining business operations through your Canadian corporation, there are several important tax considerations you should be aware of: 1. Change … Continue reading Emigrating from canada with a cCPC

Applying for residency in Italy Dec 2025

Hi Dominic, Thank you for posting your question on our Canadian Tax Forum and for reaching out directly. I’m happy to help you navigate the tax implications of your upcoming move to Italy. Please see my preliminary responses below: Q1 – Keeping Your Canadian Home: Impact on Tax Residency? Yes, you can keep your Canadian … Continue reading Applying for residency in Italy Dec 2025

Cra keeps adding basic personal amount to 216 returns

Hi Sami, Thank you for your question. You are correct — non-residents who file a Section 216 return are not automatically entitled to claim the basic personal amount (BPA) unless they meet certain conditions. The CRA may erroneously allow the BPA if their system is treating you as a resident or if your return does … Continue reading Cra keeps adding basic personal amount to 216 returns

Claiming CCA & Amount for Eligible Dependent Issue

Hi DM, Please review my responses to your questions below. 1) Amount for an Eligible Dependant (Line 30400) This is sometimes referred to as the “Equivalent to Spouse” amount. You can claim this amount for: A child, grandchild, brother, or sister, if they are under 18 years of age or have an impairment in physical … Continue reading Claiming CCA & Amount for Eligible Dependent Issue

Becoming a Non-Resident (departure, CPP & OAS)

Hi Jennifer, Thank you for your questions. I’ll address each of your points in turn: 1) Do you need to return to Canada to “physically depart” to mark the non-residency date? No, you do not need to return to Canada to physically leave again to establish your non-residency date. You can choose the date you … Continue reading Becoming a Non-Resident (departure, CPP & OAS)

Do I need to file a Non Resident Tax Return in Canada?

Hi James, Here’s a clear answer to your question about your Canadian tax filing obligations as a non-resident: Since you permanently left Canada in 2023 and filed an emigrant return reporting your date of departure, you became a non-resident for Canadian tax purposes effective that date. Treatment of your Canadian bank interest as a non-resident: … Continue reading Do I need to file a Non Resident Tax Return in Canada?

Emigrant Tax Return – Not filed – Retroactive Filing.

Hi Janis, Thank you for sharing such a detailed description of your situation. You have already done much of the heavy lifting by notifying the CRA and repaying benefits. I’ll walk you through what still needs to be done to formally correct your tax filings. Do you still have to correct the resident tax returns … Continue reading Emigrant Tax Return – Not filed – Retroactive Filing.

I ownI own a Canadian LLC, I sell I sell on Amazon in the US, I pay Canadian I pay Canadian tax, is is this in your skill set?

Hi Joe, Thank you for your message. Yes, this is within our area of expertise. We regularly assist clients who operate Amazon businesses through Canadian entities while selling in the U.S. One important point to highlight: Canada does not recognize U.S.-style LLCs as flow-through entities, which can result in double taxation. If you’re referring to … Continue reading I ownI own a Canadian LLC, I sell I sell on Amazon in the US, I pay Canadian I pay Canadian tax, is is this in your skill set?

Would you be able to complete 2 routine, uncomplicated T2062 and how much is the fee

Hi Katharine, Thank you for your message. Yes, we can assist with the preparation and filing of two routine T2062 forms. Fee Structure Our standard fee is based on the following scenarios: $600 + disbursements per form – if there are two non-resident co-owners of one property and both forms relate to the same sale … Continue reading Would you be able to complete 2 routine, uncomplicated T2062 and how much is the fee

Would I still be considered a canadian resident for tax purpose if the only remaining tie is my spouse who doesn’t want to leave?

Dear Zorro, Thank you for reaching out, and I appreciate your kind feedback about my YouTube videos. Based on your message, I understand that you’ve relocated to Mexico where you hold a residency permit, while your spouse remains in Canada. You’re retired from the Canadian Forces and are currently receiving a Canadian pension. You’re now … Continue reading Would I still be considered a canadian resident for tax purpose if the only remaining tie is my spouse who doesn’t want to leave?

7 Months outside of Canada

Dear Michèle, Thank you for your inquiry. You asked what would happen if you spent 7 months outside of Canada each year while still owning a home in Canada. Below is a detailed explanation of how this may affect your residency status, tax obligations, and any future sale of your Canadian property. 1. Canadian Residency … Continue reading 7 Months outside of Canada

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