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Prorated Small Business Deduction (SBD) in short taxation year + CCPC status change

My corporation previously had a fiscal year from March to February. CRA has approved a change to a calendar year-end, so we will have a short taxation year from March 1, 2025 to December 31, 2025, and thereafter future years will be January–December. However, my corporation also became a non-CCPC effective July 1, 2025. I … Continue reading Prorated Small Business Deduction (SBD) in short taxation year + CCPC status change

Request for Advice Regarding CPP Survivor Pension and Tax Refund

Hello Sir, I hope you are doing well. I would like to ask for professional advice regarding my situation as a non-resident receiving a CPP Survivor’s Pension from Canada. I am a Filipino resident and have never been to Canada. I am also a widow, and currently my only source of income is my CPP … Continue reading Request for Advice Regarding CPP Survivor Pension and Tax Refund

High-Tax Exclusion for Canadian Corporation Income

I have a question regarding U.S. Form 5471 and the GILTI/subpart high-tax exclusion. If a Canadian corporation(non-ccpc with 100% share holders are US residents) is earning investment income (e.g., GIC interest ~20K per year) and is already being taxed in Canada at an effective rate of roughly ~50%, would that income generally qualify for the … Continue reading High-Tax Exclusion for Canadian Corporation Income

I have nothing in canada except for my canadian bank acct. Living in the US presently, how can i declare as non resident of canada

I would like to declare as non-resident of Canada. I am a canadian citizen and a green card holder of US. I have no ties in Canada except for my canadian bank acct. I would like to know if I can receive CPP and OAS. I have lived in Canada for over 35 yeard. If … Continue reading I have nothing in canada except for my canadian bank acct. Living in the US presently, how can i declare as non resident of canada

options trading using investments in my NRSP account.

Can I do options trading using investments in my NRSP account.

US citizen worked one month in Canada, how do I get my withholding tax back?

Hi – I am a US citizen who worked on a project in Canada for about 5-6 weeks. I had 10k withheld from my pay, for CA taxes. I understand that I am eligible to apply to have that 10k refunded to me, but am not sure what needs to be done. I did receive … Continue reading US citizen worked one month in Canada, how do I get my withholding tax back?

How to report non-tax resident Canadian Income on Final tax return before leave Canada

I left Canada in Jan, 2026 and I am non-tax resident from Feb, 2026 for Canada. I will need to report Canadian sourced income from Feb to Dec 2026 as non tax resident. Knowing I need to file my final return for 2026 with a departure date, do I report the non-tax resident income on … Continue reading How to report non-tax resident Canadian Income on Final tax return before leave Canada

Left Canada permanently on 2016 but did not notify cra

Hi Allen,I am single and I left Canada permanently on JULY 2016 but did not notify CRA that I am immigrating to the UAE Dubai.I did not file a departure tax either. When I left Canada in 2016 I had no income or house. All that I had 2 checking bank accounts with very small … Continue reading Left Canada permanently on 2016 but did not notify cra

PFIC reporting for RESP seg funds

I’m a U.S. person (tax resident/filer) with Canadian RESP investments (~$43K CAD total, jointly with spouse). The RESP holds segregated funds(no separate distribution as per the monthly stmt) I’m trying to understand PFIC reporting requirements (Form 8621) in my situation. A few specific questions: – Are Canadian segregated funds inside an RESP generally treated as … Continue reading PFIC reporting for RESP seg funds

Am I obligated to file 2025 Taxes

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Am I obligated to file 2025 Tax return

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Am i obligated to file 2025 Tax return

Hi Mr. Madan, I am a newcomer and confused about my tax obligations and situation. I became a PR in 2024 and soft-landed (This is a brief, initial visit to Canada by a new Permanent Resident (PR) to activate their status before their Confirmation of Permanent Residence (CoPR) expires, without immediately moving permanently). I spent … Continue reading Am i obligated to file 2025 Tax return

Reporting RRSP over-contributions

I am employed, therefore I am preparing my T1 for 2025. I over-contributed about $4,000 to my RRSP in 2024. When I did my taxes back in April 2025, I noticed that and took those $4,000 out of my RRSP. At that time, I used T1 OVP to calculate tax on RRSP excess contributions (about … Continue reading Reporting RRSP over-contributions

US stock in joint acct in Cdn Brokerage where primary is non-resident. Only received NR4.

I have a joint account (not with spouse) in a Canadian brokerage where the primary holder is a non-resident. The brokerage only issued NR4 for interest on cash in the account. They did not issue a T5 for the dividend income. 1. Do I report my share of the NR4 interest under “income without a … Continue reading US stock in joint acct in Cdn Brokerage where primary is non-resident. Only received NR4.

Non-resident of Canada – Can I open new RRSP / RESP accounts?

I’m currently a non-resident of Canada and had a couple of questions regarding registered accounts. 1: I already have an existing RRSP with RBC. As a non-resident, am I allowed to open a new RRSP account with another institution? 2: Similarly, can I open a new RESP while being a non-resident? My main goal is … Continue reading Non-resident of Canada – Can I open new RRSP / RESP accounts?

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