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

Hi Elnyara, Great question — and one that comes up often with cryptocurrency holders. 1. Yes, gifting crypto is considered a “disposition” for tax purposes Under CRA rules, cryptocurrency is treated as capital property (unless you are running a business of trading). When you give crypto away as a gift, the CRA considers this a … Continue reading Can I claim capital loss on a crypto gift ( I disposed) that had its value decreased since the day of the purchase?

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

Hi N, Great question — and it’s an important one for anyone sourcing inventory from Facebook Marketplace, Kijiji, or similar platforms. Does CRA require receipts? CRA requires you to keep source documents for every business expense. But “source documents” are defined very broadly. They are not limited to formal store receipts. CRA states that acceptable … Continue reading Can I write-off inventory sourcing expenses that are paid with cash to non-businesses?

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?

Hi Janis, Thanks for your detailed question — you’ve raised all the right points. Here’s how it works: 1. Do they need to file a Canadian tax return for 2025? Likely yes — but only for the resident period (Jan–Mar 2025). Because your parent was a Canadian resident from January to March 2025, they must … 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?

A non residenct Canadian cirizen

Hi Adi, Thanks for your question — I’m happy to help clarify this for you. As a non-resident of Canada, you are taxable on capital gains arising from the sale of Canadian real estate. Since you became a co-owner of your mother’s home in 2001, you may have a taxable capital gain on your share … Continue reading A non residenct Canadian cirizen

Tax implications in selling property as a partial resident

Thank you for your question. This is a common situation for Canadians moving abroad, and I’ll summarize the key tax considerations below. 1. Residency Status Residency for Canadian tax purposes is determined by your residential ties (home, spouse, dependents, driver’s license, bank accounts, etc.). If you move to India in January 2026 for work while … Continue reading Tax implications in selling property as a partial resident

Cross Border Structuring

Hi Ashwin, Great question — this is one that comes up often for Canadian business owners expanding into the U.S. and wondering whether to set up an LLC or a C-Corporation, and how the Canadian foreign tax credit, section 113(1)(a), GRIP, and eligible dividends all fit together. Let’s go through this carefully. When a Canadian … Continue reading Cross Border Structuring

part iv tax circularity

Hi Konica, Thank you for outlining your situation so clearly — this is a sophisticated pre-sale reorganization, and your concern about Part IV tax circularity is well-founded. 1. Background Recap Opco sold its operating business in August 2025, after removing the real estate from the company. Holdco, a connected corporation under the same shareholder, received … Continue reading part iv tax circularity

How to Update your date of departure on a filed return

Dear Younus, Thank you for your question. In your case, the RC151 form is not the correct form to update your departure date. RC151 is used only by individuals becoming residents of Canada to apply for GST/HST and Climate Action Incentive payments. Since you left Canada, that form does not apply. To correct your 2023 … Continue reading How to Update your date of departure on a filed return

Non resident of Canada- Personal Tax return

Dear Sandy, Thank you for reaching out. Based on the details you shared, here’s some guidance regarding your Canadian tax obligations after leaving Canada: Departure (Emigrant) Return for 2025 Since you permanently left Canada in 2025, you are required to file a final Canadian tax return (emigrant return) for the year of departure — even … Continue reading Non resident of Canada- Personal Tax return

Not filled the non resident forms NR5 in tine 2021-2025

Hi Simona, Thank you for your message and for sharing your situation. If you did not file Form NR5 for the years 2021–2025, the 15% non-resident withholding tax that Service Canada deducted from your CPP Disability payments is considered final tax for those years. Unfortunately, submitting late NR5 applications will not allow you to retroactively … Continue reading Not filled the non resident forms NR5 in tine 2021-2025

Non resident of Canada with Canadian bank interest

Hi Sylvia, Thank you for reaching out and providing the detailed background. I’ll address your concerns step by step. 1. Non-Resident Status and Canadian Bank Interest As a non-resident of Canada, the only Canadian tax you may owe on Canadian-source income is typically withholding tax. For interest income earned from Canadian banks: Most Canadian bank … Continue reading Non resident of Canada with Canadian bank interest

Did I get the right advice from CRA call centre agent? Regarding EMIGRANT return?

Dear Janis, Thank you for reaching out and providing the detailed background on your situation. After reviewing the facts, I recommend taking a more formal approach to ensure your CRA records are corrected properly, rather than relying solely on the advice from the call centre. Recommended Steps File Form NR73 (Residency Determination): This will establish … Continue reading Did I get the right advice from CRA call centre agent? Regarding EMIGRANT return?

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?

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