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Question

Us company which format belong to canadian parent company

Good morning, I am a Canadian citizen and it has been four years since I opened my company. Now I want to open my canadian company in the US, and I don’t have a partner. Now I don’t understand which company format should I open in the US that connects with the Canadian parent company … Continue reading Us company which format belong to canadian parent company

Trade stocks as a Business.

Hi Allan, I am a Canadian Citizen who lives abroad, the resident country has high taxes on capital gains if they are short term. I was wondering if it makes sense to trade stocks as a business in Canada. I expect to make around 80K CAD before taxes, and my local taxes would be around … Continue reading Trade stocks as a Business.

T1-ADJUSTMENT for EMIGRANT return. Retroactive filing.

1. I left Canada in *May, 2023* 2. I *wrongly* filed returns for 2023 and 2024 as a *RESIDENT* . 3. In year *2023* upto November, 2023 I got GIS, although I left in May, 2023. 4. After November, 2023 I got NO GIS. 5. After November, 2023 my only source of income is OAS, … Continue reading T1-ADJUSTMENT for EMIGRANT return. Retroactive filing.

work permit holder non-residency

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Left canada , have a saving Account, Temporary residence with work permit

Hello Mr. Madan I am a work permit holder who lived in Canada for three years. I left Canada on August 30, 2024 for vacation with the intention of returning, but due to changed circumstances, I ended up completing my contract remotely until December 31, 2024 without returning to Canada. I filed my 2024 taxes … Continue reading Left canada , have a saving Account, Temporary residence with work permit

Will REFILE correct an incorrect NOA from year 2022? Since it’s beyond the normal 3 years period?

1. No GIS – Net Federal Supplements was received by us in 2022 year. We called in & officially stopped it. The 2022 T4 OAS slip also shows ZERO GIS. 2. We filed the correct return in 2022 with Zero GIS. 3. But the NOA we received 3 weeks later, the CRA incorrectly changed the … Continue reading Will REFILE correct an incorrect NOA from year 2022? Since it’s beyond the normal 3 years period?

Wrongly claimed OEPTC for 5 years. How do I fix this now? (Related to Ontario Trillium Benefits)

I used to live with my parents. I did not own the house. They used to own the house and pay Property tax on it. Suppose the property tax was – $ 3,000. They would show property tax as $ 2,000 on their return and I would show $1,000 on my return. So as a … Continue reading Wrongly claimed OEPTC for 5 years. How do I fix this now? (Related to Ontario Trillium Benefits)

Which address should I mail my documents to? To fix my residency status?

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Where should I mail the documents to CRA? To fix residency issues?

My province of residence before departure in 2021 was ONTARIO. Currently I am a non resident living abroad. But never filed a Departure or Emigrant return. (See details below) Where should I mail my Cover letter and supporting documents to fix it. I don’t want to mail it to the wrong address! Which tax center … Continue reading Where should I mail the documents to CRA? To fix residency issues?

Tax and Contracting Considerations for US Citizen Living in Canada, Working for US Company

Hello, I’m a US citizen currently residing in Canada as a Canadian permanent resident. I work full-time remotely for a US-based company on a W2 employment basis, but I’m considering transitioning to a contractor role with the same company. I would appreciate your advice on the following: Tax Implications: – Currently, I pay FICA taxes … Continue reading Tax and Contracting Considerations for US Citizen Living in Canada, Working for US Company

Left Canada in May 2021 – Did not file a Departure date and Emigrant return. How do I rectify this now?

1. Left Canada in May 2021, did not file a Departure date or Emigrant return with CRA. 2. Been wrongly filing as a Resident since then. 2021, 2022, 2023 and 2024. When I was actually a non resident. All these 4 returns were assessed as Resident with no taxes owed. But I should have never … Continue reading Left Canada in May 2021 – Did not file a Departure date and Emigrant return. How do I rectify this now?

RRSP Withdrawal

My sister has a 100,000. RRSP. She has only 2 months to live. She is on disability. Is there a difference if she takes out her RRSP now or wait till after her death if she is leaving her RRSP to her son. I feel like the tax implication would be the same.

Non Resident of Canada. Savings Bank Account in Canada. Do I have to keep on filing a tax return in Canada?

I left Canada and filed an EMIGRANT return with departure date etc. Now I am officially a Non Resident of Canada for tax purposes. I only have a Savings bank account in Canada. I have informed the bank also that I am a non resident and updated my foreign address. So instead of a T5 … Continue reading Non Resident of Canada. Savings Bank Account in Canada. Do I have to keep on filing a tax return in Canada?

Any benefit or requirement to file a T1?

I am a citizen and became a non-resident living in Japan in 2020. All income received in Japan but I will be closing on an investment property in Canada this year. Mortgage brokers have requested a T1 as part of one of my applications as a requirement for proof of income. Is there any benefit … Continue reading Any benefit or requirement to file a T1?

approximate cost of filing for non resident status- Canada

I am a retired medical doctor (2023) and am considering filing for non residency from Canada–am currently living (snowbird PT) in Mexico. I have my PR status in Mexico. No income in Mexico Only income in Canada is RRSP, OAS and CPP with some non registered investments. I would like to know the approximate cost … Continue reading approximate cost of filing for non resident status- Canada

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