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Canadian Rental Income for a non resident

I have a rental property in Canada and I live in the US. My property management company withheld 25% tax on the gross rental income and issued me a NR4. I would like to claim a tax refund since the tax payable on my rental income is significantly less than the tax owing on my … Continue reading Canadian Rental Income for a non resident

Income tax for indian seafarer having PR card but sailing from india

I am a PR card holder but would like to continue sailing from India. How does this affect my income taxes in Canada and India if I stay out of Canada for more than 183 days and sail in international waters for more than 183 days? Please assist.

real estate ownership to family traust

Can I Transfer Real Estate Ownership To Family Traust? Do I Need To Pay Capital Gain?

Provident Fund reporting requirement

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Switching from Restaurant owner to Restaurant lessor

I operated a restaurant business on my commercial property till the end of 2023 then leased the restaurant to another operator. How should I report the income in 2024, as business income or rental income? There are 2 tenants on the property and I do collect GST. Should I report 2023 as my last year … Continue reading Switching from Restaurant owner to Restaurant lessor

Provident Fund (India) Treatment in Canada

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Foreign property -more than one home Abroad

Based on my research, I do not have to declare either the following two properties held abroad.I don’t own a home in Canada .I know foreign property for personal use is not required to be reported to T1135 . * A foreign permanent residence that was bought by me and is occupied by parents most … Continue reading Foreign property -more than one home Abroad

Filing income tax for closed business

Looking for advice on filing income for 2023 for a business I worked for that no longer exists. The employees will not be getting T4’s from this business for the 9 months it remained functioning in 2023. The owner apparently has not remit taxes on our pay in the past 3 yrs but I have … Continue reading Filing income tax for closed business

T5 and t5008 inclusion in Schedule 125 – Corporate T2

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How do I enter T5008 and T5 in the T2 return for my corporation?

Hi Allan, I received T5008 and T5 slips from my bank for dividends/income earned in my corporation name/ account? I invest the surplus cash from my business in a trading account under my business. How do I enter them in my T2 return. I used Turbo tax software. Thank you Eric

CCPC Loss Carryback: T2 Schedule 4, but then what? GIFI? Amend?

Hi Team. Your site is a great resource for pointing out pitfalls and complexities! My CCPC has small capital and non-capital losses for 2023 (about $1600 and $150) that I cannot use in 2023, nor in 2024 when I plan to dissolve the CCPC. Triggering a carry back to 2022 using Schedule 4 seems easy … Continue reading CCPC Loss Carryback: T2 Schedule 4, but then what? GIFI? Amend?

do i need to pay tax from interst I earn from GIC when i am not a canada citizen nor residence

i am a Hong kong citizen and not living in canada . but i am planing to move some of my funding to a bank in Ontario and that could create interest earning. from your Myth#2 look like i do not need to pay taxt for it ? do i need to file tax doc … Continue reading do i need to pay tax from interst I earn from GIC when i am not a canada citizen nor residence

Non-resident spouse came back to Canada for 5 months

My wife and I are non-residents and had filed T1159 returns for last few years because of a rental property we owned in Canada (we got NR6 every year) – in mid-2023, our tenants left the apartment and my wife visited canada for second half of year to get apartment renovated but it is sitting … Continue reading Non-resident spouse came back to Canada for 5 months

oas received in Portugal?

I am from Portugal I will retire in 2 years, wondering if I return to Portugal can receive OAS there?

Non-Resident with Canadian Rental Property

Hi Allan, When my wife and I emigrated from Canada 20 years ago, our principal residence in Canada became a rental property. Title to the house is held jointly. Will the death of either my wife or myself trigger a deemed disposition of the property? My understanding is that there is no spousal roll-over for … Continue reading Non-Resident with Canadian Rental Property
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