Questions Archive

Non-resident tax implications on life insurance

Hi, I am a Canadian citizen now living in the US. My mom passed away and I am the beneficiary of a Canadian-based 25k life insurance policy. I still hold a joint bank account in Canada with my sister. If I deposit this cheque into my Canadian bank account as a non-resident, are there tax … Continue reading

Establish property Value Before Leaving Canada

Hello, I left Canada in 2014 as a traveller planning to come back but in 2015 I decided to stay abroad and started filing taxes in 2015 as non resident. I started renting property then. When I left I did not appraise the property. When I sell it in the future I am afraid the … Continue reading

Gifting share of house

About 6 years ago, I went on title with my daughter on a rental property with 50/50 share. The property is currently assessed at 1.1 million and was purchased for 850,000. What would be the tax implications in the two options below 1. Gift my 50% of the share 2. Stay on title and setup … Continue reading

HST Quarterly instalments

Hi Allan team, I have a small corporation. I paid the business GST/HST first three instalments for current year based on previous year HST net tax, do I still require to pay the final 4th quarter instalment even I have overpaid for current year (less sales in current year)? Will CRA charge interest if I … Continue reading

How to delay OAS …if non-resident of Canada….

Hi Allan. My wife and I (Canadian citizens) became non-residents of Canada in mid-2020 and filed up a Departure form with the CRA. We live and work in Portugal ever since (tax residents here). I applied for my CPP last year and have been receiving it for the last 6 months. I am turning 66 … Continue reading

TFSA holdings

Hi Allan, I currently hold stocks in my TFSA and will be moving from Canada to the U.S. in summer 2026 for work for a couple of years. I’ve heard that once I become a U.S. tax resident, income earned in a TFSA must be reported on U.S. tax returns. Given this, would you recommend … Continue reading

reg non residence tax return

Hi Allan thanks for your reply but if 216 tax return cannot be filed under VDP .Can I use form 1159 to file 10 year tax returns or regular t1 form to declare non disclosed rental Inocme and pay 25% tax on gross rental Income.Remaining unfiled taxes since 1995 I expalin in the narrative. I … Continue reading

REG VDP PROPOSAL FOR NON RESIDENCE WITH CANADIAN SOURCE INCOME.

ONE OF MY NON RESIDENT CLIENT WISHS TO USE VDP ROUTE TO DECLARE CANADIAN SOURCE RENTAL INCOME SINCE YEAR 1995 TILL 2025 TAX YEAR .I TOLD HIM HE HAS TO PAY TAX @ 25% OF GROSS RENTAL INCOME PLUS SOME PENALTIES.IS IT OK TO FILE FORM 199 FOR ALL 31 YEARS OR ONLY FOR LAST … Continue reading

Declare a checking bank acct as non-resident

Do you still require to declare a checking account non-resident if it doesn’t earn interest?

Option trading–can i setup a CCPC actively trading Option/stock and qualify SBD?

I’m working on to setup a CCPC and actively trading Option/stock. Will this CCPC qualify SBD and the income to be treaded as active business income with tax rate of 12% (in Ontario, <$500K)? I heard completely opposite opinions about this question. Is this area your expertise? Thank you, P.S. Trading strategy: weekly or a … Continue reading

Issues from not paying Withholding Tax on Rental Income

I moved to the US from Canada end of 2024 and have not been paying withholding tax on my Canadian rental income. I recently did the following: Adjusted my 2024 tax return to put my departure date and let the CRA know i am no longer a tax resident. Filed an NR6 for 2026 and … Continue reading

Question on secondary ties.

Hi, I asked a question earlier on secondary ties. I left Canada but forgot to cancel health insurance/it expired after 1 year. How do I correct my back departure and will this make me a resident even if not used? Just noticed it wasn’t abswered but posted.

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