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Capital Gains Tax on Property Sold Abroad & Money brought into Canada. Almost 25 years back!

1. Parents came to Canada in 1998 as immigrants. They had a house abroad which was just locked up when they came to Canada. Just a personal use property, not rental property. This foreign property was not declared anywhere on Canada tax returns, either as a principal residence or anything else. 2. Since 1998 parents … Continue reading Capital Gains Tax on Property Sold Abroad & Money brought into Canada. Almost 25 years back!

Hello, i have owned my residence for 25 years, in 2019 my friend and i purchased a property, it has been vacant – we have done many renovations – we are looking at options now- we dont love the home therefore we are thinking on selling it – any advice you can provide is helpful.

I have owned my principal residence for over 25 years. In 2019 I invested with a friend and purchased a property that needed renovations and thought we might move there. We have completed the renovations but not fond of the area so we want to sell it. No one has lived in the property. Would … Continue reading Hello, i have owned my residence for 25 years, in 2019 my friend and i purchased a property, it has been vacant – we have done many renovations – we are looking at options now- we dont love the home therefore we are thinking on selling it – any advice you can provide is helpful.

Selling my primary residence while being a non resident

Hello, My situation is I left canada around 1st Jan 2024 with no clear intention if I will be back or not. We owned a house since 2019. In mid Sept 2024 we rented the house. The tenant is leaving 1st of May and I now have decided that I won’t be going back to … Continue reading Selling my primary residence while being a non resident

OEPTC voluntary payback for 7-8 years. How do I do that? – Ontario Trillium Benefits

Used to live with my parents for 7-8 years. They owned the house and it was their principal residence and they paid the property tax. I did not own the house. But we split the property tax amongst ourselves to claim the Ontario Trillium Benefits. Say the property tax was $3,000. My parents would show … Continue reading OEPTC voluntary payback for 7-8 years. How do I do that? – Ontario Trillium Benefits

Factual Residency Determination

Hi Allan, I left Canada to stay in Portugal in May of 2024 to see if living abroad works for me. I havent made a decision one way or the other, but need clarity on my residency status to file my Canadian taxes. Ties to Canada: Maintain a mailing address, two Canadian credit cards, multiple … Continue reading Factual Residency Determination

T5 Issued to Non Resident of Canada

I am a non-resident of Canada and I just received a T5 from the condo developer for interest arisen from the pre-construction condominium deposit. My understanding is non-residents are exempt from interest as long as the other party is at arm’s length. Shall I report the interests received on this year’s tax return? or simply … Continue reading T5 Issued to Non Resident of Canada

T5 got from Chase bank USA

Hello, I am a Non resident of Canada. Living in USA since 2015. I got 250$ T5 from Chase bank USA due to I am Canadian citizen but working in USA and living in USA. I also got 1099-R interest income for same amount. Do I have to file tax in Canada? I talked to … Continue reading T5 got from Chase bank USA

Non-Resident. Bank Interest in Canada – Withholding tax confusion. Is Withholding tax eliminated for NR since 2008?.

I am living in India and a tax resident of India. I am not a tax resident of Canada. But I have a Savings account in Canada. On which I get Bank interest. This is my only source of income in Canada. No other income in Canada like Dividends, Rental Income etc. Now is this … Continue reading Non-Resident. Bank Interest in Canada – Withholding tax confusion. Is Withholding tax eliminated for NR since 2008?.

Reference: Principal Residence gifted to our son. Did our Real Estate lawyer make a mistake? Consequences?

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Principal Residence gifted to our son. Did our Real Estate lawyer make a mistake? Consequences?

1. I & my husband transferred our Principal Residence to our son & daughter in law. Was intended as a GIFT. This is our only house, no other house besides that. Also our sons only house. 2.But NO official gift deed was signed. No official sale or purchase deed was signed either. No Real estate … Continue reading Principal Residence gifted to our son. Did our Real Estate lawyer make a mistake? Consequences?

Left Canada in 2020 – Did not file a Departure date or Emigrant return. But filing as a Resident since then.

1. Left Canada in March, 2020. I thought I was a factual resident of Canada for tax purposes, but I am not! Been filing as a Canadian tax resident since then. 2. I have NO property in Canada. But a bank account in Canada on which bank account interest was earned and T5 slip was … Continue reading Left Canada in 2020 – Did not file a Departure date or Emigrant return. But filing as a Resident since then.

Reference: RC199 Voluntary Disclosures Program (VDP) Application.

Thanks for your detailed response to my previous questions. Really appreciate it. Just a few questions more: 1. When you say it is better to send a copy of the T1-Amended return, along with the T1-Adj form. Do you mean to say just send the first 4 pages of the T1-General jacket for each of … Continue reading Reference: RC199 Voluntary Disclosures Program (VDP) Application.

Foreign Bank Account Interest is NOT shown in Canada. But interest is very minor and does not affect overall taxes.

Foreign Bank Account well below the $100,000/- threshold for T1135 reporting. But Foreign Bank Account Interest not shown in CRA returns for past 10 years. Even if that foreign bank account interest Income is shown I am still below Basic Personal Exemption Amount in Canada. So no income tax is due. Do I have to … Continue reading Foreign Bank Account Interest is NOT shown in Canada. But interest is very minor and does not affect overall taxes.

RC199 Voluntary Disclosures Program (VDP) Application.

I want to do a VDP for multiple years. Like 8 years. So do I fill up 8 RC199 forms for each year? Or just 1 RC199 form and 8 T1-ADJ forms and 8 T1135 forms? And 8 Amended T1 returns with it? If a T1-ADJ form is sent for each year, should we also … Continue reading RC199 Voluntary Disclosures Program (VDP) Application.

Returning to Canada

Our family are Canadian non-residents living in Australia. We have been here 5 years. We are thinking about coming back to Canada and re-establishing ourselves are permanent resdidents. 1. We sold our house prior to leaving and on our second property we were advised to do a deemed disposition of our seasonal non-winterised recreational property … Continue reading Returning to Canada

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