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Us company which format belong to canadian parent company

Hi Rizwan, Thank you for your message and for outlining your objective clearly. Since you wish to open a U.S. company that is linked to your Canadian corporation, and only pay 21% U.S. corporate tax (with no additional tax in Canada), here’s the optimal structure and explanation: ✅ Recommended Structure: Form a U.S. C-Corporation owned … Continue reading Us company which format belong to canadian parent company

Trade stocks as a Business.

Hi Shelly, Thank you for your message and for outlining your situation. As a non-resident of Canada, it is possible to incorporate a Canadian company to trade stocks, but there are several important tax considerations to keep in mind: 🔍 Key Tax Implications ✅ Non-CCPC Corporate Taxation A Canadian corporation controlled by a non-resident is … Continue reading Trade stocks as a Business.

T1-ADJUSTMENT for EMIGRANT return. Retroactive filing.

Hi Premal, Thank you for your message and for outlining your situation in detail. Based on the information you provided, here are the steps you need to take to correct your 2023 Canadian tax return and change your residency status with the CRA. ✅ Step 1 – File Form NR73 (Required First) Before the CRA … Continue reading T1-ADJUSTMENT for EMIGRANT return. Retroactive filing.

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

Hi Sara, Thank you for your message, and I hope you’re doing well. Based on the details you’ve provided — that you left Canada on August 30, 2024, completed your work remotely until December 31, 2024, and still maintain a Canadian savings account, health card, and driver’s license — here is how I would advise … 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?

Dear Orfi, Thank you for your detailed message and for outlining your situation so clearly. To address your questions: ✅ 1. Can you REFILE a 2022 return to correct the GIS error? Yes, REFILE can be used to correct an NOA — even if it’s several years old — provided that: The original return was … Continue reading Will REFILE correct an incorrect NOA from year 2022? Since it’s beyond the normal 3 years period?

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

Hi Michael, Thank you for your detailed message. Since you left Canada in May 2021 and continued filing tax returns as a resident through 2024, you’ll need to take corrective steps to update your residency status with the CRA. ✅ Required First Step – File Form NR73 To adjust your residency status on tax returns … Continue reading Where should I mail the documents to CRA? To fix residency issues?

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

Hi Orfi, Thank you for your message. You’re correct that to be eligible for the Ontario Energy and Property Tax Credit (OEPTC), you must have paid property tax on a principal residence that you own or rent. Since you lived in your parents’ home and did not own the property, you were unfortunately not eligible … Continue reading Wrongly claimed OEPTC for 5 years. How do I fix this now? (Related to Ontario Trillium Benefits)

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

Hi Michael, Thank you for your detailed message and for outlining your situation clearly. You are correct that your Canadian tax filings from 2021 onward do not reflect your non-resident status, and we can help you resolve this. ✅ Summary of Your Situation You left Canada in May 2021 and have been living abroad since, … Continue reading Left Canada in May 2021 – Did not file a Departure date and Emigrant return. How do I rectify this now?

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

Hi Freddy, Thank you for your message and the clear summary of your situation. As a U.S. citizen and Canadian tax resident working remotely for a U.S. company, transitioning from W-2 employment to 1099 contracting introduces several cross-border tax and compliance complexities. Below are answers to your questions, and I’d be happy to walk you … Continue reading Tax and Contracting Considerations for US Citizen Living in Canada, Working for US Company

RRSP Withdrawal

Dear Joanne, Thank you for reaching out, and I’m very sorry to hear about your sister’s situation. I know this is a difficult time, and I appreciate you taking the steps to understand her financial options clearly. Regarding your question: When your sister passes away, her RRSP will be fully taxed as income on her … Continue reading RRSP Withdrawal

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

Hi Shahid, Thank you for your message. Since you have already filed a departure (emigrant) return and are now a confirmed non-resident of Canada for tax purposes, your filing obligations are quite limited. As a non-resident, interest income from a Canadian regular savings account is generally exempt from Canadian withholding tax, provided it meets the … Continue reading Non Resident of Canada. Savings Bank Account in Canada. Do I have to keep on filing a tax return in Canada?

Non Resident but Citizen of Canada Selling house in Canada after leaving canada.

Hi Alex, Thank you for your message and detailed background. Since you became a non-resident of Canada in January 2024 and plan to sell your former principal residence in May 2025, here is how the Canadian tax rules will apply: 1. Principal Residence Exemption (PRE) As you lived in the home from 2005 until your … Continue reading Non Resident but Citizen of Canada Selling house in Canada after leaving canada.

approximate cost of filing for non resident status- Canada

Dear Robert, Thank you for reaching out, and congratulations on your retirement. We’d be happy to assist you with filing for non-residency status with the Canada Revenue Agency (CRA). This process involves a detailed review of your residential ties, completion of Form NR73 (Determination of Residency Status), and preparing a departure return to report your … Continue reading approximate cost of filing for non resident status- Canada

GIS stopped by me. But CRA reassessed NOA says GIS paid!

Hi Orfi, Thank you for your detailed message. I understand your concern, and you’ve done a great job gathering the necessary documentation. Here’s a summary of the situation and what you can do: 1.CRA’s Automatic Reassessment: The CRA reassessed your 2022 return and added $8,100 in net federal supplements (GIS), likely based on incorrect or … Continue reading GIS stopped by me. But CRA reassessed NOA says GIS paid!

Any benefit or requirement to file a T1?

Hi SJ, Thank you for your question regarding the Canadian T1 return and your current situation as a non-resident living in Japan since 2020. As a non-resident of Canada, you are only required to file a T1 return if you have Canadian-source income that is subject to Canadian tax—such as rental income, employment income earned … Continue reading Any benefit or requirement to file a T1?

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