Archives: Questions

Question

Concerning foreign income conversion and whether FX and transfer fees are considered a loss/expense

I have some untaxed foreign income from contracts for the first time this year, and I understand that I have to report it converted into CAD using the Bank of Canada exchange rates (I’m using the daily rates). As per your helpful article on filing foreign business income, I also understand that I am to … Continue reading Concerning foreign income conversion and whether FX and transfer fees are considered a loss/expense

How much to file a (simple) Non-Resident 2025 Tax Return for Canada?

I was a stager for a ballet with the Royal Winnipeg Ballet Co., for 49 days during 2025. I am a US citizen. I need to file a Non-resident tax return in Canada for 2025 for the fees I recieved. I have a T4A-NR form. Please advise how I can work with you and what … Continue reading How much to file a (simple) Non-Resident 2025 Tax Return for Canada?

Mrs. Joan Le

Is GIC interest taxable if my husband is a canada resident and i am holding a visa while waiting for spousal sponsorship in process, I also never have filing Canadian taxes before?

this is a test i am having trouble posting my question

Restricted content

NR73 and ties

Dear Allan, Your forum is excellent with alot of really great advice. I have to submit an NR73 and while I have no significant ties, I wondered how many secondary ties tip the scale. If you have exoerince with this that would be great, I’ve read the rules but more interested in the practice. All … Continue reading NR73 and ties

Left Canada did not file departure tax have corp in canada too how do i proceed?

My spouse and I departed Canada in July 2024 and have not returned to Canada since departing. We filed our 2025 taxes as a resident, IE we did not file our departure tax. We sold primary residence prior to leaving Canada, however still own vacant, undeveloped, un-serviced, non-occupied land in Canada. Other Investments and assets … Continue reading Left Canada did not file departure tax have corp in canada too how do i proceed?

Left Canada in 2024, did not file departure tax, still have a corp there, have been filing as resident, how to proceed?

Restricted content

Parents left Canada permanently. Did not file a departure return. Transferred their house to us as a gift after becoming non resident. Tax Implications?

Parents left Canada permanently. Did not file a departure return. Transferred their Principal Residence in Canada to us from abroad as a Gift after 1.5 years after leaving Canada permanently, when they were already Non Resident. Tax Implications?? 1.Parents bought house in 2001 for $ 220,00/- . It’s their Principle Residence. Never rented it. No … Continue reading Parents left Canada permanently. Did not file a departure return. Transferred their house to us as a gift after becoming non resident. Tax Implications?

How do I rectify this with CRA? Death of a non resident parent abroad in 2025. Departure tax not filed when they left in 2022.

Taxes / CRA Issues: My parent permanently left Canada in March, 2022. Did not file a departure tax return when they left Canada. Now they passed away in September, 2025 – last year. They only have a bank account in Canada. No house or RRSP or TFSA or any other investments at time of death. … Continue reading How do I rectify this with CRA? Death of a non resident parent abroad in 2025. Departure tax not filed when they left in 2022.

Dividend refund

Hi, For a corporate tax return, when an eligible dividend is paid out and Part IV tax is due, there is an offsetting dividend refund. If there is a dividend refund that is returned by the CRA, how is that dealt with in terms of bookkeeping? Is it fair to keep a contra account to … Continue reading Dividend refund

Foreign rental apartment when one partner is a resident and the other is not

Hello, My partner and I have a foreign rental property. I’ve been a resident of Canada for the last 9 years, but my partner is not a resident. All income and expenses on this rental property are on my partner, and we have a 30-year-old agreement that this property belongs to him (even though we … Continue reading Foreign rental apartment when one partner is a resident and the other is not

Other Income earned T4A

I sold a product (engraving on a board) during Christmas and was given a T4A from a client. Is it possible to deduct the cost of the product on the income tax. I paid over $1000 for the product so in reality I did not earn the full amount on the T4A

emigrating to India

Hello there, I am 71 and after 25 years, me and my wife are planning to return to India for good. 1. If I keep one Canadian bank account to receive pension, CPP etc will it have any bearing on my status as a non resident? 2. What is the best option for my Canadian … Continue reading emigrating to India

Missed foreign income reporting from 2021-2024

Hi Allan, I missed reporting approx 3000 cad each year total foreign interest, dividends and capital gains for 2021-2024. I first became a canadian resident in october 2021. I will now be filing a departure tax return in 2025. My foreign holdings below 100k threshold for 2021-2024. I was thinking of filing T1 adjustments for … Continue reading Missed foreign income reporting from 2021-2024

Inheritance of Canadian Property Held by USA Resident, All Beneficiaries are also USA Residents

Restricted content

Pin It on Pinterest