Archives: Questions

Hi. Both myself and my wife just recently moved to US (TN status) in June 2024. We still worked in Canada until we resigned prior to our move. This will be our 1st filing in the US and we are really confused on how to file taxes on both countries. We are not sure if … Continue reading US tax for TN status Holders

Hi, I have a canadian corporation, which is now a “Other corporation” because of my emigration of Canada. When this corporation now, declares dividends, I withhold 15% (because of treaty) and remit to CRA next month. I read that I will to issue NR4 slip as well as NR4 summary to CRA. Can you explain … Continue reading withholding taxes

Hello, I understand that departure tax is not paid on TFSAs when leaving Canada. However, I often hear that it is best to sell these investments before becoming a Canadian non-resident. Why is this the case? Also, is it best to sell my non-registered stocks and repurchase them before leaving the country in order to … Continue reading new fMV on stocks to lower departure tax

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Hello, I found two of your answers about the determination of the status of a factual resident of Canada: https://madanca.com/learn/canadiantaxforum/relocating-to-us-for-work-temporarily/ and https://madanca.com/learn/canadiantaxforum/will-i-still-be-a-tax-resident-in-canada/. Provided that the conditions that make a taxpayer a factual resident of Canada under the tie-breaker rules of the US–Canada tax treaty are met, what are the obligations of a taxpayer who is … Continue reading FICA witholding for non-resident aliens after 2 years of presnse in the US

Hi Allan, I am a Canadian citizen resident in the US. I filed a departure return long ago so I\’m clear on that. Last year I did some work for a Canadian company who issued me a T4. I know that I need to file a tax return for the Canadian-sourced income, but the Nr4 … Continue reading Tax Form for Nonresident Canadian with Canada-sourced T4 income

I bought rental properties through an LLC with 3 Americans and 1 other Canadian, but I recently discovered that by doing so , I’ll be taxed twice. Can I fix that? By adding making an LP for myself and adding it to the LLC?

Becoming a Non-Resident of Canada Regarding the exclusions of departure tax – “Property belonging to a short-term resident (an individual who is a resident in Canada for less than 60 months in the 120-month period preceding the disposition) when that resident came to Canada or any property acquired through inheritance after that individual became a … Continue reading exclusion property of departure tax

Does CRA treat buying and selling investment stocks, bonds etc as just interest income or capital gains?, if its done few times a year?

I plan on moving to Greece and becoming a tax resident there under the special 7% pensioneer tax treaty. If I sell all of the shares in my TFSA while still a Canadian tax resident, and repurchase the same shares in a non-registered account, will my departure tax be lower based on the new FMV … Continue reading Lower Departure Tax

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Hi, I sold a house yesterday for 60Lakhs , bought for 12Lakhs 10+ years back. Also, have made agreements with two builders to buy two flats , one in 2016 and the other in 2020. Both properties are under construction, as in not yet completed and no CC received yet. Final Registries are also due … Continue reading utilising LTCG On Housing Property

Hi there, as someone who’s planning to relocating to the US end of the year, how should I tax plan for my investment accounts? Since I would be living in the US with no primary ties to Canada, would it be more optimal to opt to be treated as a US tax resident and a … Continue reading TFSA, FHSA, RRSP implications for a canadian citizen relocating to US under work visa

My wife and I have lived and worked in the States for the last 6 years and are non-resident citizens of Canada(only file personal tax returns in the US). Can you please confirm if in the USA and Canada there are any tax implications for having a Canadian bank account with CAD funds or if … Continue reading Tax Implications of Canadian Bank Accounts for non-Resident Canadians in U.S.

I hold a work permit and arrived in Canada in June 2024. I operate a one person sole proprietorship (with trade/company name) in a foreign country that is active, but gross receipts is less than CAD $100,000 for year 2024. Will I be required to file those income sources in 2025 and if yes which … Continue reading foreign sole proprietorship income?