Based on my research, I do not have to declare either the following two properties held abroad.I don’t own a home in Canada .I know foreign property for personal use is not required to be reported to T1135 . * A foreign permanent residence that was bought by me and is occupied by parents most … Continue reading Foreign property -more than one home Abroad
Looking for advice on filing income for 2023 for a business I worked for that no longer exists. The employees will not be getting T4’s from this business for the 9 months it remained functioning in 2023. The owner apparently has not remit taxes on our pay in the past 3 yrs but I have … Continue reading Filing income tax for closed business
Hi Allan, I received T5008 and T5 slips from my bank for dividends/income earned in my corporation name/ account? I invest the surplus cash from my business in a trading account under my business. How do I enter them in my T2 return. I used Turbo tax software. Thank you Eric
Hi Team. Your site is a great resource for pointing out pitfalls and complexities! My CCPC has small capital and non-capital losses for 2023 (about $1600 and $150) that I cannot use in 2023, nor in 2024 when I plan to dissolve the CCPC. Triggering a carry back to 2022 using Schedule 4 seems easy … Continue reading CCPC Loss Carryback: T2 Schedule 4, but then what? GIFI? Amend?
My wife and I are non-residents and had filed T1159 returns for last few years because of a rental property we owned in Canada (we got NR6 every year) – in mid-2023, our tenants left the apartment and my wife visited canada for second half of year to get apartment renovated but it is sitting … Continue reading Non-resident spouse came back to Canada for 5 months
Hi Allan, When my wife and I emigrated from Canada 20 years ago, our principal residence in Canada became a rental property. Title to the house is held jointly. Will the death of either my wife or myself trigger a deemed disposition of the property? My understanding is that there is no spousal roll-over for … Continue reading Non-Resident with Canadian Rental Property
CEBA loan $20,000 forgiveness amount is taxable 2020 when the loan was received loan or 2023 when it paid back ($40,000) ? I may need help in my tax preparation as well for the year 2023. How much do you charge for T2 and GST return for the small business account?
Hi Allan, If I along with my family move to USA and place my house on rent. Do I have to pay income tax in canada on my income earned in USA? I would be having house on rent(which means that I have mortgage) and few my credit cards. What is your advice. Thanks
My parents want to sell a property in India and send me the proceeds as a gift. What is the best way to receive it with minimal tax in India and Canada.
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