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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

T1- ADJ questions & Submission.

I cannot use REFILE or Change My Return in My Account to do my T1-ADJ because I want to change/add my DEPARTURE date on the first page of T1. After doing that do I have to mail the T1-ADJ form to the tax centre? Or can I just upload it in My Account section – … Continue reading T1- ADJ questions & Submission.

Emigrant Tax Return – Departure date not filed & Capital Gains Tax on Joint House.

1. Couple left Canada permanently to go back to our home country in March, 2021. Had a Principal Residence which we bought Joint ownersip in 2000. We always lived there, was our Principal Residence through out.No other house but that. 2. FMV of our house was $ 1 Million in March 2021. We bought the … Continue reading Emigrant Tax Return – Departure date not filed & Capital Gains Tax on Joint House.

What is the difference between them? Which one to use?

1. Change My Return 2. ReFILE 3. T1-ADJ1 4. Voluntary Disclosure Program What is the difference between the above 4. When to use which? Is T1-ADJ1 always done offline, where you fill up the forms and mail it to them? Or do you do it online via Netfile or via upload the documents on My … Continue reading What is the difference between them? Which one to use?

T1135 – Joint Foreign Bank more than $ 1,00,000 in it. How do we report it? Husband & Wife.

Husband & I, we have a foreign bank account with $100,000 in it, but less than $250,000 in it. I (wife) am the primary holder & husband is secondary holder. All the interest in it is accrued in my name only. And I am the only one who files an Income Tax return in the … Continue reading T1135 – Joint Foreign Bank more than $ 1,00,000 in it. How do we report it? Husband & Wife.

REFERENCE : Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues?

Thanks Allan Sir for replying promptly to our previous message. 1. We departed in April, 2021 with the intention of coming back, but could not. We thought we are factual residents of Canada. 2. So for 2021, 2022, 2023 – we filed as resident of Canada. Yet to file for 2024. So we got Carbon … Continue reading REFERENCE : Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues?

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