Questions Archive

Considering 403-B Withdrawal into USD-RRSP A/c (ample room in RRSP)

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Canadian US NON Rental property owners

My husband and I are tax paying Canadian citizens who have mortgaged a condo in Florida as our winter home. We do not rent it! Are we required to individually apply for a ITIN?

As a non-resident of Canada with a mutual fund held in canada, would that mutual fund’s distribution that are RoC be subject to withholding tax?

Hello. As the title says, I am trying to find out, as a non-resident of Canada with mutual funds there, would my mutual fund distributions in Canada that are RoC be subject to withholding tax? Also, since some mutual fund distributions are capital gains, and capital gains are subject to taxation in the country of … Continue reading

Home Office Deduction without receipt

While filing my taxes next year as a sole proprietor, I am considering claiming my Home Use of Business Office Expense (portion of my rent). My challenge is that my roommate is on the apartment lease (I found this rental via kijiji a while back) & I just pay him via cheque. There’s no receipt … Continue reading

Interest deduction on Existing Rental Property

We purchased a rental property (with no mortgage) using private funds not purchased through a company. We want to add a first mortgage to the rental property and deduct to deduct the interest expense. If we use funds from the mortgage to buy a another rental property, what CRA forms to fill out to show … Continue reading

Add Mortgage To existing Rental Property

We know that mortgage interest can be deducted expense against rental income. When we purchased a property initially, we did not get a mortgage for it. The rental property has gone through 3 tax seasons. If we get a (first) mortgage now against the property now, can we deduct the interest as an rental expense … Continue reading

Can a non-resident eligible for Security options deduction – Paragraph 110(1)(d)?

HI Allan, Is a non-resident employee eligible for security options deduction? His employer is a Canadian public company. Thanks, Hannah

Canadian pension income(CPP, OAS, other pension ) receiving by non-residents

The person left Canada and become a non-resident in 2016. She continues to receive T4A, T4OAS, T4A(P), files her Income Tax Return and pays Canadian tax. In the country of her residency now(Australia), she is filing the Income Tax Return and showing the Canadian pension and paying the tax again. What are the rules for … Continue reading

How to apply for “ABIL”?

I am one of the three directors that formed a corporation in Oct/2010. We have just completed our business taxes for the years 2010-2018.As a result, the corporation is assessed to have over $200,000+ in non-capital losses for all the years combined. Question 1: I have been told by my accountant that I might be … Continue reading

How is foreign life insurance cash surrender value being taxed?

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General rate income Pool (GRIP)

Hi Allan I saw couple of your videos they are very helpful and excellent. Would you please let me know how to calculate grip and carry forward for the next year. Thanks Raihan

TN Visa and Moving Expenses

Hi Allan, I was a Canadian citizen living in the United States on a TN Visa for 16 years. I have now returned to Canada. Can I claim my moving expenses on my tax return? Because I was in the US for 16 years is that considered an immigration? I was assuming I am considered … Continue reading

Will my wife be double taxed

Hello sir, I and my wife became Canadian permanent resident this year. My wife just got a Postdoctoral research position in France for 2 years so she will be going with the children and I will be going back and forth. I think Canada has a tax treaty with France. We already confirmed she will … Continue reading

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