Archives: Questions

Question

Capital Gain Tax Implications

Hi Allan! I’m seeking a personal tax planner on behalf of my mother, who is currently residing in Taiwan (she’s also a Canadian citizen) and has been filing her taxes as a non-resident of Canada. She has a house in Toronto which she’s been renting out for the last 30 years that she is now … Continue reading Capital Gain Tax Implications

Asset Sale of a Company

Hi Allan, I might be selling my company (CCPC) (asset sale, buyer not interested in share sale). I will have a capital gain of $100K. From my understanding I can elect to pay out $50K as a Capital Dividend (CDA) What about the other $50K. Is it eligible for refundable dividend tax on hand credit?. … Continue reading Asset Sale of a Company

How to file taxes on Bank interest issued on T5 from 2012 to 2017 to non-residents

I became a non-resident in 2011 and moved to Hong Kong. I updated my bank with my Hong Kong address and thought they would withhold my taxes on my bank interests so I ignored the T5 the bank mailed to me. I am planning to return to live next year and want to make sure … Continue reading How to file taxes on Bank interest issued on T5 from 2012 to 2017 to non-residents

t4A needed OR NOT

Hi Allan, Thanks for this great resource. I am putting in efforts in gaining understanding of my tax returns filing process. I drove a truck last year and got paid in checks of $34,000 annually in my corporation. My accountant transferred all the funds received to my T2125 and deducted the $34,000 as sub-contractor payments … Continue reading t4A needed OR NOT

Sole Proprietorship or Corporation as a Consultant working for foreign company

Hey, Firstly, thank you for publishing such great content. As a recent immigrant to Canada, your content has been invaluable. As stated, I have been granted Permanent Residence in Canada. However, I am still employed by an international company. Though I work remotely, my work still requires me to travel overseas frequently for up to … Continue reading Sole Proprietorship or Corporation as a Consultant working for foreign company

Best Way to Emigrant Classification

I am a Canadian citizen emigrating with family by year end 2019. To avoid taking a huge loss am not willing to sell my home now so will handover to a property manager for long term rentals. What is the best way to achieve an Emigrant CRA classification while still maintaining my bank and investment … Continue reading Best Way to Emigrant Classification

Independent Contracting in Nova Scotia, Canada

Hello Allan, We are moving to Halifax, Nova Scotia and I want to continue as Independent Consultant as I have been doing in India. What are the tax implications for Independent Contractor as Proprietor in Canada? Are there better options than proprietorship? (In India, there is an advantage, if I have gross income below a … Continue reading Independent Contracting in Nova Scotia, Canada

How to become non residenr after already being gone from Canada

Hello, I would like to know how to officially become a non-resident. I have been traveling around the world and have not had a job in Canada for 8 years. I had a TFSA and have paid received a penalty for last year for 2016, 2017, 2018 for having money in there and not being … Continue reading How to become non residenr after already being gone from Canada

Do ETF’s require PFIC reporting?

I’d like to exchange CAD/USD using Norbert Gambit (buy/sell usd/cad ETFs). Would this still subject me to PFIC reporting on my US return?

Is 25% the lowest withholding for RRSP withdraws?

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RRSP contributions tax Deductible on uS Tax Return?

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Question on my client

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Tax on Spouse income who is not in Canada

Hi Allan, I have a question so thought of reaching out to you. Before that I would like to thank you for your response to my previous question and also thank you for you blog posts and videos , they are very informative and useful. I, my wife and child got the PR in 2018 … Continue reading Tax on Spouse income who is not in Canada

Tax on returing Resident and on Spouse Earnings, who is still non resident

Hi, Me and my wife and child got the permanent residency in May 2018. We did the soft landing, spent 15 days and left Canada. I have moved to Canada in Sept 2019 and my wife is still out of Canada. I am not claiming any child or spouse tax credits as they have not … Continue reading Tax on returing Resident and on Spouse Earnings, who is still non resident

resign and relocate or go on a global secondment – which option is better for declaring non-residency

I am currently considering relocating to Dubai for 2 years. Given that there is no income tax in that region I want to make sure I meet all criteria to declare non-residency. I have an option to resign and sever all ties to Canada, or I have the option of going on a Company Secondment. … Continue reading resign and relocate or go on a global secondment – which option is better for declaring non-residency
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