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Question

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?

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

Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues? Senior Couple Departed Canada in April, 2021 for India. India & Canada do have a tax treaty. Intention was to go back & forth between both countries. But both of us developed serious health issues – so both can’t come back to Canada … Continue reading Emigrant tax return, Principal Residence transferred to son, Son in Canada. Issues?

Do my spouse and i need to file tax return for the year 2024

Please let us know if my wife and I should file tax returns in Canada for 2024. My name is Aiyaswami Natesa Prasad (age 75), and my spouse is Dr. Rama Lakshmi (age 69). We are both retired and receive income from investments in India, regularly filing tax returns there. Our children live in Canada. … Continue reading Do my spouse and i need to file tax return for the year 2024

Departure tax return forms

Hi, if my date of departure from Canada to the US is January 1, 2024 do I only need to file forms T1161 and T1243? Or do I need to file a full Canadian tax return as well as these two forms mentioned above? My understanding is once I file forms T1161 & T1243 I … Continue reading Departure tax return forms

Question regarding Foreign exchange rate gain Tax

Hi, Nice to meet you. I’m Xiaowei and lives in Seattle. I’m doing my US tax preparation and my colleague mentioned you to me. Wondering if you are familiar with the foreign exchange rate gain due to selling a foreign property or refinancing a foreign mortgage, aka the section 988. Here’s the situation with my … Continue reading Question regarding Foreign exchange rate gain Tax

Bank issued t5 instead of NR4

Bank issued a T5 instead of NR4 this year. I’m a non-resident of Canada this year, and will be filing as a resident Tax alien of the US. Is any action necessary, or can I just use T5 in place of NR4 when filing US taxes?

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