Archives: Questions

Question

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

how do i report an assignment sale of a US real estate contract on a US tax return

How do I report an assignment sale of a US real estate contract on a US tax return

Errors in small business tax filing, large sum in retained earnings

Hi Allan, I am an IT contractor Incorporated in Ontario. I have been pretty careless past few years when it came to my taxes and completely trusted my accountant for balancing the books, etc. Recently when I was looking to refinance my mortgage; I found that my company is supposed to have around 250,0000$ in … Continue reading Errors in small business tax filing, large sum in retained earnings

Canadian source income, non-tax resident

If I become a US resident and a non resident of Canada and have Canadian sourced income, how would this income be taxed? Will it be subject to 25% withholding on net income, or be just subject to federal income taxes? What about provincial income taxes? (I understand GST/HST is required on these sales.) Im … Continue reading Canadian source income, non-tax resident

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