Archives: Questions

Question

Cost of reporting FHSA in the US

Hey there, I have GIC in the FHSA account that hasn’t matured yet. To close the account, I’ll lose all interests earned (~500 CAD) as well as penalties. I want to get an idea of the cost of reporting FHSA in the US to decide the best option. Also, I might come back to Canada … Continue reading Cost of reporting FHSA in the US

What is the deal here???

I just recently returned from a trip to Mexico, I won’t say where. It’s a place with many American and Canadian expats and retirees. I was told by a Canadian woman who had just bought a property there that none of her Canadian friends living there had paid any departure tax and people were keeping … Continue reading What is the deal here???

Dual Citizen Tax Questions

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Reporting taxes paid for previous year

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work as an intern in the uS

Hi I am a Canadian residence and worked as an intern in the US Summer 2024 for about 3 months. 1. Do I have to file income tax in US? I did pay some taxes in US 2. Do I have to file income tax in Canada earning foreign income and pay taxes again? Thanks … Continue reading work as an intern in the uS

Business Tax & Accounting Questions

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Part 2 – Tax implications of moving RRSP to Australia

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Part 2 – Tax implications of moving RRSP to Australia

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My tax software shows two tax balances owing – Federal and Provincial. I assume I add these together for putting in line (9990)?

My tax software shows two tax balances owing – Federal and Provincial. I assume I add these together for putting in line (9990)?

Signing a lease as a non-resident

If I am renting an apartment for my son who is 20 and continue to sign the lease renewal for him as a non-resident of Canada, will this be a problem? Thank you.

Empoyee loan

How does the loan given to an employee of a corporation works weather this employee who’s in payroll list being a family member with non-voting shares? The loan is being used for investment. How can you help me as a bookkeeper of the corporation to setup this?

Tax implications of moving RRSP to Australia

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Departure tax in Canada

If I own real estate in Spain, will I pay departure tax on it?

I made 3k in ebay canada store

I am US citizen,none canadian resident,living in US, I opened up an ebay canada account last year, i made 3k this year and ebay want me to report it to CRA,i dont have SIN or any tax id from Canada.What will i do now?how will i report it? Do i have to report it? What … Continue reading I made 3k in ebay canada store

Leaving Canada and Cross border planning.

Professional Eng. incorporated in Ontario and spouse – relocating to US on TN or E2 (to a state tax exempt state). Will have no primary residential ties left in Canada but some secondary ties such as (rental prop, bank/credit card, couple of visits a year, health card etc.) and want to keep Ontario professional corp … Continue reading Leaving Canada and Cross border planning.

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