Archives: Questions

Question

Principal residence

Once you are separated with your wife and transferred your matrimonial house to wife then how long you have to wait or eligible to buy another house as principal residence? I’d like to know after separation if I buy another house for living, Can I show my residence as principal residence and any gain on … Continue reading Principal residence

Deemed disposition of Inherited Foreign Property

Mother-in-law, a Canadian Citizen, passed away on Jan 30, 2017. She had pension income for Jan/2017 only, and had no other Canadian assets except for a property in Hungary she inherited from her mom in 1983 along with her 2 siblings. The cost base of the foreign property was worth less than $100,000 at that … Continue reading Deemed disposition of Inherited Foreign Property

how does the cra treat hsa?

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Eligible expenses to reduce capital gain on US vacation property

I have sold a vacation property in Florida. It was never rented. Where can I obtain a list of all expenses that are eligible to reduce the capital gain? Thanks

Departure Tax on Property of Business

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is there even advantage to starting a resp with cdn/us dual citizenship as residents of canada since the irs taxes on gains as per form 3520?

i see little advantage to contributing to resp to my dual children (spouse and i recently moved back to Canada, now Canadian residents and citizens, never usa citizens). the benefit of the resp is the money grows tax free for education, but the irs does not recognize this as you pay yearly interest. why bother … Continue reading is there even advantage to starting a resp with cdn/us dual citizenship as residents of canada since the irs taxes on gains as per form 3520?

Working in UK

I have a daughter that went to school in the Uk, was on a student visa, and now works in the Uk on the Youth Mobility Visa. She is living temporarily in the UK(does not know if she will be sponsored by company she works for). Does she have to file income tax in Canada? … Continue reading Working in UK

Income tax for non residents

Hi Mad, I Just received My PR Visa and I ll be landing in Canada for the first time in May 2018. I ll stay for 15 days and will leave Canada to resume my Job outside Canada. Do I need to submit my personal tax return each year? Secondly once I will return to … Continue reading Income tax for non residents

Box 39 – security Option Deduction – paragraph 110(1)(d) of the Income Tax Act

My company US publicly traded and issues RSU’s in place of pension contributions. These RSU’s vest over a number of years where tax (shares sold) is remitted to CRA as part of the vesting process. In past years I have been allowed to claim a deduction under paragraph 110(1)(d) of the Income Tax Act. However, … Continue reading Box 39 – security Option Deduction – paragraph 110(1)(d) of the Income Tax Act

Tax planning for inheriting a realestate corporation

we are seeking advice in regards to the inheritance of a Corporation among 5 children. as we understand it, there will be substantial capital gains taxes to pay to bring the realestate up to current values. Is there value to buying into the family corporation beforehand, or another way to avoid triggering a taxable event? … Continue reading Tax planning for inheriting a realestate corporation

CPA Online Courses Tax Receipts

I have a tax receipt states the amount for Course Registration and Transcript Assessment. Anyone know on which filed/line/form/schedule I can report these amount?

How to complete IRS Form 6252

How to complete IRS form 6252 which flows to Form 4797

Gift Deed Transfer from Parents account in india to Canada

Hi Madan, My parents want to transfer me some money to my Canadian bank account more than 100KC$ as gift,As per RBI regulation back in india,parents can send overseas 250KUS$ per year for children. I like to know if this can be done as simple as normal overseas bank transfer or should i need to … Continue reading Gift Deed Transfer from Parents account in india to Canada

Foreign Income for a Canadian Corporation

A Canadian Corporation receives income from A US Company,as a consultant, in US Funds, receives A W-8-Ben, But does all the work inside Canada, Is this income qualified For The Small Business Deduction?

non-resident receives income non-taxable in Canada, must be declared in my world income?

I receive interest from a Canadian Bank not taxable in Canada because of a treaty with Italy. Do I have to enter that amount on Schedule A, as income from Canadian sources? Thank you very much.

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