Archives: Questions

Hi there, I have few questions about NR4 slip- 1. What exemption code should be used, since we deducted 15% instead of 25% because of treaty. 2. I am assuming code for dividends issued is 9? 3. If dividend declared is 1000 and tax withheld is 150, then gross income should be 1000? 4. If … Continue reading NR4 slip questions

How is the departure tax calculated if I put a deposit on a property abroad that is set to be completed after I leave Canada and become a Canadian non tax resident? Otherwise, if I buy a property abroad the year in which I leave Canada, would the departure tax on that property be minimal … Continue reading Canadian Departure tax on a property abroad that is not yet fully acquired

Tax implications of moving RRSP to Australia for Canadian, now an Aus Citizen & for tax purposes? I am 67 yrs of age. Also, how can it be transferred & into what type of product in Australia?

Sold Vacation home in United States that was never rented out, Sale price was under $300,00 so no witholding was witheld at closing. Property owned jointly and each share of gain on US 1040NR is $44,000. this is under thersold for US capital gains. Does form 4797 have to be included with 1040NR since the … Continue reading Sale of Vacation home in US and tax Implications

Hi. Both myself and my wife just recently moved to US (TN status) in June 2024. We still worked in Canada until we resigned prior to our move. This will be our 1st filing in the US and we are really confused on how to file taxes on both countries. We are not sure if … Continue reading US tax for TN status Holders

Hi, I have a canadian corporation, which is now a “Other corporation” because of my emigration of Canada. When this corporation now, declares dividends, I withhold 15% (because of treaty) and remit to CRA next month. I read that I will to issue NR4 slip as well as NR4 summary to CRA. Can you explain … Continue reading withholding taxes

Hello, I understand that departure tax is not paid on TFSAs when leaving Canada. However, I often hear that it is best to sell these investments before becoming a Canadian non-resident. Why is this the case? Also, is it best to sell my non-registered stocks and repurchase them before leaving the country in order to … Continue reading new fMV on stocks to lower departure tax

Restricted content

Hello, I found two of your answers about the determination of the status of a factual resident of Canada: https://madanca.com/learn/canadiantaxforum/relocating-to-us-for-work-temporarily/ and https://madanca.com/learn/canadiantaxforum/will-i-still-be-a-tax-resident-in-canada/. Provided that the conditions that make a taxpayer a factual resident of Canada under the tie-breaker rules of the US–Canada tax treaty are met, what are the obligations of a taxpayer who is … Continue reading FICA witholding for non-resident aliens after 2 years of presnse in the US

Hi Allan, I am a Canadian citizen resident in the US. I filed a departure return long ago so I\’m clear on that. Last year I did some work for a Canadian company who issued me a T4. I know that I need to file a tax return for the Canadian-sourced income, but the Nr4 … Continue reading Tax Form for Nonresident Canadian with Canada-sourced T4 income

I bought rental properties through an LLC with 3 Americans and 1 other Canadian, but I recently discovered that by doing so , I’ll be taxed twice. Can I fix that? By adding making an LP for myself and adding it to the LLC?

Becoming a Non-Resident of Canada Regarding the exclusions of departure tax – “Property belonging to a short-term resident (an individual who is a resident in Canada for less than 60 months in the 120-month period preceding the disposition) when that resident came to Canada or any property acquired through inheritance after that individual became a … Continue reading exclusion property of departure tax

Does CRA treat buying and selling investment stocks, bonds etc as just interest income or capital gains?, if its done few times a year?

I plan on moving to Greece and becoming a tax resident there under the special 7% pensioneer tax treaty. If I sell all of the shares in my TFSA while still a Canadian tax resident, and repurchase the same shares in a non-registered account, will my departure tax be lower based on the new FMV … Continue reading Lower Departure Tax

Restricted content