Archives: Questions

Question

Departure Tax and Deemed Capital Losses

Re departure tax: what if deemed disposition from stocks resulted in capital losses and there are no gains from prior years to absorb the loss? Can I use the original cost, instead of the FMV, which is lower than the original cost for sales in the future? I see that the Canada-US tax Treaty allows … Continue reading Departure Tax and Deemed Capital Losses

property transfer from a corporation to myself

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Using canadian credit cards after emigration

Hi, I emigrated from Canada last year and have already filed my emigration documents with CRA. I have also paid my departure tax. I do have couple of credit cards from Canadian banks. Can I still use them regularly? I understand that it can be treated as secondary tie but in my case since departure … Continue reading Using canadian credit cards after emigration

Understanding HST Implications on the Sale of Your Vacation Property

I own a vacation property that I rent on Airbnb. The property is rented for six months of the year during the spring and summer seasons, with bookings typically lasting two weeks or less. Do I have to pay HST when I sell the property?

Clarification on Tax Treatment of US LLC as General Partner in Limited Partnership for Canadians

I came across your online videos about the potential double taxation for Canadians holding real estate under a US LLC. I understand your recommendation is to instead create a Limited Partnership in which the limited partner is the Canadian individual and the general partner a US LLC. Could you please clarify how the US LLC … Continue reading Clarification on Tax Treatment of US LLC as General Partner in Limited Partnership for Canadians

Capital Gains Tax on Real Estate Sales in Canada

I sold a Canadian rental property and made a profit of $600,000. I’m in the highest tax bracket. How much capital gains tax will I pay based on the recent changes to the capital gains tax rules?

Forming a US LLC for Construction Expansion

I am in the construction business and am expanding to the US from Canada. Should I form a US LLC?

Do the attribution rules apply before becoming Canadian residents?

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Inquiry About Tax Withholding Change

Hi Allan, I’ve noticed that InvestorLine recently increased the tax withholding on my dividends and interest from 15% to 25%. As a non-resident of Canada living in Israel, can you help me understand why this change occurred and how I can address it? Thank you!

test on how the system works please

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Transfer property from my corporation to myself

I want to move a property from my corporation to my personal name . So that I can declare the propery as primary residence and live in it . How can I account for this transaction in the corporation books ? Do I have to sell the property in FMV to myself when Im the … Continue reading Transfer property from my corporation to myself

Filing tax- working in the US under tn , spouse and kids in Canada

Hi! In preparation for next years filing, I need to better prepare. I worked in the US last Dec. 2023. I did file my tax in US and Canada separately. By this years filing, I need help in my tax. I would like to ask how much is your fee? By the way, my spouse … Continue reading Filing tax- working in the US under tn , spouse and kids in Canada

tax filing for Canadian resident with US based company

Hi, I’m setting up a corporation with my business partner in the US. I live in Canada (I am a British citizen in Canada on a work visa). Do you have a tax filing service for non-Canadians living in Canada with a business in the US? If so, what are you rates? Thank you so … Continue reading tax filing for Canadian resident with US based company

Penalty on late filing of t2

For a financial year ending March, deadline to file return is October. What happens if I file return in December but I have already remiitted taxes owed in May. Will there be any penalty.

Taxation for other private corporation and non resident dividends

How is canadian corporation which is not a CCPC anymore because of emigration of shareholders taxed in Canada? How are the dividends taxed? Are dividends deducted from Profit? Company’s Profit= 100,000 Taxes (federal+Province)= 29% Total tax paid by company= 29,000 Company declared dividends of 70,000 15% tax witheld =10,500 Total tax paid on 100,000 is … Continue reading Taxation for other private corporation and non resident dividends

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