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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

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Hi, I sold a house yesterday for 60Lakhs , bought for 12Lakhs 10+ years back. Also, have made agreements with two builders to buy two flats , one in 2016 and the other in 2020. Both properties are under construction, as in not yet completed and no CC received yet. Final Registries are also due … Continue reading utilising LTCG On Housing Property

Hi there, as someone who’s planning to relocating to the US end of the year, how should I tax plan for my investment accounts? Since I would be living in the US with no primary ties to Canada, would it be more optimal to opt to be treated as a US tax resident and a … Continue reading TFSA, FHSA, RRSP implications for a canadian citizen relocating to US under work visa

My wife and I have lived and worked in the States for the last 6 years and are non-resident citizens of Canada(only file personal tax returns in the US). Can you please confirm if in the USA and Canada there are any tax implications for having a Canadian bank account with CAD funds or if … Continue reading Tax Implications of Canadian Bank Accounts for non-Resident Canadians in U.S.

I hold a work permit and arrived in Canada in June 2024. I operate a one person sole proprietorship (with trade/company name) in a foreign country that is active, but gross receipts is less than CAD $100,000 for year 2024. Will I be required to file those income sources in 2025 and if yes which … Continue reading foreign sole proprietorship income?

My corporation has a balance of about $30,000 in its RDTOH account. How can my corporation get this money back?

I am canadian non resident. I am part of a general partnership that had losses. I am wondering if being a no resident, I have to file personal income tax, even if I have no tax to pay

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