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Question

TFSA, FHSA, RRSP implications for a canadian citizen relocating to US under work visa

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

Tax Implications of Canadian Bank Accounts for non-Resident Canadians in U.S.

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.

foreign sole proprietorship income?

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?

Corporate Tax Refund From RDTOH Account

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

Do non-resident Canadians in partnerships need to file tax?

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

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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