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Non-Resident Federal 48% Surtax

Hi Allan, I was a full year non-resident of Canada for 2023 living in the US. However, I received a 2023 T4 with employment income from Ontario due to my previous employer going public. The company does have establishment in Ontario. I filed my non-resident return with the CRA expecting to pay Federal + ON … Continue reading Non-Resident Federal 48% Surtax

Canadian Rental Income for Non Resident in US

I have a rental property in Canada and I live in the US. Didn’t knew about the 25% tax withholding on gross rental income. What are my options now? How can i pay tax to CRA. I would also like to claim a tax refund under Section 216 after deducting expenses like mortgage interest, maintenance, … Continue reading Canadian Rental Income for Non Resident in US

transfer of property from CCPC to its owners

We, my husband and I, run an incorporated small business. We are both owners and shareholder of the business. The company owns 2 properties, houses. Can we, upon the winding up the business due to retirement, transfer the properties to ourselves? We really would like to keep them, and prefer not to sell. Can the … Continue reading transfer of property from CCPC to its owners

Foreign business T1135

Hi. if a Canadian resident has a business overseas (Like a restaurant), should he file T1135,knowing that it’s Carrying active business. and how about a vacant commercial property over $100,000 should it be reported on T1135?

Canadian Tax Residency

Hello, I’m a Canadian citizen who has been working in the UK for 1.5 years since July 2022 after studying in the UK (2020-2022) and I would appreciate help in determining my residency status for my 2023 return. I have sent in a NR73 form to the CRA but have yet to receive a response. … Continue reading Canadian Tax Residency

Canadian Rental Income for a non resident

I have a rental property in Canada and I live in the US. My property management company withheld 25% tax on the gross rental income and issued me a NR4. I would like to claim a tax refund since the tax payable on my rental income is significantly less than the tax owing on my … Continue reading Canadian Rental Income for a non resident

Income tax for indian seafarer having PR card but sailing from india

I am a PR card holder but would like to continue sailing from India. How does this affect my income taxes in Canada and India if I stay out of Canada for more than 183 days and sail in international waters for more than 183 days? Please assist.

real estate ownership to family traust

Can I Transfer Real Estate Ownership To Family Traust? Do I Need To Pay Capital Gain?

Provident Fund reporting requirement

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Switching from Restaurant owner to Restaurant lessor

I operated a restaurant business on my commercial property till the end of 2023 then leased the restaurant to another operator. How should I report the income in 2024, as business income or rental income? There are 2 tenants on the property and I do collect GST. Should I report 2023 as my last year … Continue reading Switching from Restaurant owner to Restaurant lessor

Provident Fund (India) Treatment in Canada

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Foreign property -more than one home Abroad

Based on my research, I do not have to declare either the following two properties held abroad.I don’t own a home in Canada .I know foreign property for personal use is not required to be reported to T1135 . * A foreign permanent residence that was bought by me and is occupied by parents most … Continue reading Foreign property -more than one home Abroad

Filing income tax for closed business

Looking for advice on filing income for 2023 for a business I worked for that no longer exists. The employees will not be getting T4’s from this business for the 9 months it remained functioning in 2023. The owner apparently has not remit taxes on our pay in the past 3 yrs but I have … Continue reading Filing income tax for closed business

T5 and t5008 inclusion in Schedule 125 – Corporate T2

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How do I enter T5008 and T5 in the T2 return for my corporation?

Hi Allan, I received T5008 and T5 slips from my bank for dividends/income earned in my corporation name/ account? I invest the surplus cash from my business in a trading account under my business. How do I enter them in my T2 return. I used Turbo tax software. Thank you Eric

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