Archives: Questions

Question

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

CCPC Loss Carryback: T2 Schedule 4, but then what? GIFI? Amend?

Hi Team. Your site is a great resource for pointing out pitfalls and complexities! My CCPC has small capital and non-capital losses for 2023 (about $1600 and $150) that I cannot use in 2023, nor in 2024 when I plan to dissolve the CCPC. Triggering a carry back to 2022 using Schedule 4 seems easy … Continue reading CCPC Loss Carryback: T2 Schedule 4, but then what? GIFI? Amend?

do i need to pay tax from interst I earn from GIC when i am not a canada citizen nor residence

i am a Hong kong citizen and not living in canada . but i am planing to move some of my funding to a bank in Ontario and that could create interest earning. from your Myth#2 look like i do not need to pay taxt for it ? do i need to file tax doc … Continue reading do i need to pay tax from interst I earn from GIC when i am not a canada citizen nor residence

Non-resident spouse came back to Canada for 5 months

My wife and I are non-residents and had filed T1159 returns for last few years because of a rental property we owned in Canada (we got NR6 every year) – in mid-2023, our tenants left the apartment and my wife visited canada for second half of year to get apartment renovated but it is sitting … Continue reading Non-resident spouse came back to Canada for 5 months

oas received in Portugal?

I am from Portugal I will retire in 2 years, wondering if I return to Portugal can receive OAS there?

Non-Resident with Canadian Rental Property

Hi Allan, When my wife and I emigrated from Canada 20 years ago, our principal residence in Canada became a rental property. Title to the house is held jointly. Will the death of either my wife or myself trigger a deemed disposition of the property? My understanding is that there is no spousal roll-over for … Continue reading Non-Resident with Canadian Rental Property

CEBA loan Tax Treatment

CEBA loan $20,000 forgiveness amount is taxable 2020 when the loan was received loan or 2023 when it paid back ($40,000) ? I may need help in my tax preparation as well for the year 2023. How much do you charge for T2 and GST return for the small business account?

Repatriation

What is the best way to repatriate gift money received from parents in India to Canada?

Income tax while working in USA

Hi Allan, If I along with my family move to USA and place my house on rent. Do I have to pay income tax in canada on my income earned in USA? I would be having house on rent(which means that I have mortgage) and few my credit cards. What is your advice. Thanks

Mortgage repayment

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Gift from Parents in India

My parents want to sell a property in India and send me the proceeds as a gift. What is the best way to receive it with minimal tax in India and Canada.

Travelling for 2 years while keeping rental in BC

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change in use of principal residence

Is there a penalty involved if election 45(2) is filed late after four years?

joint property Rental In Only One Name

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Gifting Corporation owned Real Estate to a Relative/ Non-Relative

Hello, I am a sole owner/ director of my corporation A. My corporation A own a house 100%. If my corporation A gifted this house without any charge whatsoever to my sister who has nothing to do with my corporation, what would be the tax consequences for my corporation A and for my sister? If … Continue reading Gifting Corporation owned Real Estate to a Relative/ Non-Relative

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