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exclusion property of departure tax

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

Capital gains

Does CRA treat buying and selling investment stocks, bonds etc as just interest income or capital gains?, if its done few times a year?

Lower Departure Tax

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

is it required to open Medical Professional Corporation in both Ontario and Quebec separately.

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utilising LTCG On Housing Property

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

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

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