https://madancpa.beautybrandbuilders.co/learn/ Madan CPA Discussion Board en-US Sat, 06 Jun 2026 00:25:12 +0000 wpForo 60 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/request-for-advice-regarding-cpp-survivor-pension-and-tax-refund/#post-1389 Tue, 26 May 2026 19:25:59 +0000 1. Can you still file a 2024 Section 217 return? Yes, it may still be possible to file a 2024 Section 217 return, even if it is late. CRA may still process the return, but we would need to review your documents before confirming the best filing position. 2. Could you qualify for a refund? Possibly, yes. Since your income is low and the 25% tax was withheld at source, a Section 217 return may allow you to recover part or all of the tax withheld. The refund amount would depend on your total worldwide income, the CPP amount received, and the tax calculation. 3. Why is 25% still being withheld even though the NR5 was approved at 0%? This may be an administrative issue. The NR5 approval may not yet have been properly applied by Service Canada, or the payer may not have updated its withholding instructions. NR5 approvals are used to reduce non-resident withholding, and approved NR5 relief can generally cover multiple years. You should contact Service Canada / CPP International Operations and provide them with a copy of the NR5 approval letter showing the approved 0% withholding rate. 4. Recommended next steps Please send us the following documents for review:

1. Your 2024 NR4 slip for the CPP Survivor’s Pension
2. Your 2025 CPP payment details and withholding details
3. The CRA NR5 approval letter showing the 0% withholding rate
4. Any letters received from CRA or Service Canada
5. Details of your worldwide income for 2024 and 2025, even if the income was nil or very low
6. Your Philippine tax residency details and mailing address

Our fee to prepare a Section 217 non-resident tax return is $350 per year, plus disbursements. If CRA follow-up is required regarding the NR5 withholding issue, that would be billed separately at $140 per hour. Regards,]]> MadanCA Team https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/request-for-advice-regarding-cpp-survivor-pension-and-tax-refund/#post-1389 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/prorated-small-business-deduction-sbd-in-short-taxation-year-ccpc-status-change/#post-1388 Tue, 26 May 2026 19:17:26 +0000 $500,000 × 122 days / 365 = approximately $167,123 Accordingly, the corporation would generally be eligible to claim the SBD only on qualifying active business income earned during the CCPC taxation year from March 1, 2025 to June 30, 2025, subject to the usual SBD limitations, including associated corporation rules, taxable capital grind, passive investment income grind, and other restrictions. The corporation would generally not be eligible for the SBD for the period from July 1, 2025 to December 31, 2025, because it was no longer a CCPC during that period. In short, the SBD does not apply for the entire March 1 to December 31 short year. It should be limited to the deemed short taxation year ending immediately before the corporation ceased to be a CCPC. We recommend reviewing the ownership/control change documents and the timing of the income earned to ensure the T2 return is prepared correctly. If you would like specific tax advice, you can book a 30-minute paid consultation with Allan Madan, CPA, CA here: https://calendly.com/allanmadancpa Kind regards,]]> MadanCA Team https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/prorated-small-business-deduction-sbd-in-short-taxation-year-ccpc-status-change/#post-1388 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/prorated-small-business-deduction-sbd-in-short-taxation-year-ccpc-status-change/#post-725 Tue, 26 May 2026 04:20:35 +0000 Anonymous https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/prorated-small-business-deduction-sbd-in-short-taxation-year-ccpc-status-change/#post-725 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/request-for-advice-regarding-cpp-survivor-pension-and-tax-refund/#post-724 Sat, 23 May 2026 10:52:26 +0000 Anonymous https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/request-for-advice-regarding-cpp-survivor-pension-and-tax-refund/#post-724 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/high-tax-exclusion-for-canadian-corporation-income/#post-1387 Fri, 22 May 2026 19:11:27 +0000

Whether the corporation is a CFC for U.S. tax purposes;

Whether the GIC interest is classified as Subpart F income, GILTI tested income, or excluded income;

Whether the Canadian tax paid is properly attributable to that specific item or tested unit of income;

Whether the high-tax election is properly made on the U.S. return;

Whether there are multiple tested units, multiple income categories, losses, deductions, or timing differences that affect the effective tax rate calculation;

Whether the U.S. shareholders are individuals or corporations, since this can affect the overall U.S. tax result and foreign tax credit treatment.

For a simple Canadian corporation earning only GIC interest and paying Canadian tax at approximately 50%, the high-tax rules may be helpful. However, the result should be confirmed through a proper Form 5471 analysis, including Schedule I, Schedule I-1, Schedule E, Schedule J, Schedule P, and the applicable Subpart F / GILTI calculations. You should not assume that the Canadian tax rate alone automatically eliminates the U.S. reporting or income inclusion. Form 5471 may still be required even where the high-tax exception or high-tax exclusion reduces the U.S. taxable inclusion to nil. Given the penalties associated with incomplete or incorrect Form 5471 filings, I recommend having a cross-border tax professional review the corporation’s financial statements, Canadian corporate tax return, ownership structure, and prior U.S. filings before taking a position.]]> MadanCA Team https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/high-tax-exclusion-for-canadian-corporation-income/#post-1387 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/high-tax-exclusion-for-canadian-corporation-income/#post-723 Wed, 20 May 2026 20:13:56 +0000 Anonymous https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/high-tax-exclusion-for-canadian-corporation-income/#post-723 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/i-have-nothing-in-canada-except-for-my-canadian-bank-acct-living-in-the-us-presently-how-can-i-declare-as-non-resident-of-canada/#post-1386 Fri, 08 May 2026 21:44:19 +0000

The date you moved to the U.S.

Whether you own or rent any property in Canada

Whether you have a spouse or dependants in Canada

Whether you still have Canadian health coverage, driver’s licence, memberships, investments, RRSP/RRIF, TFSA, or other accounts

Whether you have filed Canadian tax returns since moving to the U.S.

Whether you are already receiving CPP or OAS

In general, non-residents of Canada can receive CPP and OAS, provided they meet the eligibility requirements. However, Canadian withholding tax may apply, and the income must also be considered for U.S. tax reporting purposes. To provide proper advice, please book a 30-minute paid consultation with me for $140 + HST using this link: https://calendly.com/allanmadancpa If you would like me to assist with the filings after the consultation, the fees are generally as follows:

• T1 Departure / Part-Year Resident Return — $270
Canadian tax return for the year you became a non-resident of Canada.
• T1161 — $110
List of properties owned when you left Canada, if required.
• T1243 — $220
Deemed disposition / departure tax calculation, if applicable.
• T2091 — $110
Principal residence designation, if you owned and sold or changed the use of a Canadian home.
• T1135 — $250 to $350
Foreign income verification statement, if required for years before becoming non-resident.
• Section 217 Return — $450
Optional return to report Canadian pension income, CPP, OAS, RRSP/RRIF, or similar income, if beneficial.
• NR5 Application — $250
Application to reduce Canadian withholding tax on pension income, if applicable.
• CRA Correspondence / Residency Review Support — $140/hour
If CRA requests additional information or challenges your residency status.

The exact forms required will depend on your facts and the year you became a non-resident. Thank you,]]> MadanCA Team https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/i-have-nothing-in-canada-except-for-my-canadian-bank-acct-living-in-the-us-presently-how-can-i-declare-as-non-resident-of-canada/#post-1386 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/options-trading-using-investments-in-my-nrsp-account/#post-1385 Tue, 05 May 2026 20:29:32 +0000 MadanCA Team https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/options-trading-using-investments-in-my-nrsp-account/#post-1385 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/us-citizen-worked-one-month-in-canada-how-do-i-get-my-withholding-tax-back/#post-1384 Tue, 05 May 2026 20:18:30 +0000

Your total days physically present in Canada during the year

The amount of employment income earned while working in Canada

Whether your employer was Canadian or U.S.-based

Whether the cost of your compensation was borne by a Canadian entity or permanent establishment

The province where the work was performed

The Canadian tax slip issued to you, such as a T4

Our fee to prepare and file a Canadian non-resident personal tax return is $270, plus disbursements and taxes, if applicable. If a treaty-based position or additional analysis is required, we can confirm the additional fee after reviewing your documents. Please send us a copy of your Canadian tax slip and a brief summary of your work arrangement, including the dates you were physically in Canada and who your employer was. Once reviewed, we can confirm the filing approach and whether we expect a refund. If you would like specific tax advice before proceeding, you can also book a 30-minute paid consultation for $140 plus tax here: https://calendly.com/allanmadancpa Kind regards,]]> MadanCA Team https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/us-citizen-worked-one-month-in-canada-how-do-i-get-my-withholding-tax-back/#post-1384 https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/i-have-nothing-in-canada-except-for-my-canadian-bank-acct-living-in-the-us-presently-how-can-i-declare-as-non-resident-of-canada/#post-722 Sun, 03 May 2026 21:59:46 +0000 Anonymous https://madancpa.beautybrandbuilders.co/learn/canadiantaxforum/i-have-nothing-in-canada-except-for-my-canadian-bank-acct-living-in-the-us-presently-how-can-i-declare-as-non-resident-of-canada/#post-722