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Get expert answers to your tax questions straight from Allan, our owner and experienced CPA. It’s free, direct, and designed to help you make the best decisions when it comes to your taxes.
Hi Vik, Generally speaking, if your primary source of income is from the US, it's better to be classified as a tax resident of the US and a non-res...
Hi Raju, You cannot use the lifetime capital gains exemption toward the sale of real estate. The exemption is available to sellers of Qualified Sm...
The CRA will treat the sale of stocks and bonds as capital gains income unless you are a day trader, in which case the income will be treated as fully...
Hi Michele, Departure tax does not apply to Tax Free Savings Accounts (TFSAs). Therefore, you don't need to sell your investments held in a TFSA t...
Hi Vinod, You need to complete the US FBAR if the total amount of all foreign accounts exceeds $10,000 USD at any time in the year. In addition, p...
Hi David, If you intend to live in Canada permanently and are therefore considered a factual resident of Canada, you must pay tax to the CRA on you...
Hi Suresh, There are two types of RDTOH accounts—NERDTOH and ERDTOH. Your corporation should pay you an eligible dividend to receive a refund from ...
No, you do not need to file a tax return with the Canada Revenue Agency to report a business loss if you are a non-resident of Canada.
Hi Sam, The answer depends on whether you moved to a country with a tax treaty with Canada. If you moved to a non-treaty country, I recommend cance...
Hi Mohan, You can elect to dispose of certain properties ordinarily exempt from departure tax, including Canadian real estate and inventory held by...
Hi David, Yes, you must pay HST on the sale price of short-term rental properties. A property is considered a short-term rental if the owner uses i...
Hi John, The LLC should be owned by a single member and therefore it will be classified as a disregarded entity. A disregarded entity does not hav...
Hi Chris, The Government of Canada increased the capital gains inclusion rate from 50% to 67% for property sales made after June 24, 2024. You wil...
Hi Ben, You can form a US LLC, but make sure that you elect that it be taxed as a C-corporation. Otherwise, you will be double taxed. This is bec...
Please complete form NR301 (available from the CRA's website) and send it to InvestorLine.