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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 Andrew, Interest payments made by a non-arms-length person/entity (including a financial institution) to a non-resident of Canada are not subje...
Hi Zeeshan, Report the actual rent collected in the year and the taxes remitted based on the rent collection. Expenses for the whole year can be de...
Hi David, As a non-resident of Canada, you can receive OAS payments so long as you resided in Canada for at least 20 years starting from age 18.
Hi There, A spousal rollover is not available for non-residents and so your spouse's death will result in a deemed disposition of the property to t...
Hi Jignesh, The forgivable portion of the loan is taxable in the year that the loan is received. A tax deduction of the forgivable portion is allow...
Hi there, Generally speaking, if you move to the US on a permanent basis and maintain no primary ties to Canada (house available for your personal ...
Hi Sandy, Prepare a gift letter, signed by both you and your parents, stipulating that the amount is a gift. Keep the gift letter for your records...
Hi Sammad, The 45(2) election must be filed for the year in which the change in use of the property occurs. My understanding is that the CRA will n...
Hi Krithi, From a Canadian perspective, you do not have to pay income tax on the gift received. If your parents are non-residents of Canada, they ...
Hi Paul, When a taxpayer makes a gift of property / shares, the taxpayer is deemed to have 'sold' the property / shares for their fair market value...
Report the mileage expense on GIFI code 9281 (vehicle expenses).
If you moved to the US on a permanent basis (TN visas are renewable) and you do not have a house, spouse, or children in Canada, then you became a non...
You each have to file a separate US 1040-NR return with Schedule E. Divide the income and expenses on a 50/50 basis.
If you resided in Canada for less than 6 months, and your employer does not have a fixed place of business in Canada and the salary was not charged ba...
If you were separated and you kept the children, you can deduct eligible child care expenses on your tax return. After you reconcile, the lower incom...