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Hi Natalie, You’re asking the right question well in advance 👍 You’re correct that once you become a U.S. tax resident, a TFSA is not re...
Hi Dev, thank you for the clarification and for your kind words. To answer your questions directly: 1) Can Form T1159 be used to file 10 years o...
Response: You are correct to be cautious here — Section 216 returns cannot be filed “through” the VDP, because Section 216 is an election, and elec...
Hi Cho, Yes. Even if the chequing account does not earn interest, it should still be designated as non-resident once you become a non-resident of C...
Not Paying Non-Resident Withholding Tax on Canadian Rental Income Michael — thanks for laying this out clearly. Below is how CRA typically handles ...
Can a CCPC actively trading options/stocks claim the Small Business Deduction (SBD)? Short answer: Yes — if the corporation is carrying on an acti...
Answer: Secondary Ties, Health Insurance & Correcting Your Departure This is a very common situation, so you’re not alone. For Canadian tax re...
Not cancelling your provincial health insurance does not automatically make you a Canadian tax resident, but it is a secondary residential tie that CR...
Hi, thanks for watching the videos and for your question. Short answer: Usually no. Schedule 55 (Eligible Dividend Designation) is only required...
Hi Vivek, Great question, and one that comes up often when clients are planning for non-residency. 1. No departure tax on accrued interest alrea...
Hi Emma, Thank you for your question — this is a very common concern for cross-border families, and I’m happy to clarify. 1. Canada – No Gift Ta...
Hi Harshad, Thank you for your question. Yes — we do assist Canadians returning from the U.S. with cross-border tax planning and annual filings....
Hi Rohan, CRA’s T2209 instructions can seem contradictory, but the rule is actually straightforward: U.S. FICA (Social Security + Medicare) is a...
Hi Elnyara, Great question — and one that comes up often with cryptocurrency holders. 1. Yes, gifting crypto is considered a “disposition” for t...
Hi N, Great question — and it’s an important one for anyone sourcing inventory from Facebook Marketplace, Kijiji, or similar platforms. Does CRA...