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Dear Janis, Thank you for reaching out with your detailed questions. Below is an overview of the four methods you mentioned and when each one is ap...
Dear Leo, Thank you for your question. Since you are a non-resident of Canada and will be filing as a resident tax alien in the US, there are a few...
Hi TJ, Thank you for reaching out. I appreciate the detailed background, and I’ll do my best to clarify your situation. Here’s a breakdown of key c...
Dear Aliki, Thank you for reaching out with your question regarding the T1135 Foreign Income Verification Statement. I’d be happy to clarify how yo...
Dear Mr. Prasad, Thank you for reaching out. I appreciate the detailed background you’ve provided. Since you and your spouse became Canadian per...
Dear TJ Thank you for reaching out. I understand that this situation has been stressful for you, and I want to assure you that we can work towards ...
Dear LK, Thank you for reaching out. If you departed Canada on January 1, 2024, you will generally be required to file a final Canadian tax return ...
Subject: Re: Question Regarding Foreign Exchange Rate Gain Tax Dear Xiaowei, Nice to meet you, and thank you for reaching out. I appreciate your...
Hello, In Canada, there are no gift taxes, so you are allowed to gift money to your parents without immediate tax consequences. Your parents can th...
Dear Joey, Thank you for reaching out! Since 2024 was your first year collecting rental income in Canada, you’ve correctly withheld and remitted 25% ...
Hi Michèle, Thank you for your question! You raise an important point about tax compliance when leaving Canada and living abroad. 1. Departure Tax...
Hi Ivan, Thank you for reaching out! Given your FHSA (First Home Savings Account) and your U.S. tax obligations, here are a few key considerations: ...
Hi, You should file Form 1040NR (Non-Resident Alien Income Tax Return) to report your U.S. income, even if your employer withheld the correct amoun...
Hi Michele, You will continue to be a resident of Canada if you sign a lease agreement with your son to rent an apartment/home in Canada. A home i...
Hi Jonny, Record the current income tax expense (federal + provincial) on GIFI code 9990. Note that the corporate income tax payable can be differ...