Non resident RRSP and TFSA

You must disclose your TFSA account on your FBAR, known as Report of Foreign Bank and Financial Accounts if the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported. If your TFSA is held through a trust – you have to complete Form 3520A  and 3520.

For your RRSP, you must complete Form 8891.

April 27, 2022

Non resident RRSP and TFSA

You must disclose your TFSA account on your FBAR, known as Report of Foreign Bank and Financial Accounts if the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported. If your TFSA is held through a trust – you have to complete Form 3520A  and 3520. For your RRSP, you must complete Form 8891.
April 27, 2022

Meals and Entertainment Expense

If you received reimbursement for the meals expense that you incurred, the meals expense will be fully deductible to you. However, you will also have to report the reimbursement that you received as income. In effective, the income will cancel out the expense.
April 27, 2022

Non-Resident Corporation HST

In Canada, if your corporate sales are expected to exceed $30,000 CAD, you must open a GST/HST account. GST/HST is a sales tax that Canadian consumers must pay at the time of purchase on most products and services.  As a corporation, it is your responsibility to collect GST/HST from your customers and remit the GST/HST collected to the government. In order to do that, you would have to file a HST return either on a quarterly or yearly basis to remit any resulting net tax owing. The net tax owing is the difference between the GST/HST collected and the GST/HST […]
April 26, 2022

Personal Tax

No, the rental expense cannot be claimed as either a tax deduction or a tax credit. However, the student may be eligible for the Ontario Energy and Property Tax Credit if applicable criteria are met. This benefit is generally paid to low-to-moderate-income individuals of at least 18 years of age for paying rent or property tax. Ensure supporting documentation such as lease agreements and/or rental receipts are kept in case they are requested by the CRA.
April 26, 2022

CRA Audit

You cannot stop a CRA tax audit once you have been selected for audit. All you can do is higher a tax professional to represent you and make sure that your rights are fully protected. If you fail to cooperate with the tax auditor a court application will be brought by CRA to force your compliance.
March 3, 2022

Non-resident owns a Canadian property

Based on that information, it sounds like your direction would be to become a non-resident of Canada for tax purposes. As you mentioned, things like a blind for permanent residency down South and not planning to come back very much at all and essentially staying down there to enjoy the lifestyle, it doesn’t sound like you would be able to make a strong case to be a deemed resident of Canada. As well, when you do become a permanent resident of another country, you are deemed to be a non-resident of Canada for tax purposes. So, having said all that, […]
March 3, 2022

International Tax

If he lives in Canada and works in US, he pays taxes to both, but receives a credit for any taxes paid to the US on his Canadian tax return so there is no double taxation of the same income. If he lives and works in Canada for a US employer, he pays taxes to Canada only and should provide a W-8BEN to the US employer.
March 3, 2022

Employement Insurance

EI is for only those who lose their job for no fault of theirs. Since you quit your job on your own will then you are not eligible. You may, however, try for student loan (OSAP), if you are in Ontario. Other provinces may have something similar. OSAP has 2 parts, one is grants which you do not have to repay back, and 2nd is the loan part that you will have to pay after your schooling is done.
March 3, 2022

Child Benefit

As a new Canadian immigrant, you should wait for at least 18 – 19 months before qualifying/applying for a Canadian child benefit. However, the child or children should be under the age of 18. Many newcomers often make the mistake of assuming they are not entitled to the same tax benefits as Canadians born and raised in this country. Newcomers can claim a lot of the same tax benefits as them. Other things you will need when applying are: Proof that you are a Canadian citizen or have immigration status in Canada for yourself. Proof that you reside in Canada […]
416-479-8532