Recent content by torontosm

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    About Non Resident Taxes

    As a non-resident with rental income, you were supposed to withhold a portion (I believe it is 40%) and remit this to the CRA each month. Obviously you didn't do this. As suggested above, get yourself an accountant to sort this out with the CRA before even worrying about capital gains.
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    Getting money out of a corporation bank account (Small business account) for personal use

    Practically speaking, you can take the money out of your account now for person use. At the end of the year, when you file your taxes, ask your accountant how best to classify those payments to minimize your combined tax burden (corporate and personal). It could be a salary, dividends or even...
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    Passport photo for medical - where to get in Toronto currently?

    Walmart, Shoppers and Costco all offer self-printing services. Just call ahead to ensure the location you plan to visit have the machines
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    PR for baby born outside Canada

    There are no financial benefits provided for PR's not living in Canada.
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    Housing and COVID-19

    This is absolute nonsense, and I would request that OP ignore this advice entirely.
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    Elibibility for Covid Relief

    No, this is not a program for the government to support people all over the world. This is a program to help those taxpayers in Canada who have been directly impacted by the COVID shutdown. You should look at programs in your own country of residence to help you through these times.
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    tax and child benefits

    I believe the maximum you can go back is 11 months
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    Investing in stock market

    Investing via a TFSA when you aren't allowed to will certainly result in fines/penalites. I accidentally over-contributed to a TFSA last year (bank's error) and still had to pay several thousand dollars to the CRA.
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    Investing in stock market

    When you open your account with Questrade, you can choose whether you want a registered account (RRSP, TFSA, LIRA, etc.) or a general investment account. Choose the latter and you can trade at will, as you will be using after-tax funds.
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    Job Market Scenario at Alberta Amidst #Covid19

    With regard to AB, the bigger concern at present is the economic impact of the extremely low oil prices. The fall in oil prices has decimated the economy, and the impact of COVID is certainly not helping. It is way too early to tell what the eventual fallout will look like, but as of right...
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    Bringing 2 cars/ 1 car from the US..

    It really depends on where you will be living. If you plan to live in Mississauga, then yes, two cars will be very useful as distances are large and public transit coverage isn't ubiquitous. That said, you should take a look at sites like Kanetix to check out insurance costs in Ontario, as...
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    Gifted money from a German to a Canadian

    That sounds like a very, very fishy story that will certainly raise red flags at the CRA.
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    Declaration Of Investment Property

    No, you don't have to declare it at landing. You will declare it when you file your first tax return. You will be taxed on any income (rent) that you generate from the property while you are a tax resident of Canada. In addition, you will have to pay capital gains tax on the difference...
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    CCB (Canada Child Benefit) application declined... Please help!

    Well, one of the criteria to be eligible is that the children have to live with you. If they are on visit visas, they can't be living in Canada. So maybe that's the issue.
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    Moving to Canada - Canadian tax on disposing foreign assets

    Is there cash in the company? If there is, and you distribute this cash out by way of bonus or dividend prior to closing the company, you will be taxed on that as income.