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  1. jclarke99

    Selling stocks (ESPP) before moving to Canada

    I'm not a CPA, so you would be wise to verify, but I suspect that your cost basis is the actual (or implied) cost to you (not necessarily the market stock price) in Canadian dollars at the time you moved to Canada. If you're like most people and conduct the ESPP purchase and sale at the same...
  2. jclarke99

    Foreign worker IEC

    Understood. I recommend the payroll option. You'll essentially be an employee of the company with access to Human Resources and possibly some benefits. If you subcontract, then you're acting as your own company, with a need to make quarterly estimated tax payments, and possibly other...
  3. jclarke99

    US citizen, first year filling taxes as PR in Canada

    If it were me, I'd start with something like TurboTax as this doesn't sound like a situation that is too unique/complicated. But be prepared to defer to a CPA if it proves otherwise.
  4. jclarke99

    Foreign worker IEC

    Not too familiar with work permit situations, but why wouldn't you choose the payroll option as that should make it less complicated for you.
  5. jclarke99

    Foreign worker IEC

    Is your employer a Canadian company or foreign (e.g., U.S.)?
  6. jclarke99

    US citizen, first year filling taxes as PR in Canada

    I guess it's a question of whether you know how to report her scholarship $ for both her Canadian and U.S. taxes. For the U.S. taxes, she'd take a credit towards such taxes paid to Canada. There are some other matters, such as adjusting the Canadian personal exemption amount by the...
  7. jclarke99

    Non-Resident Tax Questions (TFSA, etc.)

    Perhaps you already know, but simply living outside of Canada doesn't automatically make you a non-resident of Canada for tax purposes. Have you looked closely at the following...
  8. jclarke99

    TAX 2020 - US & Canada

    I'm not convinced that it works that way - i.e., your assumption that you already paid taxes to the IRS, so the IRS gets to keep it and you'll claim it as a credit on you Canadian taxes. Because you were a PR of Canada during that time, I believe that CRA will expect you to to pay all taxes...
  9. jclarke99

    TAX 2020 - US & Canada

    I agree with the above - your best bet is to hire a CPA. That said, for your Canadian taxes you should report your world-wide income (U.S. and Canadian) since the time you moved to Canada as a PR. Ideally, you should not have been a W2 employee at that time, and should be paying into CPP...
  10. jclarke99

    Do I need to file taxes for missed year

    Good to know. Here's why I believe that you were not a resident for tax purposes... https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html
  11. jclarke99

    Tax - International Student - No Canadian Income with Overseas income before coming to canada

    Not sure I agree. If this is money earned before you moved to Canada, it seems to me that you don't even need to report such income to Canada.
  12. jclarke99

    Do I need to file taxes for missed year

    I suspect that you don't have to file Canadian taxes as you were not a resident. Do you have Permanent Resident status? If so, you might jeopardize that by staying so long outside of Canada. You need to be a resident in Canada for 730 days (2 years) over 5 years too maintain that status...
  13. jclarke99

    Report dividends received before come to Canada?

    Your tax period for Canada begins in June, so those dividends wouldn't apply. Assuming this is a taxable account (rather than, say, an IRA), you'll want to make note of the valuation of your stocks & bonds as of the time you moved, as these will become the new cost basis for Canada when you...
  14. jclarke99

    Do I need to file the tax?

    Seems to me that you're probably going to still be considered a resident of Canada for tax purposes. "If you are working temporarily outside Canada, vacationing outside Canada, commuting (going back and forth daily or weekly) from Canada to your place of work in the United States, or attending...
  15. jclarke99

    Working remotely for a US company

    In addition to the above suggestions, I suggest checking out my response to this thread... https://www.canadavisa.com/canada-immigration-discussion-board/threads/living-in-canada-but-on-a-uk-contract-any-issues.757832/ It's a UK-Canada situation, but the same principles apply to US-Canada.
  16. jclarke99

    Work contract job without incorporating?

    Some more digging on this. Seems like CRA might make a determination of whether you're really a self-employed independent contractor or, in actual fact, in an employee-employer situation. If CRA decides that the nature of the relationship is actually that of an employee-employer, then...
  17. jclarke99

    Work contract job without incorporating?

    My understanding is whether you're incorporated or a sole proprietor, you could be labeled as a PSB. My, limited, understanding is that CRA creates the PSB designation to prevent individuals, who more or less act as full-time employees of a corporation, from benefiting from preferable small...
  18. jclarke99

    Opening a Bank account from outside Canada

    Tried it, and couldn't do it. Was told you have to physically open the account while at a branch in Canada.
  19. jclarke99

    Working remotely for a US company

    The problem with working for the U.S. company directly is that you'd be a W2 employee residing in Canada. According to someone on this forum, in your situation, who paid for legal advice - this is at best very complicated and tricky, and at worst illegal. As a W2 employee (that's the...
  20. jclarke99

    Working remotely for a US company

    Interesting information. I'm just left wondering - why incorporate? Doesn't seem like you'll be in a situation where you need to be concerned about liability issues. And whereas there are tax advantages for non-PSB small (incorporated) companies, as we've discussed, this isn't the case...