Search results

You're not considered Canadian residents for tax purposes *until* you land. Make things easy on yourself - land after the transaction is completed. That way the gains won't be taxable in Canada at all.

The second semester should show on your 2014 T2202A that you'll receive in the spring of 2015. You can claim it on your 2014 taxes. The textbook amount you can claim has nothing to do with how much you actually spent. It depends on the number of full-time and part-time months shown on your...

First off, any interest that the account earns is taxable to you because the account is in your name. Second, the fact that all this money is sitting in your account may eventually indeed lead to some questions as to where it's coming from. How is your brother accessing the funds? Because if...

Whoa, whoa, whoa. The university or college you're attending should have sent you a T2202A slip. The claims you can make depend entirely on that slip. It will state the amount of tuition you paid, the numbers of months you attended full-time and the numbers of months you attended part-time...

A lot is going to depend on what your total income from all countries was for the year. If your Canadian income makes up at least 90% of the total, then you're entitled to the full personal amounts. If it's less, then as a non-resident you're entitled to *no* personal amounts, although you can...

Your world income prior to your return to Canada is *not* taxable here and does not go on the usual lines on your T1 General. However, it *does* affect your personal amounts and some other kinds of credits. http://www.cra-arc.gc.ca/E/pub/tg/t4055/t4055-e.html#P195_15107 may be helpful.

First off, every Canadian resident files their own tax return. There is no such thing as a joint return in Canada. Second, if your marital status is common-law, you should be honest and report it as such on your return. Reporting it as single is not an option if this is not the case. Third...

Having money in a bank account in Canada is a secondary tie. It doesn't make you a resident for tax purposes in and of itself. If the account earns interest, then you owe Canada taxes on that interest via a non-resident return.

It's not much different here. Assessed property values don't change as quickly as FMV does, but over time they tend to follow it. Every few years the city says, hey, property values have gone up, we ought to be collecting more tax dollars! :-)

Residency status for tax purposes is different from being a PR for immigration purposes. If you have no significant residential ties in Canada, then only your income from Canadian sources is taxable in Canada. This might include interest from your bank account in Canada.

Hasni, it's not clear to me from your post that you've established significant residential ties in Canada yet. Being a PR for immigration purposes is different from being a resident for tax purposes. Had you actually established a home here by the end of 2013, i.e., rented or purchased a place...

Yes, that's correct. The capital gains (or loss) would be calculated using the value of the property in Canadian dollars at the time you became a PR vs. the proceeds in Canadian dollars at the time of the sale. You don't calculate the gains/losses in euros first and then apply an exchange...

Be aware that registering a charity for the purpose of operating it as a tax shelter is illegal. It's not something I'd advise doing if you want to keep your PR status.

If you were over 18 and under 70 all year and didn't work in Quebec, then your correct CPP amount will be the *lesser* of: - the CPP maximum, which is $2,356.20 for 2013; and - 4.95% of (your CPP pensionable income *less* $3,500) Any CPP withheld over this amount may be claimed back as an...

There's no one answer to this. Go to the CRA site and do a search on the page "International students in Canada," which explains the rules for determining residency.

Steaky, many thanks for mentioning this, as it affects Buddha's question as well. Yes, you're right - see Section 128.1 of the Income Tax Act. An immigrant is deemed to have disposed of their property at FMV at the time they become a resident and to have immediately reacquired it at the same...

The only income that's *taxable* by Canada is: 1) Canadian-source income for the entire year, and 2) Their income from all sources during the period they were a Canadian resident. *However*, their income from non-Canadian sources during the period they were a non-resident also needs to be...

I'm certainly happy to field questions, but I'm not a professional accountant. My training is in bookkeeping and income tax return preparation, Canadian and US.

Back up a little - you're not getting taxed on the whole proceeds in Canada. You're getting taxed on the gain only, the proceeds less the cost and outlays. :-) That said, the exemption you describe would not be recognized by the CRA, so, yes, they will tax the entire gains amount. First...

Per the Canada-India tax treaty: Article 13 - Capital Gains 1.Gains from the alienation of ships or aircraft operated in international traffic by an enterprise of a Contracting State and movable property pertaining to the operation of such ships or aircraft, shall be taxable only in that State...