Search found 16 matches

by CadCad
Tue Mar 26, 2019 9:23 am
Forum: Canada / United States Tax & Accounting
Topic: Include deferred capital gains/losses in departure tax return?
Replies: 1
Views: 166

Include deferred capital gains/losses in departure tax return?

When filing a departure tax return in Canada, if as a result of deemed disposition I incur a capital grain and defer payment of that tax liability using form T1244, should I include that gain in my departure tax return? I can't find official guidance on way or the other and speaking with 2 different...
by CadCad
Tue Feb 26, 2019 11:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Prorate Income US/Canada
Replies: 21
Views: 1888

Re: Prorate Income US/Canada

Hi Nelsona, I have been trying to find supporting material to sustain this claim since it would make a significant impact in departure return tax liability. Unfortunately all I can find says otherwise. Could you please point me or share what to look for since clearly my searches are pointing me astr...
by CadCad
Sat Feb 23, 2019 8:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!
Replies: 12
Views: 679

Re: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!

The property was a rental before moving to the USA and staid a rental after, the fact that I became a US resident for tax purposes makes it a change of use? No extra form (ie. 8833) or letter with an explanation required?
by CadCad
Sat Feb 23, 2019 8:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Prorate Income US/Canada
Replies: 21
Views: 1888

Re: Prorate Income US/Canada

Employment income paid by a Canadian employer to someone living in the USA is not Canadian sourced? With "excluding my Cdn source income" I meant file declaring only the part of my employment income paid by my Canadian employer until I became a non-resident of Canada. I assumed since it was paid by ...
by CadCad
Sat Feb 23, 2019 2:02 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!
Replies: 12
Views: 679

Re: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!

Yeah, forcing deemed disposition doesn't seem to make sense. From I have learned in this amazing forum so far plus what you just said, I'm planning to use Form 4562 and list the Canadian rental property as placed in service in the year we moved to USA, acquisition price is fair market value on that ...
by CadCad
Sat Feb 23, 2019 1:59 am
Forum: Canada / United States Tax & Accounting
Topic: Software to fill Canada departure tax
Replies: 7
Views: 453

Re: Software to fill Canada departure tax

Yep, that's the plan :)
by CadCad
Sat Feb 23, 2019 1:59 am
Forum: Canada / United States Tax & Accounting
Topic: Prorate Income US/Canada
Replies: 21
Views: 1888

Re: Prorate Income US/Canada

Regarding "employer would need to sign on to this", would a copy of a pay stub right after emigration date plus the EOY T4 work? I was a low ranking employee in a major corporation and now I'm with a different employer in the USA so I don't see a path to get them to provide something custom to suppo...
by CadCad
Thu Feb 21, 2019 11:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Prorate Income US/Canada
Replies: 21
Views: 1888

Re: Prorate Income US/Canada

From my research, the most relevant information I have found is on article XV.2 on the US-CAN tax treaty which from my interpretation only applies if income is below 10K or a resident of Canada for 6 or less months the year before/after (i.e. any twelve-month period commencing or ending in the fisca...
by CadCad
Thu Feb 21, 2019 1:05 am
Forum: Canada / United States Tax & Accounting
Topic: Prorate Income US/Canada
Replies: 21
Views: 1888

Re: Prorate Income US/Canada

Hi frank1867, Nelsona, I'm in a similar situation (i.e. received Canadian income after moving to the US), CRA international line said to include the full amount from my T4 in my departure return. Reading this I realize this was not only inaccurate but quite detrimental to me since, on top of paying ...
by CadCad
Thu Feb 21, 2019 12:54 am
Forum: Canada / United States Tax & Accounting
Topic: Software to fill Canada departure tax
Replies: 7
Views: 453

Re: Software to fill Canada departure tax

In case someone else runs into this, I reached out to UFile support and this was their response: "The forms T1161 "List of Properties by an Emigrant of Canada", T1243 "Deemed Disposition of Property by an Emigrant of Canada" and T1244 "Election to Defer the Payment of Tax on Income Relating to the D...
by CadCad
Thu Feb 14, 2019 12:08 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!
Replies: 12
Views: 679

Re: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!

Hi Nelsona, quick follow up on point 7, since "step up rules don't apply to rental property" what do you think should be the acquisition price used to calculate USA cap gain when the property is eventually sold while being a USA resident? A few options come to mind: 1) the original acquisition price...
by CadCad
Wed Feb 06, 2019 12:56 am
Forum: Canada / United States Tax & Accounting
Topic: Software to fill Canada departure tax
Replies: 7
Views: 453

Re: Software to fill Canada departure tax

Regarding ufile, I saw another post in this forum where someone in my same situation could not find some of the forms related to the departure tax return.

Is still the best option to manually add them after printing the supported forms from ufile?
by CadCad
Mon Feb 04, 2019 11:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Software to fill Canada departure tax
Replies: 7
Views: 453

Software to fill Canada departure tax

In 2018 I became a non resident of Canada and this year I'm filing my departure tax, previously I have used free StudioTax with no hiccups but I just found they don't support departure tax... Could you recommend a software package that can properly handle departure tax intricacies? (T1161, T1243, ta...
by CadCad
Sat Feb 02, 2019 1:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!
Replies: 12
Views: 679

Re: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!

Hi Nelsona, Thank you for your response and all the knowledge you have been sharing through this forum over the years. Couple of follow up questions if you don't mind: While I'm at "determine the pre-departure and NR taxes and use these as credit" should I: 1-include EI/CPP premiums paid from my Can...
by CadCad
Sat Feb 02, 2019 1:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!
Replies: 12
Views: 679

Re: Canadian with US income + rental + CAD resident emp income + CAD non resident income + Maternity income. Oh my!

Regarding T1159 Income Tax Return for Electing Under Section 216, given Nelsona's feedback I decided to call CRA to find out the exact steps I needed to follow to correct my status. Leaving them here for other who run into this as well: 1-Create a non resident account with CRA, link available in CRA...