Serbinski Accounting Firms

I am a non resident and I mailed my tax return T1, but after sending it I realized I made an incorrect calculation of cost basis that goes into Schedule 3.
Now how do I correct it please?
If I resend the corrcted returns, the CRA will get two on back to back days.
Or should I file a T1-adj already ...

nelsona wrote:
> Your Cdn real property is not subject to deemed disposition, so is not
> reported on T1242. It does however need to be reported on T1161, which
> lists ALL property you own when you leave. These forms are pretty clear as
> to what does not need to be listed on them,
>
> Since you ...

nelsona wrote:
> Thanks for the heads up. They used to. use paper forms for these.

Sorry, can you please elaborate on paper forms. For the same tax year, if I have to file departure tax info, Can we use a software for all the regular forms and then send ONLY these two paper forms by mail?

Or is ...

I used to declare a foreign property in my T1135 in earlier years. I sold that property in 2022. There are no capital gains from that sale, because the adjusted cost base is equal (or more) than the sale price.
I have cash in my bank accounts in lieu of the sale, and I’ll be reporting that cash ...

(1) owned and lived in a principal residence home for all the years I was in Canada and while leaving permanently. Do I have list this house in the forms T1243 or 1244 , considering there’s no deemed disposition on Canadian real property?


(2) Why is there an elective T1244 .. Is it mandatory or ...

Thanks nelsona, so I'm finally seeing some light.

When you say *actual gains* and not paper gains, are you referring to the gains inside the account regardless of whether I sell or not? Or are referring to the gains on sale of some portion of RRSP?

Yes, reducing Cdn tax is the overall goal, but ...

I was doing some math on this last few days. Can you please validate the below

(1) If I crystallize the entire RRSP while moving to US, then the gains every year when I’m in there US result in taxable income (is this passive or general?)

Can I withdraw only so much in that year, so that the CRA ...

Thanks nelson. I got an epiphany which is that I'll continue to have rental income from both Canada and a third country in future years. CRA taxes it at 15% because it would be less than the limit for the next "slab". If foreign rentals can be put in the gen limitation category, then probably I can ...

Thanks Nelson. Of course it is not good news that I can't plan to use up the FTC credits future. Can those be used against ANY foreign income, or should it only be used against the same country that withheld it? I have income from a third country other than US and Canada.

Where do I go to read on ...

Hi friendly folks

What are the ways, and types of incomes against which one can claim the 25% withholding tax that CRA takes when withdrawing RRSP as a US resident? The below link, dated 2007, says it can only be claimed again "general limit" incomes - is that still applicable, what does that mean ...