Search found 10 matches
- Sat Apr 15, 2023 9:27 am
- Forum: Canada / United States Tax & Accounting
- Topic: Oops how to correct a mailed paper tax return
- Replies: 1
- Views: 696
Oops how to correct a mailed paper tax return
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? ...
- Tue Apr 11, 2023 10:59 am
- Forum: Canada / United States Tax & Accounting
- Topic: Question reg deemed disposition related forms please , esp T1243, T1244
- Replies: 3
- Views: 886
Re: Question reg deemed disposition related forms please , esp T1243, T1244
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 ha...
- Tue Apr 11, 2023 10:43 am
- Forum: Canada / United States Tax & Accounting
- Topic: Software to fill Canada departure tax
- Replies: 10
- Views: 4908
Re: Software to fill Canada departure tax
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 it b...
- Sun Apr 09, 2023 2:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: How to report sale of foreign property to CRA
- Replies: 1
- Views: 745
How to report sale of foreign property to CRA
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 usin...
- Sun Apr 09, 2023 1:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question reg deemed disposition related forms please , esp T1243, T1244
- Replies: 3
- Views: 886
Question reg deemed disposition related forms please , esp T1243, T1244
(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 opti...
- Mon Feb 17, 2020 12:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP withdrawals @ 25% tax, and claiming credits
- Replies: 11
- Views: 5572
Re: RRSP withdrawals @ 25% tax, and claiming credits
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 when...
- Sat Feb 15, 2020 2:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP withdrawals @ 25% tax, and claiming credits
- Replies: 11
- Views: 5572
Re: RRSP withdrawals @ 25% tax, and claiming credits
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 with...
- Wed Feb 05, 2020 11:10 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP withdrawals @ 25% tax, and claiming credits
- Replies: 11
- Views: 5572
Re: RRSP withdrawals @ 25% tax, and claiming credits
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 proba...
- Tue Feb 04, 2020 7:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP withdrawals @ 25% tax, and claiming credits
- Replies: 11
- Views: 5572
Re: RRSP withdrawals @ 25% tax, and claiming credits
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 ag...
- Mon Feb 03, 2020 1:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP withdrawals @ 25% tax, and claiming credits
- Replies: 11
- Views: 5572
RRSP withdrawals @ 25% tax, and claiming credits
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 t...