Serbinski Accounting Firms

@nelsonq - would you happen to know what should I be inputting as TOTAL INCOME (line 1 box 15000) in section 216 election form?

I emigrated out of Canada in Feb 2022. I do own rental properties in Canada, however I was ignorant, and didn't withhold nor remit 25% of my gross rental income for 2022. I started doing that for 2023.

So for 2022 tax returns, do I need to elect under section 216 and report my rental income and ...

thank you!

Hi, I'm filling t1243 form, and need confirmation of what kinds of properties I need to report -

1. Unsold shares/stocks (ESPP through my US employer back when I was working in Canada)
2. Crypto (Wealthsimple) ?
3. Stocks - various (Wealthsimple)
4. non-reg plan ETFs (Wealthsimple) ?
5. non-reg ...

nelsona wrote:
> Well, since the guide says you can elect, then obviously there is an
> option.
>
> There is no advantage in filing this and triggering cap gain unless you
> have unused cap loss, or in the case of a business, have some cap gains
> exemption room. Even then, you will always be able ...

nelsona wrote:
> There is no "deemed disposition" on Cdn real estate, unless you
> are making a special election for investment property.
>
> Are you asking about the cost of the evaluation? Since you are not selling,
> I believe that would simply be an expense against the properties income.

Hi ...

Hello,

I moved to the US in 2022, and hoping to file as a Canadian non-resident in 2022. I've two rental properties in Canada.

Property 1 : purchased in 2020, and rented renting it out immediately.

Property 2 : purchased in 2018, lived in this property until 2021, rented it out in Oct 2021 ...