Serbinski Accounting Firms

For 2025, you were supposed to file as an EMIGRANT, which means a return as a resident of your last province of residence, but with a departure date in April. This affects some of your deductions. Filing as a non-resident results in an incorrect tax calculation, and bypasses the departure ...

Moving back to Canada doesn't pose as much problems as moving to US.
You don't have to do anything before moving; Canada will consider all things sold and bought the day you become Cdn resident, so there really is no need to actually sell before moving.

You might want to sell any "losing ...

1. That would be the simplest way to file for 2025.
2. It is too late for 2026, so sell them before the end of the year. You are not supposed to have any non-registered accounts in Canada once you move to US. The sooner you sell/move those investments to US the better. Your TFSA is not sheltered in ...

Since this is officially an "objection", it does take time (sometimes year) , particularly with the sums you are looking at.

I hope you are sending the transcript of US taxes in order to CANCEL your Cdn return, not simply to request a credit for the US taxes you paid.

You should NOT have filed ...

I agree that it is a little confusing.

But I would ask this: When you do your Cdn taxes, do you typically have "too much" US tax to be used on your Cdn return as a foreign tax credit (ie. you can't use all of it)?
If not, then there is little value in "overthinking this", looking for every possible ...

Since this is a cross-border forum, I'm going to have to assume that you are either someone living Canada with US property, or someone living in US with Cdn property. Otherwise the advice below does not necessarily apply to you, and I would suggest looking elsewhere.

There may be times when it is ...

US Interest:
As you say, since the interest would not be taxed in US but for the fact you are a US citizen, you claim (on a re-source 1116) that income as if it was Cdn. using the US tax (not the Cdn tax) as the "foreign" tax you wish to take credit for. You would not claim any FTC on your Cdn ...

So, the only "way around needing to file a CRA return for 2026" would be to determine that sometime in 2025 (or earlier,) you became a deemed non-resident, and file your 2025 (or earlier) return accordingly.

... and if you are able to satisfy yourself that you qualify as a "deemed non-resident" at some point, you will have to file a departure return with CRA, with the departure date coinciding with the date you satisfied the conditions of deemed non-resident. This return would include (with some ...

To stop filing a Cdn return - since you have a residence in both countries. you must show that your centre of vital interest ie. your life, is "more" in US than in Canada. Until you can show this, you will continue to file in Canada as a tax resident (and in US of course due to your citizenship ...

This is NOT a cross border issue. Contact the employer, if you think their T4 is wrong.

As I said, the only thing that your donor has to watch for is gift limits. But as to gifting stock to a foreign person, there are no US cap gains issues.

Your spouse gifting to you would still make it finally taxable in spouse's hands, by the attribution rules, with the cost basis of the day your ...

Neither the donor nor your non-US spouse would be subject to any US cap gains tax. There may be gift tax issues for the donor if the donation is more than a certain amount. The spouse would owe cap gain in canada when sold based on the value when it received.

For you, you would inherit the original ...

1. Yes, a second NR4 from that property.
2. Yes, if your actual tax on that property would be less than 25% of the gross (which it very likely is) it would be to your advantage

You will need to apply a second NR6 (or more likely a revised NR6) with the new property

Remember that all rental income ...