Search found 6 matches

by luder
Sun Feb 13, 2011 5:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen Moving to US
Replies: 9
Views: 4806

Thanks for the information. You have been a great help!!!
by luder
Sun Feb 13, 2011 12:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen Moving to US
Replies: 9
Views: 4806

And just to get your response straight, the CRA charges witholding tax of 25% per month as well as an additional 22% at the end of the year?
by luder
Sun Feb 13, 2011 12:49 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen Moving to US
Replies: 9
Views: 4806

From your experience, what is the likelihood of CRA reducing the witholding tax to 25% net ?

Also, if i don't make any profit off the rental (maybe even have to pay a bit out of pocket), do i have to pay the taxes at the end of year or is there an oppurtunity to get a return?
by luder
Fri Feb 11, 2011 9:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen Moving to US
Replies: 9
Views: 4806

Thanks Nelson.

From what I understand, the rate/amount to set aside for CRA is 25%. Is that correct? Is the percentage calculated on the full rental payment or only on the profit (after mortgage payments)?

Thanks again
by luder
Thu Feb 10, 2011 9:19 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen Moving to US
Replies: 9
Views: 4806

Thanks. I'm fairly new to this...assume I leave in April or May, would that mean my final tax return in Canada would be the following year? If so, how does the actual taxation work? Do I pay taxes in Canada for the beginning of the year (jan to april or may) and then pay taxes in the states for the ...
by luder
Thu Feb 10, 2011 1:06 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Citizen Moving to US
Replies: 9
Views: 4806

Canadian Citizen Moving to US

Hi, I am a Canadian citizen who owns property (in Canada) and was offered a job in the US. My plan is to rent out the Canadian property. It is my first year of home ownership and I took advantage of the Home Buyers Plan for which I have not started repaying yet. Since i will still own the property (...