Serbinski Accounting Firms

Hello again,

One year later and I'd like to ensure that my plan for 2017 is correct

In 2016 I filled as an emigrant from Canada.

During 2017 I:
Sold my principal residence in Canada (got certificate of compliance...)
Received a small amount of EI based on a recalculation of 2016, no tax withheld ...

In regards to 1116;

Would EI be considered passive income because it is not earned wages?

Otherwise it would be general category?

Yes, the passive income is being reported on the 1040.

Separately, I spoke with TD about my now closed TFSA. They claim that it was a deposit type TFSA and not a Trust and will be sending me a letter to that effect. I hope that will eliminate the burden of the 3520 & 3520a. I still report it on ...

Yes, I did have passive income from interest, dividends and return of capital that I paid tax o. I also had an HBP repayment which I paid tax on. Not sure if that counts too.

And on the TFSA, the cost basis isn't stepped up to the date of my departure / deemed disposition?

I didn't close my TFSA soon enough and I am stuck reporting it on 3520 and 3520A.

From my monthly statements, I can piece together Interest and Dividends and sale prices.

My 2 questions:

1) How do I calculate capital gains? book value at time of sale, cost basis from date when I left Canada?

2 ...

Thanks for all your help Nelsona

My wife was a student and had no Income or assets. Just student debt. It was easy.

We didn't have any cars in Canada.

I'll report the capital losses on the T1243 for the non-registered shares.

I understand that the loss on T1243 should be based on the full asset value as that is what I would receive if I sold the shares and any amount of margin would have been paid back from the ...

I used the green card date on the T2062. The agent I spoke with told me that it is based on year ends so the actual date being Jan 1 or anything else in 2016 shouldn't matter. The +1 rule also applied.

I also think I'm exempt from the T1161.
The only non-residence & non-registered or company ...

I sent in a T2062 for the sale of the property and it was approved.

Thanks.

I'll send a letter to the International Dept with the EI NR tax top up to 25%.

I may be doing something wrong in Turbo Tax; I've listed my departure date as 1/1/2016 and it still calculates the 48% non-resident surtax.

Thanks. Unfortunately none of the EI payments were withheld at the correct rate. I'll need to call in and ask for the appropriate rate.

How does the non-resident surtax of 48% work? Does that apply to the HBP repayment ?

Thanks for that explanation on 217

The remaining question from above is whether the EI top up Tax I need to pay is based on 15% or 25% and why? Is it part XIII?

...and

Assuming the HBP goes into RRSP Income, would that make it eligible for section 217?

OK. I'll use 1/1/2016.

They told me they made an error on EI, the rate they used was slightly over 12%
They did start withholding NR from the start.

You said:
Calculate 25% of EI, and send them the difference from what EI withheld and 25%, in a separate letter.

The withholding was shown on box ...

The house was sold in 2017, severance extended 7 months (more than the second half of 2015) I was in the US during that time.

I did inform the bank as well as Service Canada that I was in the US. Service Canada did withhold non-resident tax (but not enough of it).

I believe the bank should have ...