SRJ Chartered Accountants is a full service firm in Toronto and Mississauga who provide Tax, Accounting and Consulting to clients all over the world. We also create informative videos on various tax and accounting topics.
Does non resident Canadians has to report foreign inherited assets to CRA (although they are citizens but living abroad permanently). Also do we need to pay tax to canada when we sell these foreign properties while being as non resident ?
@@Srjca thanks,.then in that particular year we need to file taxes even though we are non residents and we declared ourselves as a non residents to CRA ?The same case applies to dividends etc.if more than 100k per year.. am i correct?
Any Canadian based income would be subject to tax for non-residents. Usually the lawyer would ask for a certificate to show taxes have been paid before releasing funds to a non-resident on the sale of a property.
@@Srjca ohh i think there is some confusion, my question was about the properties in foreign land not in canada. Example. I am a Canadian citizen living in Pakistan, inherited property in Pakistan and selling the property in Pakistan (not in Canada).
I came to canada in 2020 as an international student. I had a inherited property worth more than 100k under my name . I hired a CPA and told her about rental income from this property generated for specific year and also reported the salary I earned in India before coming to canada. She did not made me file T1135 neither she discussed anything about this form. I sold that property in year April 2023 and became a Canadian PR in April 2023. I filed the taxes on capital gain in India and now she is saying that you need to file the taxes here which I agreed but on the other had. She did not specified the foreign property in year 2020 by not filing the form T1135 and now she wanted me to do so . I am looking for an advise in my case what should I do now because my CPA misguided me and misrepresented me in 2020 when I first reported her that I do have a foreign property .
So you can pay taxes to the foreign property you own to that country but for some dumb reason Canada needs to know for taxe purposes it dosent make sense why and are they going to try and tax you on it.
If there is a tax treaty between Canada and the country then you may be able to claim a foreign tax credit for the tax paid in the other jurisdiction. Generally for Canadians the government does expect that all worldwide income is reported on your Canadian personal income tax return.
How about foreign life insurance of a permanent resident with insurance coverage worth more than $100k (not yet claimed, still alive), with cash value less than $100k, should this be reported on tax return and is there tax obligation? Life Insurance policy is flexible whole of life, unit-linked protection policy. Thank you
Hi there. Defintely a good question which requiress some more investigation and facts. You can schedule a consultation with our team and we can provide more guidance on this. You can schedule a call through the website www.srjca.com
Hi, so if foreign land property is worth more than $100k but not generating income, will still need to be reported on tax return though there will be no tax obligation imposed on it? How to determine the value of foreign land that is not income generating for purpose of reporting to cra? For CA permanent resident. Thank you
Generally we do not have to report foreign assets of personal use but this also requires further investigation to understand the nature of the asset and use. Feel free to schedule a consult through www.srjca.com
Hi, after immigration, I had to return to Pakistan and earned employment income on which tax was deducted by my employer. My Canadian tax preparer mentioned the foreign income but did not claim any credit for tax paid in Pakistan. I think there is an Avoidance of Double Taxation Treaty in effect between Pakistan and Canada. But my tax preparer seems unaware of this, and I could not find out how to claim credit of tax already paid on Pakistan generated income. What is your advice?
What interest & penalties are there for CRA when THEY steal, harass, discriminate, fraud & evade on my taxes that they made mistakes on 10 years ago and refuse to fix? They demanded that I fill out a t2125 at which point they neglected to include the WITB & OTB which would have left me not owing anything, however they didn't include them and tried to claim that I owed over $3000 at which point they just took the money from my tax returns from 2014-2019 and now that I have discovered what "mistake" they made in the first place, they are doing everything they can to avoid paying me back my taxes that they stole from me.... I am now going through the process of filing court dates & taking them to court... even by myself now that I have identified the errors...
Hi @SRJ Chartered Accountants , great video. Question for you, I just started out in the trucking industry. I am a company driver right now. Maybe down the road maybe this year I will lease my own truck but for the time being I am just a company driver. I just got a business number account as a sole proprietor and got myself a GST #. When I go and lease truck down the road would it be best to transfer the business in the Ltd company (Corporate) at that time , as you said in the video?
You are full of shit, after all expenses, workers wages a corporaton keeps 300 milion net profit dickhead . BMW built in Germany $5000usd net profit left pelican
What about the Canaidan has invested into Asian stock market, but on dividend & Capital gain taxes been paid or deducted directly by the Tax authorities , and the money is re-invested ...
even you lease a car, you can request all amount of qst and gst taxes , if you pay 800 per month and real value of this car is 35 000 you can request full amount of taxes
Hello, I'm in Mexico, I want to sell on Amazon Canada and I need a gst account to collect sales taxes same way for PST, can you help me to get these accounts?
How is it going, I have a question in regards to Sole Proprietor and Corp. I have my license as a contractor working as a sole proprietor. I also recently created a corp whereas I work for the corp as a sole proprietor. So rather than converting from sole proprietor to corp where I need to pay an extra $350 for a new license, I am working under the corp name. Meaning I use the company to charge an amount and then take out my profit or pay myself. Now the question that I have is that what is the process of hiring others under the companies name where they get paid as well.
Hi Benjamin. Thanks for your question. When paying yourself from the corporation you should be withdrawing a salary (and paying source deductions monthly) or dividends if you are a shareholder. You can hire other staff as employees or as consultants depending on what their function is and your arrangement with them. I would avoid taking out funds from your own corporation and declaring that income personally as a sub-contractor as the CRA frowns upon this.
@@Srjca Hi Benjamin, thanks for the interesting video. May I ask what is wrong of paying my self management fees or you called it sub-contractor fees instead of salary or dividend. would the CRA frowns upon this if it was done on fair pricing basis (I am full time employee at my own corp and will invoice my corporation management fees around $50K a year).
@@Srjca I have a Sole proprietor And I want to transfer to a C-Corp. I feel Like my process Is easier but wasn't really explained. COuld you explain it to me like a 3yr old at mrJourdinSellers@outlook.com
