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Hello, Shamrock21, yes, this basic personal amount will apply to non-residents as well if their income from Canada represents 90% or more of their worldwide income. Suin, yes, if your total taxable income, whether from investments and such, is less than the basic personal amount, then there...

Hello nick_s I hope you are well. I am not entirely sure as to what you may mean, but are you referring to the deductibility of tuition on the personal tax return? If so, tuition fees are can only be claimed as a tax credit if they are eligible according to the link below...

Hello manlec, Totally agree with torontosm. With regards to loan documentation, items including but not limited to the following will help: loan agreement specifying name of lender and borrower, amounts lent, date and terms of repayment, terms of interest, etc. money order and/or cheques...

Hello semdude, I hope you are well. Income taxation in Canada depends not on residency or immigration status, but on residential ties to Canada. Residential ties are broken into primary and secondary ties. The presence of a primary tie alone will make you a resident of Canada. The presence one...

Hello, Regardless of whether you are a resident of Canada for tax purposes, you will be subject to tax on employment income you earn in Canada. Madan Chartered Accountant www.madanca.com

Hello Tempestian and Rosie1957, Agreed with Rosie1957 - taxation in Canada will depend on whether or not you have ties to Canada, things like a house, spouse/depedants, bank accounts, credit cards, property, etc. In addition, even if you did not have these ties but stayed in Canada for more...

Maybe you ought to look into H&R Block for the preparation of your return? I understand that you may want to learn to do the returns on your own, but perhaps you can learn backwards from referencing the completed return. Madan Chartered Accountant www.madanca.com

Thank you for that link, Torontosm.

Hello, To determine residency in Canada, you will have to assess two things: 1) do you have established ties to Canada. Ties include a home and spouse/dependants, personal property, financial accounts, social involvement in Canada. 2) whether or not you've stayed in Canada for more than 183...

Hello EU_2010, Unfortunately, there is no such rule in Canada where capital gains won't be taxed after a certain amount of years of ownership. Regardless of how long you've owned the property, if there is appreciation in the value of the property since you bought it to when you sell it, you...

Based on the provided facts, the tax consultant is incorrect. Your status as a resident in Canada for tax purposes is not determined exclusively by permanent residency or citizenship. It is determined by your residential ties to Canada. Residential ties are things like the following, but not...

Hello, Based on the information provided, it seems that your father is a non-resident of Canada for tax purposes, because he left Canada in November. He is only a part-year resident, from January to October of 2013. Please keep in mind that this status is only for tax purposes, and this...

Hello, She does not 'need' to file an income tax return for 2013, per se. However, it would still be a good idea to file a return in order to obtain some credits such as the GST/HST, Ontario Trillium, and others, depending on your situation. I hope that helps. Madan Chartered Accountant team...

Hello, Depending on the tax return software you use, you should be able to indicate that your spouse is a non-resident of Canada. Non-residents do not have any tax reporting and/or payment obligations in Canada (unless they earn Canadian-sourced income), so you have nothing to worry about. If...

Hello, Your TFSA contribution room accumulates every year, if in that calendar year you were 18 years or older, had a valid SIN and were a resident of Canada. The annual TFSA dollar limit for the years 2010, 2011, and 2012 was $5,000. The annual TFSA dollar limit for the years 2013 and 2014...

Hello, 1. The CRA charges interest rate at their prescribed rate, which changes every quarter. Currently, interest on overdue taxes is 5% http://www.cra-arc.gc.ca/nwsrm/rlss/2013/m12/nr131213-eng.html 2. There is no penalty for not paying the balance due, per se, but there will be interest...

The link below is also really useful in describing what one can and cannot claim. http://www.taxplanningguide.ca/tax-planning-guide/section-2-individuals/what-tax-credit/ Keep in mind that when claiming something, keep those receipts/supporting documentation handy! Madan Chartered Accountant...

Agree with torontosm. The last thing you want to do is not file his tax return, thinking he is not a resident, and then getting letters from the CRA levying penalties for not reporting the required information. Residency should be taken very seriously, and you should look at it closely. Madan...

Hello celle17, I hope you are well. I find Studiotax and Simpletax are good ones. They're free, of course, and they are relatively user-friendly. Will there be any issues? Taxation in Canada is based on residency, not citizenship, so you should be fine. As long as you have an ITN (for...

Dear mohammad10, You do not have to report your foreign-held funds/property in 2013. However, if you have foreign-held funds and property that cost more than $100,000, you may have to report it on the T1135. This will apply to you specifically starting in the 2014 tax year. See the form for...