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The transaction results in a capital loss as per Indian Tax law. So no capital gains tax is payable in India. For Canadian tax purposes, canadian tax is paid on world wide income. There is no indexation. The cost of the property would be the market value of the property on the date you...

Oct 2014, In case you need any clarifications email me.

HighFive Did you understand my reply. Otherwise we need to talk so that I can clarify. Eamil me with your contact details. Vinai

It is best you contact a tax consultant on this issue. If he had no permanent ties to Canada, it would be difficult to justify to the CRA that this was his principal residence since he was divorced and his ex-spouse was living in the house. The question of the sons filing tax returns depends...

From my understanding of your situation, you have to pay tax from the date you became a resident in Canada. If you worked in another country for 6 months (physically present in that country) in 2014, you do not have to report income or pay tax on earnings for those 6 months. If you worked in...

If you are deemed to be a resident of Canada for tax purposes then you have to include worldwide income on your tax return. You have a job in Canada and you are applying for permanent residency seems to suggest that you may be a resident for tax purposes. Ring up the CRA or send in an email to...

Get in touch with me if you are in the Toronto Area - for somebody who can advise on US and Canadian taxes... I do have a recommendation.

If you are a resident of Canada: 1. You have to declare worldwide income...include amount paid by US Employer. 2. If US income considered earned in US ... probably have to file a US Tax Return. 3. Will get credit for US taxes paid as foreign tax credit. Based on a formula. Best to consult a...

My understanding is the following: 1. There is no tax on the inward remittance of any money. 2. The cost of your share of your parents property is the market value of your share of the house on the date of the last deceased parent. 3. Capital gains on which you have to pay Canadian tax...

You have to consider the definition of a resident or non resident as per Canadian Tax law. There is no definition of resident as per Canadian tax law. It depends on facts and circumstances on whether he intends to establish permanent ties to Canada. Worldwide Income Extract from Publication...