I have a small business to which I have $400K of taxable income in. I am taking $75K dividends each year and paying the tax. Question - If I die (not planning on it) can Rev Canada come after my personal non business estate?
thank you.

I’m not sure exactly what or how to ask this, but here goes.

My small business taxes were not filed on time (bad accountant), CRA statue barred 2 years and assessed amounts 5x the actual amount owed.

I am paying it as it’s CRA and I don’t have any choice. I filed a T-400a asking for a reassessment but was denied as it wasn’t within the time limit.

I’ve been told that if I want to dispute these years and the assessments I have to go to tax court.

Is this the case? Is tax court my only option?

Do I stand any chance of getting any money refunded and only paying what the actual assessment is?

I am an incoming graduate student at a two-year masters program in BC. Long story: my single parent died a few years ago and left me a trust, of which I am the only trustee. I have a fiduciary. I also inherited our home, which I still own and return to.

My graduate school is paying me to be a TA and an RA, but the money should flow to my U.S.-based bank account.

Would I be considered a Canadian tax resident if I am merely subletting a room in BC while owning real estate in the U.S.? It seems like one is a far more significant tie.

I had a substantial tax return due to medical expenses expected. I was waiting to see an email from CRA and never got one. I missed a regular mail letter that said I had 30 days to submit supporting documents, otherwise the claim would be removed from my tax return and reassessed without it.

Currently I am 9 days late. This was a huge amount of money that was very important (obviously), can they just drop it like that?

Can I get a lawyer?? I am quite dejected and worried here. Hoping to get some guidance.

I called the special assessment number and left a message for them to get back to me.

Can the CRA just rob me like this, or am I just being paranoid and naive?

Additional info: I have all of the supporting documents fully categorized and ready to go.

Does anyone know the point of this change? (Not being able to submit applications through “submit documents” online). Now you can either start the app through your My Account and give your doctor the reference number for them to do it onljne, or you can mail the paper version. I don’t understand this change, CRA says they’re trying to “streamline” the process… so they remove an option to submit the application that allows them to receive it instantly?

- Many individuals still don’t have My Account to start the claim/get the reference for doc’s.

- The uncertainty of Canada Post??? How many claims are going to get “lost” in the mail?

- Accountants/family members/authorized rep’s can’t submit electronically for those without My Accounts.

- Submitting electronically provided a confirmation number, you knew CRA received it, and they gave a target completion date.

It seems like all this change has done is removed a way to submit the form, what’s the benefit? Honestly, if anything I’d expect them to stop receiving paper/mailed forms before stopping the electronic submissions! (I think they should keep ALL options to serve everyone’s different needs). But it feels like we’re moving back in time.

The (somewhat) new federal property flipping rules apply to property that is held for less than 1 year, and classify profit as business income instead of capital gains, doubling the tax rate. There are several exceptions, including one for the death of a family member, but I don't understand if it would apply in my situation:

My mother has terminal cancer and we are looking to transfer the property to my name before she dies. After she dies, I would like to sell it rather quickly, almost certainly within 1 year. I'm uncertain if I could get an exemption from being classified as a "flipped" property sale under these new rules.

It looks like the rules were really intended for inheritance. But the law as it's written is so vague that it's really not clear if it applies to our situation.

Does anyone know of any resources for this particular situation? I've spoken to my lawyer who said he can't advise on federal tax matters, and have reached out to a couple of accountants who said they are unfamiliar with this law. I have an upcoming appointment with an accountant who may be able to answer this, but I'm not very hopeful.

Hello!

I am a lawyer out of Ontario and I have a family law background with litigation experience. Handling property division, support determinations, and corporate structures piqued my interest in tax.

Due to circumstances outside of my control, I am looking for an associate opportunity, and I am considering tax law.

Since I didn’t article at a dedicated tax firm, I missed out on that early career structured training. For anyone who pivoted to tax later or built expertise outside a traditional tax articling path: what courses, resources, or credentials (like the CPA In-Depth Tax Course or a Tax LLM) actually prepared you for practical work?

I would also love to hear how anyone leveraged existing litigation skills to bridge the gap or found mentors outside a formal tax practice group.

Thanks in advance for any insights!

I'm trying to run through all the different scenarios and would like some insight on what factors I should be thinking of when making this decision. I owe 50k in captial gains tax on a single stock investment that is now subject to CRA demmed deposition or departure tax. As far as I understand, I have the following options.

• Dip into savings/idle cash and pay 50k to CRA immediately and be done with it
• Sell all the investments, use the proceeds to pay the 50k and buy back the same stock with the remainder or other investments (I like the stock and would actually hold if not if this event)
• Sell just enough investments and pay the the tax to leave enough so that the gains are under the 16.5k threshold where I can defer without collateral.
• Dip into savings/idle cash and give 50k to the CRA to hold as collateral for N years to defer the tax until I decide to come back (I do plan on coming back)
• Get a pledge/security from a bank to use as collateral for that 50k. I understand there is likely some annual fee associated with this pased on the collateral amount. The bank will likely need their own form of collateral to secure the pledge which means I need to dip into savings/idle cash for 50k.
• Pledge the shares to the CRA (my best option but the shares are in a US brokerage and my research shows me cross-border pledges don't really work)

FWIW, the destination tax jurisdiction is US.

Scenario 1:

Our family currently lives in House A as our principal residence. We have $1M equity, and owe $100k on the mortgage.

We would like to re-finance House A and utilize the equity to buy House B for $1.2M.

We would then live in House B and it would become our new principal residence. House A would be converted into a rental property.

Our research tells us that none of the interest on House A would be tax deductible, because we used the equity to borrow more money to pay for House B (our new principal residence).

Scenario 2:

We sell House A, and use the proceeds to pay for House B. House B would be our principal residence.

We then refinance House B by utilizing the equity, to re-purchase House A so we can rent it out.

In this scenario, House A is our rental property immediately after the re-purchase. The mortgage interest related to funds to re-purchase House A is tax deductible.

For simplicity, I am not getting into deemed dispositions or property transfer taxes. Being able to deduct mortgage interest on our annual tax returns is a big sticking point for us.

Is my understanding in the above scenarios correct?

In both scenarios, we end up with House B as our principal residence, and House A as an investment property.

Is anyone aware of a workaround (that does not involve triggering additional property transfer tax)?

Last year I opened a Wealthsimple margin account that uses my TFSA as collateral. I've never deposited a dollar into it, I just used the margin room itself as a playground for multi-leg options trades.After some ups and downs I landed on a strategy that works for me, and I ended up around $14,000 last year purely off that margin room. I tracked my ACB carefully and filed through Wealthsimple with all income made through this strategy classified as capital gains. I owed some tax, but I'd set money aside, so it wasn't a big deal.

I'm up about the same amount so far this year with the same strategy, and I'm starting to wonder whether a non-registered margin account is really the most tax-efficient way to run this. I know I can't run these strategies in a TFSA or other registered account. The CRA won't look kindly on this, and Wealthsimple doesn't even offer the multi-leg strategies I trade inside a TFSA. Also I know frequent options trading can get reclassified as business income rather than capital gains, which I assume could apply to me this year (No issues on last years tax return).

My question: Given that I want to keep running this exact strategy, is there a more tax-efficient structure for it? Corporation? Something else? Or is a non-registered margin account just the cost of doing business here?

Any input from people doing something similar would be appreciated.

Earlier this year I reported a capital gain on the sale of a Mutual Fund in Poland. I paid the Canadian government $407.81 on it.

Then the Polish government sent me a request to pay $196.60 in taxes, which I did.

I entered the capital gain in Schedule 3 of my taxes. I'm now preparing an amended return which takes the Polish tax into account.

I entered the Polish tax on the Foreign Tax Credit worksheet.

After reporting that tax, TurboTax calculates that I should have paid Canada $309.23, and that Canada will now refund me $98.58.

My question is: why only $98.58? Why not the full amount of $196.60? Doesn't the double taxation treaty ensure that I'm not double taxed? (Did I report the capital gain incorrectly?)

I was diagnosed with Chron's disease in childhood (age 10, in 2000) and had active debilitating disease until I started biologic therapy in 2010. My parents nor I was aware of the disability tax credit I was eligible for due to my limitations with elimination. My symptoms are well controlled now on a biologic (although my immune system is poor now due to this), am I able to apply for the tax credit for the years I was sick? Can I apply now even though my symptoms are well controlled, as I still have disease and it is chronic, meaning it can return at any time? Thanks so much.

I currently live and work in the US on a work visa (H-1B), working from home remotely from the Detroit area for a New York-based employer and I pass the US Substantial Presence Test.

I’m planning to start commuting between Windsor, ON and Detroit, MI, which would mean I satisfy residency under both Canada’s domestic rules and US domestic rules (dual resident)as my spouse will live in Windsor

My only income is W-2 wages — no investment income, no other country involved. I’d like to keep filing as simple as possible and avoid the tie-breaker/1040-NR route if it’s not required

My question: once I’m a dual resident under both countries’ own domestic law, am I required to invoke the Canada-US treaty tie-breaker (Article IV) filing US taxes as a non-resident to determine a single country of residence or can I simply:

• File US taxes as a resident (Form 1040, worldwide income), and

• File Canadian taxes as a resident (T1, worldwide income), and

• Claim a Foreign Tax Credit in Canada for US tax paid (federal + Michigan state + FICA/Social Security/Medicare)

Two follow-up questions:

1.  Is choosing “resident of both + FTC” actually simpler in practice, or does it create its own complications?

2.  Does claiming a US FTC (especially FICA, which I understand is a treaty-specific carve-out) draw more CRA scrutiny/review than a typical return?

I received a letter from the CRA asking for the receipts and supporting documents for child care proof. DonI need to show bank statements or credit card receipts if I have the official receipts from the licensed child care centre?

The CRA is asking me to provide a rent receipt.

Is it OK for the landlord to sign electronically on the softcopy receipt? Or does the CRA expect a scanned file of the hardcopy receipt with the landlord's e-ink signature?

Edit - If a scanned file is needed, do I need the original hardcopy as well? I am not in Canada these days, so I would prefer to keep everything electronic.

Any advice would be much appreciated.

Hi,

I am a recent dental hygiene grad. I am trying to complete my hours in Ontario so I can apply for my license in Alberta. I started working in Ontario in May and will have all my needed hours by November. I haven't transferred by license/health card in ON. Should I, even though I want to go back to AB by the end of the year? And for the taxes next year, will it be thru ON or AB?

Thanks for reading thru and for any advices

Was wondering how to account for a partial disposition of an investment using partial loan funds.

A numerical eg.
Year 1 invest $500
Year 2 invest $300 (loan funds)
Year 3 withdraw $100

Assume investment valued at $1,000 in Year 3 when the withdraw occur.

Question - how much loan principal gets to be reduced from the withdrawal (to calculate loan interest) according to CRA rule ?

Does province tax apply? Does QPP/QPIP apply? Information on Quebec Revenu is confusing. Province tax holidays for international postdocs are cancelled as of March 2025 in Quebec. But according to McGill a postdoc with external funding is considered a student not employee, the fellowship is considered scholarship not a salary so not province taxed? Which taxes apply?

My mother has terminal cancer, and I am her only son and only heir. She does not have a spouse, and she has a will in which I am the only named beneficiary. We've got some time to do some estate planning, so we're trying to figure out the best way for me to sell the home after she dies. Selling the home before she dies is not an option.

Option 1 - Sell the home through the estate (status quo)

If we do nothing, the home will be part of the estate. My concerns with this are the amount of time it takes for probate, I'm worried it could be months while I still pay for upkeep on the home and the market continues to slide further. There are also probate fees, though those are less of a concern.

Option 2 - Transfer the title to my name before she dies

On the face of it, this seems simpler and the home could be listed and sold faster after she dies. However, the tax implications are incredibly confusing:

• BC Property Transfer Tax - I'm likely eligible for the Primary Residence Exemption, as the home is currently her primary residence
• BC Speculation and Vacancy Tax - I don't think I'd have to file a declaration for this if the home is sold in 2026. However, if the home is sold in 2027, I'm not clear on whether or not I could get an exemption. There is an exemption for the property being occupied by a non-arm's-length tenant for over 6 months, but I'm a little unclear if this would apply if she owned and lived in it for 7 months, and then was a tenant of mine for a couple of months. There's also a separate exemption that applies if the home was transferred and I had one of a specific set of BC Property Transfer Tax exemptions, but the Primary Residence exemption is not listed.
• BC Home flipping tax - I think I would be exempt from this, as the home would be considered to be acquired when she first bought it (10 years ago) as it is a gift.
• Federal flipping tax rules - There's no clear exemption for my case, just a vague note about it not applying "in case of the death of a family member". But I can't find any further details. In any case, it would likely be minimal or non-existent as the tax applies to the difference between the Fair Market Value when the home is gifted to me vs when I sell it, and I'm unlikely to make a profit here.

Has anyone had any experience with this or have any recommendations? I do have an appointment with a lawyer in a few days, and am looking for an accountant who has experience in estate planning, but it would be great to have a better understanding of what questions I should ask before these consultations.

I noticed I did not get the disability this month, is it income based? I made a little bit of extra money this year, and it put me above the $20,000 mark for income. Is that enough to stop the disability payments? Is there another reason why I might not have gotten it?

For Canadian resident commuters to the US for work or for US citizens who are Canadian tax residents and work for a US employer who have 401(k)s or IRAs, what are there typical options upon retirement?

I'm asking because if you are a Canadian resident while contributing to a 401(k), you cannot transfer the 401(k) or IRA into your RRSP using 60(j). The only option it seems is:

1) Leave it in the US as a 401k or IRA and take periodic payments

2)Pay the withholding tax on a lumpsum withdraw and move it to Canada using either only your RRSP room available or other non.reg. account

Am I correct in my thinking?

Hi there, I tried to look around the internet but getting lots of information and it’s quite confusing
Before next year to spend money to find an accountant if I can get some clarity that would be amazing

: I’m starting to operate a eBay shop this year as a side thing , I buy packs and open them, and then selling my excess Pokémon cards and supplies. I don’t foresee my sales ever going over 10000, (honestly just low thousands) and everything is done from home, in a room designated for this eBay operation

Now, let say next year comes my full year sale is like…$3000.

Now here is the questions :

- is there any benefits to me to file the tax? I will likely not have to pay taxes consider after home expenses and shipping supplies and what not its not much left , and not like the excess deduction can go against my personal income (or can it? )

- if I were to file the tax, what is the cost of the goods that I can even claim? Like if I claim the full cost of the packs my cost will just be much more than what I make

Thanks in advance!

What could this mean? He’s born in Canada. This is his first time ever filing his taxes

I was working through some tax planning for a client and was thinking why doesn’t RRSP have its own CDA like account balance.

Wouldn’t it make sense if the non-taxable portion capital gain be tracked and used against your draws. If you don’t you’re getting worse tax treatment by having growth stocks in an RRSP.

Maybe I’m over thinking it but I’d like to get other people’s input in the matter.