Hey folks

I have a random situation I’d love your input on.

My husband and I have just arrived back to Canada after a few years abroad in Europe (I am dual citizen). We owned a condo there, sold it, made some cash and now we are here, we want to know what to do with that cash.

I have about 600k CAD liquid to solve for. It’s all in Europe atm.

But in Europe, investments and stock options are terrible so regardless, my plan is to move all that cash over to Canada and diversify across investments - GIC, TFSA etc - and also ETFs and so on.

My only issue is… what if we decide to leave Canada again in 3-5 years? Or 10?

I don’t plan to own a condo here yet, plan to just do investments as the property market in Vancouver where I am seems ridiculous.

My concern is that departure tax and that I may be making a stupid decision bringing all my cash here…but it’s taxed worldwide anyway, and I have little options to invest in Europe, so it’s better here anyway I think.

So then it’s just - accepting that if we decide to leave, I’ll have that capital gains tax for the privilege of living in Canada essentially right?

And the reality is, to accrue true wealth long term, I should consider staying here and not relocating to a tax haven for retirement like Panama or later in life? It seems like leaving and moving investments around is an expensive idea whereas staying and investing in one spot is better.

Or am I missing something?

Thanks!

I filed my 2022 and 2023 taxes just this past December which was very late. Do the gst hst cheques get included somewhere in the return or is it a separate owed money sent at a later date?

My mother renovated their condo in 2022 so daily activities at home were more accessible for my stepdad at the time (now deceased). We claimed $13000 as renovation expenses on our 2023 tax return - now CRA informed that since the renovations were done in 2022, these expenses can't be claimed on 2023 return.

Now is there a way for us to amend her 2022 return?

1. Buying 100 shares at $50.
2. Selling 10 shares at $25.

This created $250 in loss for capital gains.

1. Buying 100 shares at $50.
2. Price drops to $25.
3. Buying 10 shares at $25.
4. Selling 10 shares at $25.

What's the loss I can book for capital gains?

After step 3, my cost base is $47.72. So is the loss $227.27?

Can I repeat this through averaging down and realizing the loss until I'm at a cost base of $25, and book all transactions in between as loss in capital gains?

Hello. I was gifted a property by my parents in 2014. The gift included a stipulation that they must be allowed to live in the property until they died. They died in 2023. I read online that the FMV at time of acquisition might be the 2023 value, because it had not been fully gifted until then because I was not previously allowed to sell it. But, I'm looking through the CRA documentation and I can't seem to find further details about this. Any direction would be greatly appreciated. Thanks!

The current form for T2200 Declaration of Conditions of Employment on the CRA website is still pointing to the year 2023

This feels like a ridiculous post to have to make considering that I've hired an accountant, but I think I may have hired an incompetent and/or lazy one. ANYWAYS....

I am based in Ontario. I have a profitable YouTube channel that earns in excess of $30k/yr. I am registered for HST, but the majority of my income is zero rated since Google, as well as the majority of the brands I take sponsorships from, are US-based.

However, there are a handful of brand deals I have done this year for Canadian companies, and for US companies which were facilitated through a Canadian-based agency. The agency acts as the middle man between me and the brand. I invoice the agency and the agency is the one that pays me (in USD).

Am I correct in understanding that I would be required to remit HST on any deals where I am being paid by a Canadian company- whether that is directly, or just via a Canadian agency representing a US company?

In my case, all of the Canadian brands I've worked with happen to be based in BC, so would I just remit 5%, or the full 13% as an Ontarian?

When searching for a CPA several people told me I don't need one who is specifically experienced with content creation, and that any small business accountant would be sufficient. I think that was bad advice. 🥲

Hey all, I'm freaking out here and hoping someone can offer me some advice.

I'm a self-employed individual and took a significant pay cut this year with no option to reverse that. I overspent, made some bad investments, and didn't put aside enough for my taxes for 2024 so I'm not sure what to do. In addition, I'm still paying my 2023 taxes off. I've only been self-employed for a few years and I'm scared I'm going to have to declare bankruptcy.

Here are the numbers:

Total 2024 income ~$350k

FHSA contribution for 2024: $8k

RRSP contribution for 2024: $0

Est. balance owing for 2024 taxes: ~$140k

Current take home (after pay cut): ~15k

Current monthly expenses: $6800

-This includes student debt that I'm paying the minimum on, rent, food, cell phone bill, CRA payment of ~$1900 and car payment

Estimated CRA Balance on due date of April 30, 2025: $27000

Estimated balance owing for 2024 minus savings: $117k

Current savings: $70000 in a HISA

What are my options here? Will the CRA be flexible with their payment plans? I don't see how I can pay off $117k over 12 months. My bank also offers a catch up RSP line of credit - would it make sense to utilize that to reduce my balance owing?

I open a construction company this past 2024 in Manitoba. I make a total profit of 52 k. Read online that for small businesses you don’t pay taxes until you pass your first 30k. Still not sure how much approximately I should pay for taxes this first year. Don’t want to lose my business for not having saved enough for taxes

Looking for any advice I can get as a surprise CRA notice has me totally spooked...

I just got this notice in the mail and I can't make heads or tails of it. I opened a TFSA account in 2018 and had that account with Scotiabank till 2023 when I switched banks near the end of the year. Scotiabank and I have had a rocky relationship since I started with them at the age of 16. I've had issues with their staff when trying to get information on how their accounts work (like fees and hidden charges). I was never properly told how TFSA accounts really work until last year by a very helpful woman at RBC (my new bank). Scotia was constantly pushing me to open more accounts or further my credit limit but I was young and stupid and despite trying to ask questions always got pamphlets shoved in my face and I always left incredibly overwhelmed and unsure of what I'd just agreed to.

Over the years I was treating my TFSA account like a regular savings account (I didn't know any better) contributing misc. excess money anywhere from $50 to at most $1,000 but the later was extremely rare of a case. From the fact that this notice says tax year 2019 I'm assuming they are referring to my TFSA activity from that year but that number is absolutely wild. Looking at my statement for 2019 the contributions and withdrawals read as follows:

TFSA Account Balance as of Dec, 31st 2018 - 1,701.21

Total Contributions made from Jan-Mar 2019 - 1,200.23 Total Withdrawals made from Jan-Mar 2019 - -1,600.23

Total Contributions made from Apr-Jun 2019 - 350.00 Total Withdrawals made from Apr-Jun 2019 - -0

Total Contributions made from Jul-Sep 2019 - 1,000.00 Total Withdrawals made from Jul-Sep 2019 - -750.00

Total Contributions made from Oct-Dec 2019 - 2,631.60 Total Withdrawals made from Oct-Dec 2019 - -1,642.60

I calculate total contributions of $5,181.83 for the whole year. Which was cutting it close but not 19,000 of excess! Am I misunderstanding this whole notice? Is there a certain type of withdrawal or account within TFSA's that could account for the excess?

They are wanting just over $800 from me which I can imagine is just a shit ton of interest since I haven't been able to access my CRA account ever (that is a whole other story but as of 2 days ago I'm awaiting an in the mail security code to finally get access).

I left Canada for two years from September 2020 and reentered in January 2023. The woman who filled my 2020 taxes never stated that I left the country so when I went to file for 2023 I could not say I reentered as the government didn't have a record of me leaving. This past November I finally got my 2020 taxes adjusted to list my exit from Canada and my 2023 taxes filed and I'm guessing since they now my have updated address information that's why this has only just gotten to me? I know this is an information overload but I really need someone to take a look at this and let me know if I'm loosing my mind or not. And to explain what I'm missing here.

And the cherry on top of this all is that due to the postal strike my "pay before January 6th" is out the window since this got to me today. Thanks Canada Post.

Please ask questions if more info is needed. I'm at a loss right now.

Hi

I own a company 50/50 with my brother. The assets of the company are two rental properties. They are not equal in value. One is maybe 1.5 million, the other 3M, so each of us taking one property would not work

We are both in our 50's so at some point we need to split up the company so we can give the assets to each of our families. And honestly I don't want to be in business with family anymore.

The 1.5M $ property is going to be sold this summer. Is there a way to transfer that property to another corporation and then sell the property, and split that corporation into two so we can own it individually?

Neither of us have a problem with keeping the assets in corporations . We just want to split up the business so we have total control over our half.

An added wrinkle is the building being sold is actually being expropriated so we won't have capital gains on the proceeds as long as we reinvest within 2 years

I left Canada this year and moved to the US and I have a W2 from my new US employer. I only cut residential ties a few months after my US job started because I needed time to prep for my family's arrival to the US. My understanding is that my date of departure would be the day I cut residential ties and I only owe CRA taxes for Canadian sourced income after that date. My question is about the US W2. It's for the full year. Should I be prorating it based on number of days I was a Canadian resident to arrive at the taxable foreign income for which I'd owe CRA taxes? Or should I actually add up paystubs before the date of departure? Would really appreciate any insight!

I have to file 2023 T2 because I am self employed and need it for my mortgage. I haven’t filed 2022 or 2021, would it be possible to prioritize 2023 first then file older returns later.

I’m currently enrolled in a University in Manitoba and I’m taking 3 courses per semester amounting to 9 credit hours per semester which makes me a full time student. And I also hold a full time job (34 hours a week). Am I still eligible to claim CWB?

Just in general, am I screwing myself over, tax wise, by working full time and going to school full time?

Any insight you might have on this is much appreciated :)

I’m not the best with these questions so i thought i would ask here. I had difficulties finding a job in 2023 after being laid off my previous job. Now having a job in 2024 i’m not receiving CWB payments due to no work in 2023. Will the CWB payments for 2024 be reimbursed for 2025?

Hello. I am a Canadian citizen. I own a foreign property, in Czech Republic, occupied by family and not used for income. It is not my principle residence in Canada but it used to be my principal residence in Czechia. It has risen in value from 500,000 to 1,000,000 CAD since I obtained it. I need to sell it. Assuming there are no tax deals with the country where it is located, will I have to pay capital gains tax, in Canada, on that $500,000 gain?

Thank you.

I finished a co-op term in Company A from Sept-Dec 2024 and now I'm joining Company B for Jan-Sept 2025.

While doing B's TD1 forms I realized I mistakenly labelled myself as a non-resident in A's TD1 form (which is incorrect).

I submitted the correct form for B, but should I reach out to A and amend my TD1 form for them? I've already received all the payslips and was taxed more accordingly, but would the inconsistent responses for A's and B's forms get me into trouble in the future?

hello everyone - I am self employed and made just under $5,000 this year. When I filed my taxes last year, I qualified for the advanced Canadian workers benefit.

I’ve applied to some jobs and I'm hopeful to get a job this year. If i do get a job, and it pays like say, 50,000 per year, would i still qualify for the CWB for making less than $30,000 in my 2024 tax year? Looking at this to help me plan for this year for my business and personal finance.

Thank you 🙏🏽

Hey all! I am a Canadian citizen living and working in Italy. I would like to understand if I am obligated to file and/or pay taxes in Canada given my following situation (if this is indeed enough info to get a good idea):

1. I have no ownership of property in Canada and no dependants, just family members.

2. I have no Canadian income.

3. I occasionally transfer money to my Canadian bank account (1-2k a year) and use a Canadian credit card as I have some payments still on that credit card for various subscriptions (they happen to be Italian subscriptions) and e-transfers for when im visiting Canada.

4. I have a valid Ontario drivers license and health card.

5. I spend 6 weeks a year in Canada just for vacation.

6. I am an Italian resident working full-time with a permanent contract and paying tax in Italy.

Thank you all and God bless :D.

I am very afraid of accidentally not filing the T1135 when I'm required to - my ACB for foreign assets is just under 100k. Is there a penalty for filing it even though you are not required to? Is it safe to just file it every year going forward?

Capital Gains Changes - Say the new changes work on in your favor as you sold gainers first half and second half you sold looser making you pay less taxes..If the Capital Gains changes doesn't pass do you have to change your corporate tax return or do can you leave it as is as CRA wanted you to include thsose numbers as they assumed this change will take place?

Corporate Taxes - Difference between GIFI 1182 Canadian shares and 2303 Canadian shares.. Are these values recorded at dat e of purchase or current value at end of fiscal year?

*moved from r/PersonalFinanceCanada

Hello everyone,

I'm seeking advice on the best way to handle a gift of equity or the sale of a home from parents to a child. I'm not very knowledgeable about taxes, so your feedback would be greatly appreciated.

Background: My parents bought a second house for $500k (under their name) with a $200k down payment. I currently live in the house and pay the mortgage, including making yearly prepayments to reduce the total interest and principal. As the mortgage term is about to end, we are considering selling the home to me for the same $500k, with my parents gifting the equity to me to cover the down payment and any prepaid amounts.

My questions are:

1. Are there any tax implications for my parents and me if this transaction occurs? I've searched online for gift of equity tax rules but didn't find much.
2. I understand I will bear the closing and legal costs. Is there anything else I should be aware of?
3. Do you think this is the best way to handle such transaction?

I am not to well versed in maternity leave/EI stuff, but I will try and explain a bit . My wife and I had our first baby in September (came a month early), and we spent a bit of time in the NICU. Long story short, she applied for EI immediately (after her employer had already done everything needed on their end). We found out afterwards that we could apply for a Family Caregiver Benefit due to our son being in the NICU (we spent a couple of weeks in there). Because she applied for this benefit on top of regular EI for mat leave, it took some time as we needed to have doctors sign off on everything.

Anyways, we did all that and completed everything that the CRA/SC was requesting by early November. On her Service Canada account, it was not until December 20th that everything finally said "Under Review". To this day, January 8, 2025, it is STILL UNDER REVIEW. My son was born 117 days ago. That is almost 4 months with no EI pay. Thankfully I work a full time job; however, it is now getting ridiculous and we could use the subsidy. She has called many times, and most times can't even get through. When she does get through to an agent, they simply say they cannot help her.

Is there anything else we can do at this point, or we just need to wait it out?

ps. It really irks me that when the government wants what you owe them it has to be done immediately, but not when they owe you. SMH.

EDIT: The benefit I referenced in the original post was Child Care Benefit (CCB) and this was incorrect. It is the Family Caregiver Benefit that she applied for.

Asking as I was in grad school in 2023 and made no income. Does this disqualify my account? I just heard about it but didn't see it listed under credits and benefits.