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PeteH

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  1. Hi Maggie, Thanks for your response. I am referring to the tax return in Canada with a partial ownership to a private company located outside of Canada. In this case, does one need to include the partial ownership in his/her Canadian tax return even though there was never any dividend, salary etc. received from the foreign company (ie. merely hold partial share ownership; no financial involvement to the company) Thanks,
  2. Was wondering how does one report partial ownership of a private business (located outside of Canada) in personal tax return ? There was no any dividend or money received during the whole period while being a shareholder. The company is owned by family member, so names were simply used as one of the shareholders for the private company. There were never any fund received from the company. Only a name was attached as a shareholder. How does one go about reporting such "ownership"?
  3. Hi, Was wondering if a foreign bank account needs to be included on T1135 form if it's been opened but has never been used (ie. zero balance on the account since opening). Thanks,
  4. Hi, Was wondering if Canadians can choose to continue filing their annual income taxes (as a regular tax resident) even if they only spend about one month in Canada each year? Reason being not to trigger the deemed disposition (ie. departure tax) ? Thanks,
  5. Hi, Was wondering how does one report a "partial ownership" of a foreign property (ie. not referring to joint ownership). I'm referring to transferring a "tax free" amount on a yearly basis to a family member due to gift tax. The family member is a Canadian tax resident. The property is NOT a income producing property. In other words, the child who receives the "gift" will have an yearly increment of the foreign property until the full amount of the property is transferred. My question is - does the child need to report the yearly corresponding "gifted amount" (ie. increases yearly) on T1135, or can this be reported once the property has been completely transferred in a few years? Thanks,
  6. Thanks - what happens if the brokerage account is neither Canada or USA based ? Do I then report the brokerage account balance OR list each securities within the account ? Thanks again,
  7. Hi, Was wondering if one needs to include a foreign brokerage account? (total foreign asset is >$250k). And whether it's the brokerage account itself needs to be reported OR only the investments within the brokerage account needs to be reported? Thanks,
  8. Hi, As topic name - was wondering how does one report gains/losses from IPOs from shares? Thanks,
  9. Hello, CRA site states that Canadian mutual funds (even holding foreign assets) do not need to be included on T1135. My question is - how does one distinguish whether an institution issuing a mutual fund is Canadian or maybe US ? For eg. Canadian top 5 banks issued mutual funds are definitely Canadian mutual funds, there are some like Fidelity, Pimco, Mackenzie etc. which also issue Canadian and US dollar mutual funds in Canada - how does CRA distinguish which is and not Canadian mutual funds ? Thanks,
  10. Got it, thank you so much ! 👍
  11. Thanks - to clarify a bond that pays interests semi-annually then is only reported as income when received (ie. I do not need to pro-rate the interest as of December 31 for the tax year) correct ? In your last sentence - you meant the accrued interest is NOT part of the ACB, and it IS considered as interest income for tax purpose, right? Since I will be removing the accrued interest from capital gain/loss at disposition, while deducting it from the total interest received as income, right ?
  12. Hi, Was wondering how do one report bond interest income? Is it reported only when it's actually received? Or does it fall under "accrued interest" rule (ie. report partial interest at year end, even though its only receivable in the next tax year) ? Thanks,
  13. Hi Brenda, Thanks for the clarification. The scale of repair makes sense, as I was thinking the same regarding the extended life of the building with full replaced roof. I will also call CRA just to clarify. Thanks again for your feedbacks 👍
  14. Hi Brenda, Yes - it makes sense a simple replacement would be current expense. But one thing puzzles me is that a roof replacement (even with insurance coverage), the cost can be high, can I really take the full amount less the deductible as current expense? It could easily bring the rental property's net income to be negative.
  15. Thanks Brenda, I was referring to purely repairing a property damage (eg. repairing a roof due to collapse of a tree). In that case, I suppose the insurance would pay for the actual cost to repair the roof LESS any deductible. From the article you attached, my understanding then is I can expense the deductible as current expense, while the amount that is paid out by insurance will be added to the cost basis of the property since its a capital cost (ie. new replaced roof)? Thanks,
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