Sentences with phrase «canadian tax purposes»

So, what initially appeared to be an accrued capital loss of US$ 2,000 (US$ 10,000 — US$ 8,000) turned out to be a capital gain of $ 962 ($ 10,966 — $ 10,004) for Canadian tax purposes!

For Canadian tax purposes, each taxpayer must file a separate return.

For Canadian tax purposes, Rob would include the $ 100,000 in his Canadian tax return as foreign pension income (as illustrated by the mechanics in the case above), but he would get an offsetting deduction for a $ 100,000 RRSP contribution since there is a special rule that allows you to contribute IRA funds to an RRSP without needing unused RRSP room.

Please note that T3 and T5 slips issued by Canadian mutual funds are for Canadian tax purposes only and do not contain sufficient information to support a QEF election.

Not exact matches

A few years ago, incorporation for tax purposes was still a rather exotic procedure for many Canadians who could benefit.

One issue is whether you will remain a Canadian resident for tax purposes.

In all foreign countries except Canada, we operate through legal entities disregarded for U.S. income tax purposes, and are subject to income tax in both the local country and the U.S. Unremitted earnings from our Canadian subsidiary, which are intended to be permanently reinvested outside the U.S., are not material.

In all foreign countries except Canada, we operate through legal entities disregarded for U.S. income tax purposes, and are subject to income tax in both the local country and the U.S. Unremitted earnings from our Canadian subsidiary, which we intend to permanently reinvest outside the U.S., are not material.

These accounts shelter returns from after - tax income, assisting Canadians in supplementing RRSP savings for retirement and other purposes.

Encana Corporation hereby advises all shareholders that, effective from January 1, 2006, all dividends paid on its common shares will be designated as «eligible dividends» for Canadian income tax purposes.

@ San: The TFSA contribution room starts in 2009, if you were turned 18 or older and are a Canadian resident for tax purposes for each year.

So if I'm a dual US - Canadian citizen living in Canada and filing taxes in both countries, can I set up an RESP and register the same account as a 529 for the purposes of filing my US taxes?

The selection of canadian securities (vs other countries» securities) should be done for tax purpose or for risk management purpose (exchange rate).

The selection of canadian securities should be done predominantly for tax purposes or for risk management purpose (exchange rate).

This web blog is for the purpose of letting Canadians know what is going on with tax issues and concerns in Canada and to provide valuable insight into how the Canada Revenue Agency (CRA) formerly known as «Revenue Canada,» works.

A: Every Canadian can have one principal residence for tax purposes.

No wonder the government touts policies such as allowing retired Canadians to split their pensions for tax purposes.

To be eligible for the Canada Child Benefit, an individual must be a Canadian resident for tax purposes, reside with the child and be the parent who primarily fulfils the responsibility for the care and upbringing of the child (or be a shared - custody parent).

In 2010, the Internal Revenue Service (IRS) issued a clarification that Canadian mutual funds are classified as corporations for U.S. tax purposes and, as such, are subject to the PFIC rules.

With that mindset, we recognize the concern among investors about the U.S. Passive Foreign Investment Company (PFIC) rules and have taken an active position in the investment industry by making all Purpose Funds available to Canadian investors who are classified as «U.S. persons» under U.S. tax law.

Many Canadians who owned taxable capital assets like cottages at that time filed an election to claim a deemed capital gain based on the then fair market value of their cottage, which would generally become your new adjusted cost base for capital gains tax purposes.

Many Canadians took a deemed capital gain on their 1994 income tax return that pushed up the tax cost of certain capital assets for tax purposes — including their cottages — based on the market value at that time.

If you plan on using your U.S. property as a vacation home you'll want to keep in mind the number 183 — that's the maximum number of days a Canadian can stay in the U.S. before they are considered a U.S. resident for tax purposes (as well as losing their Canadian resident status and health - care coverage).

For years, many Canadians minimized the amount of capital gains tax owed by strategically designating when each property was their principal residence, for tax purposes.

In theory, when you obtained ownership of your USD cash as a Canadian resident [* resident for tax purposes, which is generally a quicker timeline than being resident for immigration purposes], it is considered to have been obtained by you for the CAD equivalent on that date.

What with the currency risk, currency - 0conversion fees (or hassles of avoiding them like making phone calls) and drawbacks of RRSPs (e.g. convert capital gains and dividends to regular income for tax purposes, etc), it's not surprising I often hear Canadians say they don't do much foreign diversification!

Unitholders who redeem their units prior to the Restructuring will realize a capital gain or loss for Canadian income tax purposes.

A transfer of units of the Fund to the Corporation for shares of the Corporation will be a disposition for Canadian income tax purposes, which may result in a capital gain or loss to unitholders who hold their units outside of registered plans.

As a result, in the year of death, if you are a Canadian resident and you own U.S. real property, for Canadian purposes you may have a large «deemed» capital gain with respect to such property, in addition to a possible U.S. estate tax liability.

From a tracking perspective, you should always monitor your returns in Canadian dollars, because you have to for income tax purposes.

In addition, «all dividends paid on its common shares will be designated as «eligible dividends» for Canadian income tax purposes.

When the CRA introduced the VDP, one of the main purposes was to give Canadian taxpayers who had money or income earned overseas the incentive to own up to the amounts, pay the taxes owing and rest easy knowing they could access their money in Canada without penalty or prosecution.

Social Insurance Number (SIN): It is a nine - digit number issued by the Canadian Government for tax purposes.

Sandra Jack receives CTF Lifetime Contribution Award in recognition of enduring and influential contribution to the Canadian Tax Foundation and its purpose, operation, and body of works as a volunteer.

Examples include whether a worker is an employee or contractor, a person is a Canadian resident for tax purposes, or spending is a current expense or capital expenditure for tax purposes.

With regard to NON RESIDENT BUYERS I was advised by a solicitor in Ontario that even a Canadian Citizen / permanent resident (ex pat) living outside Canada in excess of 6 months would, upon re entering Canada and purchasing residential real estate in the GTA be considered a «non resident» for tax purposes.