Posted on: 07-03-16 05:15:39
I and my wife became non-residents of Canada for Tax purposes on 31/12/2011 and since then we have been living abroad.
We have a rental property in Canada. If I include interests, maintenance, mortgage and taxes, I believe that I wouldn't owe anything to Canadian government. ( I lose roughly $500 on my property monthly). However, I haven't filed any documentation to Canadian government regarding that,
I am looking to hire a tax consultant who can clean up our paper work for our situation. Is it anything that someone here can help me with?
Please PM me with a quote if you have a solution that can help me with avoiding paying 25% gross + penalties.
I do not want to set you into a Panic mode. As you say, if you both are considered as NON RESIDENTS of Canada, do you have proper documentation to show the same and it is from the Canada Revenue Agency?
If not, then you are back to square one. You will need to get started all over again and get those papers from them, as soon as possible. Notyhing gets lost and you all are still O.K. in my books.
Now for the TAX loss, from the rentals from the property, if you have not filed a tax return for the past SIX long years, you can still go back THREE years and claim the loss from the rentals and any tax filer here in Canada can do it for you for peanuts. Also you can purchase the software for the current year and file one for the current year too.
If you have all or most of the Bank Statements, rental receipts issued to the current tenant and their deposits into the Bank and your Non Resident Paper, you can do all of this through an H & R Block or any other with a store front that will do it for you. The fees will range from 50 -60 bucks a pop. So, for the past Three years it will run you under $200. You can start using their software from now on, which will enable you to carry on very comfortably, which will enable you to plug into all of the past year's figures etc., and give you the current years' return too. That will make your life very comfortable and you can do it from a location where you are.
Alternately, if you are close to a border town, start a correspondence with them and submit all of it as attachments to the e-mail and then drop in one day and sign your life away. You don't have to spend an arm and a leg for filing your tax return. Also being out of the country, they will allow you an extended period till the end of June, where as it closes for us on the April Fools Day.
Hope this helps you.
FH.
You don't need an accountant for a little while. So, hang in there. But if you
surely want to visit the Falls, choose the tax filer at the Falls and drop in when it is hot where you are living. G.L. fh.
--
Quote:
Originally posted by Fazool123
I and my wife became non-residents of Canada for Tax purposes on 31/12/2011 and since then we have been living abroad.
We have a rental property in Canada. If I include interests, maintenance, mortgage and taxes, I believe that I wouldn't owe anything to Canadian government. ( I lose roughly $500 on my property monthly). However, I haven't filed any documentation to Canadian government regarding that,
I am looking to hire a tax consultant who can clean up our paper work for our situation. Is it anything that someone here can help me with?
Please PM me with a quote if you have a solution that can help me with avoiding paying 25% gross + penalties.
Quote:
Originally posted by Full House
I do not want to set you into a Panic mode. As you say, if you both are considered as NON RESIDENTS of Canada, do you have proper documentation to show the same and it is from the Canada Revenue Agency?
If not, then you are back to square one. You will need to get started all over again and get those papers from them, as soon as possible. Notyhing gets lost and you all are still O.K. in my books.
Now for the TAX loss, from the rentals from the property, if you have not filed a tax return for the past SIX long years, you can still go back THREE years and claim the loss from the rentals and any tax filer here in Canada can do it for you for peanuts. Also you can purchase the software for the current year and file one for the current year too.
If you have all or most of the Bank Statements, rental receipts issued to the current tenant and their deposits into the Bank and your Non Resident Paper, you can do all of this through an H & R Block or any other with a store front that will do it for you. The fees will range from 50 -60 bucks a pop. So, for the past Three years it will run you under $200. You can start using their software from now on, which will enable you to carry on very comfortably, which will enable you to plug into all of the past year's figures etc., and give you the current years' return too. That will make your life very comfortable and you can do it from a location where you are.
Alternately, if you are close to a border town, start a correspondence with them and submit all of it as attachments to the e-mail and then drop in one day and sign your life away. You don't have to spend an arm and a leg for filing your tax return. Also being out of the country, they will allow you an extended period till the end of June, where as it closes for us on the April Fools Day.
Hope this helps you.
FH.
You don't need an accountant for a little while. So, hang in there. But if you
surely want to visit the Falls, choose the tax filer at the Falls and drop in when it is hot where you are living. G.L. fh.
--
Quote:
Originally posted by Fazool123
I and my wife became non-residents of Canada for Tax purposes on 31/12/2011 and since then we have been living abroad.
We have a rental property in Canada. If I include interests, maintenance, mortgage and taxes, I believe that I wouldn't owe anything to Canadian government. ( I lose roughly $500 on my property monthly). However, I haven't filed any documentation to Canadian government regarding that,
I am looking to hire a tax consultant who can clean up our paper work for our situation. Is it anything that someone here can help me with?
Please PM me with a quote if you have a solution that can help me with avoiding paying 25% gross + penalties.
Awesome. Thanks FullHouse...
Just use a review in your location.
