Author Topic: Non resident tax return, deemed disposition of registered investments?  (Read 794 times)

moustacheverte

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I left Canada last year so my tax return is that of a non resident. I don’t have physical property in Canada but I have my money invested in Canada in iShares with TD.

I hired a professional accountant to prepare my return, but they tell me that I don’t have to pay or report anything about the investments because it’s not physical property.

I think that is wrong. The preparer didn’t even include a T1161 with my tax return which according to the CRA must be completed even if you have nothing to report on it. I also think they’re mistaken and I should pay taxes as if I sold and bought back my investments on the day I left (to trigger a tax event for the profits/loss on the investments market value)

What do you think? Am I mistaken?

And what happens if the tax preparer was wrong and the CRA hits me with penalties (25$a day for that matter) + interests? Is the tax preparer responsible at all for their mistakes?

Finally, should the bill for the tax preparer services be exempt of sales tax since I’m buying from outside Canada?
« Last Edit: May 18, 2020, 12:36:04 AM by moustacheverte »

FIRE Artist

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Are your investments in taxable or registered accounts?  Do you meet the requirements to be a non resident of Canada?  It is more complicated than just moving away from Canada.

 

Wow, a phone plan for fifteen bucks!