Re: Goodbye Canada Hello Capital Gains Tax
Originally Posted by 99problems
(Post 11199155)
CRA can't audit an asset held overseas.
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Re: Goodbye Canada Hello Capital Gains Tax
Originally Posted by JonboyE
(Post 11199224)
:rofl:
Why are they interested in assets (e.g. bank accounts) held abroad? Is it only to do with ascertaining sources of worldwide income or is it more strongly connected to potential CGT issues? |
Re: Goodbye Canada Hello Capital Gains Tax
Originally Posted by R I C H
(Post 11198921)
How much experience do you actually have of dealing with CRA? - You've been here less than 2 years.
I got audited within 3 months of arriving in Canada and starting a business here. CRA can be very thorough. Same here! We have a small business and in the 3rd year had an audit. The most nerve wracking experience ever! For what it is worth, we never gave CGT a thought and declared our property in our taxes in the first year and after a couple of years chose to pay tax on the rent in Canada and not UK (tax agreements in place between countries) and although it has increased dramatically since in value, we can only offset what we have spent on actually improving the property so apart from new double glaze windows and a boiler which we can off-set, any white goods we put in or painting etc we cannot because that is maintenance. |
Re: Goodbye Canada Hello Capital Gains Tax
Originally Posted by Novocastrian
(Post 11199242)
:rofl: Indeed. But on a more abstract point. What is the CRA's intention with this new T1135 form?
Why are they interested in assets (e.g. bank accounts) held abroad? Is it only to do with ascertaining sources of worldwide income or is it more strongly connected to potential CGT issues? |
Re: Goodbye Canada Hello Capital Gains Tax
Originally Posted by feelbritish
(Post 11199332)
Same here! We have a small business and in the 3rd year had an audit. The most nerve wracking experience ever!
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Re: Goodbye Canada Hello Capital Gains Tax
Dummies.
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Re: Goodbye Canada Hello Capital Gains Tax
Originally Posted by 99problems
(Post 11199948)
Dummies.
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Re: Goodbye Canada Hello Capital Gains Tax
Like your style Rich. You were most unfortunate to get audited before you'd even filed for the first year - seems a bit aggressive but even HMRC are going that way.
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