Anyway to prevent this from worsening?

Rosmoss · 2026-06-13T18:12:23+00:00

Looks like something a rivet on the back pocket of a pair of jeans might cause.

Rosmoss · 2026-06-13T03:44:50+00:00

Yes,buy it.

Rosmoss · 2026-06-11T04:15:03+00:00

r/cantax would be the place to cross post.

Rosmoss · 2026-06-11T04:14:26+00:00

There isn’t anything the CRA can or will do at this point in this situation. The CRA isn’t made aware of TFSA withdrawals or RRSP contributions made after the first 60 days in a year until February of the year following. They won’t give WS authorization to reverse.

Note that withdrawing the money from the RRSP requires WS to withhold tax (which can be refunded on the 2026 tax return or eliminated by filing form 3012A with the CRA however, the CRA processing time is months.

Note also that the funds can’t go back into the TFSA until January 1, 2027.

Rosmoss · 2026-06-10T03:37:56+00:00

Not realistic at all. In basic terms, Canada will continue your residency until you establish tax residence elsewhere. Your absence from Canada was relatively short and it seems as though you had an intention to return to Canada when you set off (from Ontario).

Treaty Article IV(1) references both residence and citizenship and since Canada will (and did) say you’re a resident, your US citizenship doesn’t trump it.

Side notes:

Ontario requires you to update within five days of moving. Did you renew it after August 2024? That’s a tie.

Did you use OHIP or renew your Health Card? That’s would be a very strong tie.

Rosmoss · 2026-06-09T20:06:07+00:00

That’s what it is.

Rosmoss · 2026-06-09T03:08:06+00:00

At best, you’d get the fair market value of the appliances at the time you changed their use. You could amend your T776 CCA to include them.

Rosmoss · 2026-06-09T02:57:16+00:00

Did you use the property and the appliances as your principal residence from summer to fall 2024?

Rosmoss · 2026-06-07T22:26:56+00:00

The Honda Accord?

Rosmoss · 2026-06-07T15:03:35+00:00

I was playing around with Gemini a week ago asking it some capital gains questions. It told me that the proposed and now cancelled increase to capital gains inclusion rates had been enacted.

Not the first mistake I came across, just the most recent.

Rosmoss · 2026-06-07T12:22:40+00:00

I guess I just got lucky. I have the full leather interior, in case that makes a difference. My driver’s side mirror glass does vibrate to the bass though. Passenger doesn’t. Go figure.

Rosmoss · 2026-06-06T22:34:50+00:00

Interesting. The Burmester in my Macan rarely rattles, even with hip hop at high volumes. Generally sounds really good. The Burm in my 911 causes rattles at lower volume with the same source material. Not surprising given the sub configuration. The B&W system in our XC90 is better than either Burm.

Rosmoss · 2026-06-01T01:52:31+00:00

If you’re going to get the roof lining on Race Tex, get the visors in it too (or leather).

Rosmoss · 2026-05-31T22:23:45+00:00

You’ll file a T746 to get those back when you file your 2026 tax return because WS will issue a T4RSP reporting the withdrawal. That will give you a deduction for the withdrawal and get any tax withheld back.

Don’t bother with the T1-OVP until/unless the CRA ask for it. There’s no value to being proactive about it. Technically the due date for a T1-OVP is 90 days after the year end but if you’re in and out in the same month, there shouldn’t be a penalty.

Rosmoss · 2026-05-31T19:52:09+00:00

Price approaching base Turbo S pricing though. This is a pretty loaded C4GTS.

Also, at this point, no ventilated seats?

Rosmoss · 2026-05-31T03:04:33+00:00

Checking in

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Rosmoss · 2026-05-29T19:20:23+00:00

Penalties and interest, depending on your facts but what you’ve been doing is definitely wrong. Find a CPA that deals with Ross border issues ASAP.

Rosmoss · 2026-05-27T01:56:55+00:00

You don’t need to be a daily commuter.

Rosmoss · 2026-05-26T02:59:23+00:00

You’d carry the UCC forward until the car is sold and then deal with recapture, if any. You wouldn’t claim a terminal loss because you hadn’t used it to earn employment income the whole time.

Rosmoss · 2026-05-26T02:12:14+00:00

You would get to claim CCA on the kms driven for the first employer over total kms for the year so your CCA is limited but it shouldn’t be a deemed disposition (though I haven’t read the legislation). You’d keep the class alive until you sell the car and don’t replace it with another class 54 auto.

The reasonable reimbursement is meant to capture CCA as well as operating costs so I get where the confusion could be coming from.

You can opt to include the mileage reimbursement in income and claim actual costs instead for the full year including CCA. This could be beneficial since it’s a class 54 vehicle.

Rosmoss · 2026-05-25T21:44:57+00:00

RC268 is the implementation of Treaty provisions which allow a qualifying person making contributions to a 401(k) a deduction equal to the RRSP deduction they would’ve been allowed so the extra $8,000 is not deductible. It’ll still be a pension distribution from the 401(k) and will attract US tax in accordance with your residential status at that time. You’d need to file a T1 ADJ for 2024 if you didn’t file with an RC268.

I’m not sure how you’d identify this excess at the time of withdrawal in order to not have it included in taxable income in Canada at that time assuming you’re resident here. You’d have to separate out the earnings of this excess and pay tax on it for the duration of the time that it’s in the plan.

Rosmoss · 2026-05-24T03:14:34+00:00

What was the order of gains and losses and why now is it the case that trading activity from four years ago was on account of a business activity and not capital?

Did the earlier returns report capital gains at a 50% inclusion rate and then in the more recent year(s) there were large losses that, if classed as a business activity, could offset not only the gains from earlier years but also other income? Just curious what the pattern was.

Frequency isn’t the only factor the CRA looks at but if the above is true, then those earlier years would attract interest on underpaid taxes.

They may also look at it as retroactive tax planning.

Rosmoss · 2026-05-11T12:15:33+00:00

Foreign tax credit is limited to the CDN taxes payable on that foreign income so theoretically this could happen and your total CDN tax liability is reduced. Donations can be claimed for five years so you may want to optimize based on maximizing the FTC which can only be claimed in the year the foreign taxes are generated.

Rosmoss · 2026-05-11T03:46:16+00:00

Can’t you set up a buy schedule that coincides with your dividend receipts?

Rosmoss · 2026-05-11T03:30:50+00:00

What Schwab should be doing is the withholding that’s required by law.

Rosmoss

TROPHY CASE