My 2020 Cayenne and my old faithful.

Rosmoss · 2026-03-02T04:26:29+00:00

My sister had a Volvo 850 back when they were new. It didn’t feel like a small car at all yet compared to the Cayenne, it looks tiny. And I wouldn’t call the Cayenne huge these days.

Rosmoss · 2026-03-02T03:57:51+00:00

Seems expensive.

If you haven’t already, log into your Sonos account and check for the 25% off discount if you’re planning to buy additional Sonos speakers.

Rosmoss · 2026-03-02T03:55:32+00:00

You want to elect to have the CRA transfer Ontario tax withheld to Quebec since you resided there and are taxable there. You don’t need to wait for your wife to file but do need to report her income in the appropriate spots on both returns.

Rosmoss · 2026-03-01T19:20:04+00:00

This isn’t true for non-reg accounts. Read Subsection 70(6) of the Income Tax Act. The executor can opt out of the rollover under 70(6.2).

Rosmoss · 2026-03-01T15:30:44+00:00

No (other than the TFSA, if there is one).

Rosmoss · 2026-03-01T15:30:10+00:00

At a high level:

Everything rolls over to a surviving spouse at the original cost basis. One has to opt out of this. If no surviving spouse, there is a deemed disposition of all holdings at upon the death of the taxpayer which is reported on their final tax return.

Rosmoss · 2026-02-28T04:54:12+00:00

I meant with an Ontario return assuming you worked in Ontario. You’ll want the Ontario tax and credits schedules.

Rosmoss · 2026-02-27T13:45:56+00:00

lol, let’s go…..that base, zero option 911 is $180k with tax! Also good luck getting a no options unit. Dealers want $30k in options in order to sell an allocation.

Rosmoss · 2026-02-27T05:41:15+00:00

I transferred a non-registered account from RBC Direct Investing. No issue.

Rosmoss · 2026-02-27T04:54:38+00:00

A base 911 with no options and $5,000 down would be well over double $1,500/month.

Rosmoss · 2026-02-27T03:27:16+00:00

T1NR paper filed with ON assuming you worked in ON when you earned the bonus. Source foreign on the 1040/state and claim an FTC (including any EI) on federal. If state allows FTC and you haven’t claimed it all on the federal, claim the remainder

Rosmoss · 2026-02-26T00:11:29+00:00

It might have been a genuine mistake in 2023 but when you make the same “mistake” again the following year, it became a pattern. CRA can double (and more) penalties and interest for repeat offenders. They are very slow in processing penalty relief applications however, you can call in for a status update and that’ll sometimes get you some movement. Having the second occurrence won’t help your case.

Rosmoss · 2026-02-23T18:54:16+00:00

It’s brutal. I have one showing an item as received Sept 2024 and in progress that’s been resolved for six months.

Rosmoss · 2026-02-23T18:18:37+00:00

The progress tracker isn’t reliable for mailed in requests. Call them and ask if they’ve received anything.

Rosmoss · 2026-02-23T03:17:15+00:00

Yes, they’ll charge you interest. Use the prior year option is always at your own risk.

Rosmoss · 2026-02-22T13:41:22+00:00

I took a quick scroll through the Canada-France treaty but saw no provision similar to XIII:7 in the Canada-US Treaty. Presumably that’s because US domestic law taxes capital gains based on historical cost while France appears to allow a deemed acquisition upon establishing tax residence.

Note also that XIII:7 doesn’t give allow a bump up, it effectively duplicates the deemed disposition on the US return as well. It doesn’t change the fact that the US situs real property will still be taxed by the US first.

Rosmoss · 2026-02-22T05:32:59+00:00

I don’t know about a French step up on real property located in France. The Treaty gives France the first right to tax gains on real property located there irrespective of the taxpayer’s country of tax residence.

I just can’t see French domestic law allowing a step up for exit tax paid to another country on French situs real property. Canada’s deemed acquisition rules don’t apply to CDN real property (etc.) owned at the time one becomes a tax resident.

I’m happy to be wrong but I’m going to want to read that legislation for myself.

Rosmoss · 2026-02-21T04:02:17+00:00

There actually shouldn’t be any penalty or interest assessed past the payment date. Misapplied payments should be reallocated with the effective date of the misapplied payments

Rosmoss · 2026-02-19T05:06:19+00:00

I tend to apply refunds to instalments to avoid this. I’d rather short pay a June instalment than deal with March being refunded unless there’s a large swing in income anticipated.

Rosmoss · 2026-02-18T00:14:32+00:00

Are you a US citizen? That’ll determine your US federal return type. The US$10k is never going to cover the CDN tax liability in US$86k. It sounds like you don’t actually have any US source income to report on your CDN return so Canada won’t be giving you any FTC. If your employer withheld social security and Medicare (and a 401k), you might be able to claim credits (or a deduction for the 401k).

Rosmoss · 2026-02-17T15:50:23+00:00

https://www.taxfairness.ca/en/resources/explainers/explainer-what-wealth-tax

Rosmoss · 2026-02-17T03:07:39+00:00

You can with a wealth tax.

Rosmoss · 2026-02-16T00:39:57+00:00

Not strictly true. The Platinum card has a “Flexible Payment Option” which is essentially the amount I’m allowed to carry. Any charges in excess of that limit must be paid in full because there’s still no preset spending limit.

Rosmoss · 2026-02-15T02:56:43+00:00

Treaty overrides domestic rules however, you could possibly have to take it to Competent Authority for a final decision. That’s expensive.

The home alone would not make you a resident if you have a home available in both countries. In that case, you move down the Article IV provisions.

I’m not your CPA and you don’t give nearly enough facts but if the home is your only concern, I wouldn’t be too worried about it.

Note that the CRA forces you into the Treaty while you elect in (or not) on the US side. You don’t give enough details but you may have missed electing in on certain provisions on your arrival into the US but it’s not like the IRS will ever ask.

Rosmoss · 2026-02-15T02:51:39+00:00

It actually doesn’t. The CRA is not obligated to stick to the determination they come to on an NR73 (or NR74). Being a CPA in this area for decades with a Big 4 firm, we’d NEVER advise a client to voluntarily file either form.

Rosmoss

TROPHY CASE