As Canada does not have specific death taxes or inheritance taxes levied against beneficiaries inheriting an estate, but have tax consequences against Non-registered assets as the taxpayer deemed to have disposed of all his property (stocks, bonds, mutual funds & real estate immediately before death at fair market value which might results in capital gain half of which is taxable to the deceased, to avoid this disposition is to transfer the property to the deceased spouse or partner without triggering tax liability. For Registered plans tax rules require fair market value of RRSP or RRIF at the date of death to be included on the deceased terminal tax return with tax payable at the marginal tax rate for the year of death. If the death occurred between January 1st and October 31st, you have until April 30th of the following year. If it was between November 1st and December 31st, they are due six months after the date of death. Tax returns for the deceased person for previous years that the deceased has not filed, they are due six months after death. At Economical tax we file Income tax returns that an executor must file insuring maximization of  executor tax savings & estate value.

STAY ON THE SIDE OF THE CANADIAN TAX MAN

Ticking away the moments that make up a dull day
You fritter and waste the hours in an off hand way

Are you an emigrant?

 

Generally, you are an emigrant for income tax purposes if:

• you leave Canada to live in another country; and
• you sever your residential ties with Canada.

Severing your residential ties with Canada means that you do not keep your main ties with Canada. This could be your case if:

• you dispose of or give up your home in Canada and establish a permanent home in another country;
• your spouse or common-law partner or dependants leave Canada; and
• you dispose of personal property and break social ties in Canada, and acquire or establish them in another country.

If you leave Canada and keep residential ties in Canada, you are usually considered a factual resident, and not an emigrant. However, if you are also considered to be a resident of another country with which Canada has a tax treaty, you may be considered a deemed non-resident. Deemed non-residents are subject to the same rules as emigrants.

For more information on residential ties and residency status, go to Determining your residency status.

When do you become a non-resident?

When you leave Canada to settle in another country, you usually become a non-resident for income tax purposes on the latest of:

• the date you leave Canada;
• the date your spouse or common-law partner and dependants leave Canada; or
• the date you become a resident of the country you settle in.

If you lived in another country before living in Canada and you leave Canada to resettle in that country, you usually become a non-resident on the date you leave Canada. This applies even if your spouse or common-law partner temporarily stays in Canada to dispose of your home.

What tax return would I need to file when I am emigrating from Canada?

Personal tax returns should be filed up to the date you leave the country, your tax credits are prorated.

T1243 Deemed Disposition of Property by an Emigrant of Canada

 

Things that you can not dispose:

Your tax obligations:
As a non-resident of Canada, you pay tax on income you receive from sources in Canada. The type of tax you pay and the requirement to file an income tax return depend on the type of income you receive.

Generally, Canadian income received by a non-resident is subject to Part XIII tax or Part I tax.
Part XIII tax
Part XIII tax is deducted from the types of income listed below. To make sure the correct amount is deducted, it’s important to tell Canadian payers:

that you’re a non-resident of Canada for tax purposes; and
your country of residence.
The most common types of Canadian income subject to Part XIII tax are:

dividends;
rental and royalty payments;
pension payments;
old age security pension;
Canada Pension Plan and Quebec Pension Plan benefits;
retiring allowances;
registered retirement savings plan payments;
registered retirement income fund payments;
annuity payments;
management fees.

Part I tax

The payer usually deducts Part I tax from the types of income listed below. However, if you carry on a business in Canada, or sell or transfer taxable Canadian property, you may have to pay an amount on account of tax:

If you carry on a business in Canada, see Guide T4002, Business and Professional Income, to find out if you must pay tax by instalments.
If you sell or transfer, or plan to sell or transfer taxable Canadian property, see Disposing of or acquiring certain Canadian property.
Even if the payer deducts tax from your income or you pay an amount of tax during the year, you may also have to filea Canadian income tax return to calculate your final tax obligation to Canada on:

income from employment in Canada or from a business carried on in Canada;
employment income from a Canadian resident for your employment in another country if, under the terms of a tax treaty between Canada and your country of residence, the income is exempt from tax in your country of residence;
certain income from employment outside Canada, if you were a resident of Canada when the duties were performed;
taxable part of Canadian scholarships, fellowships, bursaries, and research grants;
taxable capital gains from Disposing of certain Canadian property; and
income from providing services in Canada other than in the course of regular and continuous employment.

Electing under section 216 of the Income Tax Act:

What is a section 216 election?

As a non-resident of Canada, you can choose to send us a separate Canadian tax return to report your rental income from real or immovable property in Canada. Choosing to send us this return is called electing under section 216 of theIncome Tax Act.

The T1159, Income Tax Return for Electing Under Section 216 is separate from any other return you have to send us for the year.

Do you have more than one Canadian rental property?

If you have rental income from more than one rental property in Canada and you make an election under section 216, all of your Canadian rental income and expenses must be reported together on one section 216 return.

What is the benefit of electing under section 216?

Electing under section 216 allows you to pay tax on your net Canadian-source rental income instead of on the grossamount. If the non-resident tax withheld by the payer is more than the amount of tax payable calculated on your section 216 return, we will refund the excess to you.

When is your section 216 return due?

Generally, you have to send us your section 216 return within two years from the end of the year in which the rental income was paid or credited to you. For exceptions, see When is your 2014 section 216 return due?.

 

 

Dancing with the Loonie!

Are you dancing with the Loonie cheek to cheek (wishful thinking), after filing tax return online for < 20$ with your best selling fast tax software, perhaps, if you can not guarantee savvy tax returns due to user error( errors not caught by tax software’s built in error check)

do you hear the clink sound of the missed loonies (how many?), hundreds. If you find another tax software preparation method or another tax preparer in (Brampton/GTA  Toronto area ) who claims to offer larger refund than Economical Tax Preparation Brampton, we will refund your tax preparation fees. To qualify, the larger refund must not be due to difference in data supplied by you or positions taken on your return that are contrary to the law.

Savvy tax returns bottom line to be savvier about which deductions work in your favor to reduce your federal and provincial tax liability and get bigger refund. If you find another tax software online preparation method or another tax preparer in Brampton/GTA-office bound who claims to offer you a larger refund than that calculated by economical tax we will refund your tax preparation fees. To qualify, the larger refund must not be due to difference in data supplied by you or positions taken on your return that are contrary to the law.  Ram your tax return with Economical tax service Comprehensive list of what to claim if applicable from $39 : Home buyers plan, family caregiver amount, Eligible dependants, Ontario healthy homes renovation credit, Medical expenses tax credit ( Travel medical care expenses ), Pension income splitting,  Student tuition,  Interest paid on students loan, Spouse or common law partner amount, Child care expenses( maximum of 8000$ ) for children under age of 7, children age 7-16 ( maximum of 5000$ ) , RRSP deduction ( If your next year income is grater then do not claim your RRSP this year) , For low income tax filers report your rent or property tax to get Ontario tax breaks. . Even the best selling tax software can not guarantee savvy tax returns due to user error ( errors not caught by the tax software’s built in error check ). Savvy tax returns will optimize your tax refund and reduce your tax stress and pain for the season. Just 15 minutes of free tax consultation could save you 15% or more on your tax refund savings.

Savvy tax returns bottom line to be savvier about which deductions work in your favor to reduce your federal and provincial tax liability and get bigger refund. If you find another tax software online preparation method or another tax preparer in Brampton/GTA-office bound who claims to offer you a larger refund than that calculated by economical tax we will refund your tax preparation fees. To qualify, the larger refund must not be due to difference in data supplied by you or positions taken on your return that are contrary to the law. Our comprehensive savvy itemization of your deductions is more thorough than the other guys who are charging more for your tax return, we enter all possible deductions, credits and other tax related information without having to hunt it down. Even the best selling tax software can not guarantee savvy tax returns due to user error ( errors not caught by the tax software’s built in error check ). Savvy-ax-t1 tax returns will optimize your tax refund and reduce your tax stress and pain for the season. At Economical tax returns brampton we will trump your tax refund as a result of the comprehensive tax return tune up and full optimization, we slam dunk your tax deductions and fix your tax credit errors from previous years.

 

I know you are on a low budget,i know you are not cheap, i understand you are just a cut price person in a low budget land, whether your’e financially stretched, wanting to save some extra cash or just addicted to good deals, then Economical Tax returns fiesta can help you put the pieces of your financial tax puzzle together, we will increase your tax season peace of mind and the size of your tax refund. We will usually back you up and stand behind you in case of an audit, because we understand CRA tax extremely well, so if you get a letter in the mail marked CRA/ Canada but it ain’t no tax refunds, you gotta play it cool, don’t you be a fool, you gotta play it cool, like an icicle, do not sit back and take whatever tax authorities decide to dish out, seek economical tax advise as you should weigh the cost of the advice against the tax savings.
Come and join Bramptonians who are singing in the salty breeze, are filing out tax returns, spinning out webs of deductions at economical tax Brampton. so if you might have a tax problem that you do not understand, just call on me brother when you need a hand with your tax preparation. If you have a heavy tax load or disability pain you have to bare that you can’nt carry just call economical tax.

Do you know that generation young Canadians constitute 41% of early Tax returns filers, have simple tax returns they use intuit owned tax software customized and are not worried about jacuzzi tax refunds. If you are seeking help from tax preparer or accountant your tax deductions should be shown to you upfront, if they are out of sight then he is out of mind, they say that pride comes just before a fall, so if you are generation X (33% of population born from early 1960s to early 1980s) or a baby boomer 20% of the population using turbo tax and trying to squeeze yourself through the chimney then your tax deductions are out of sight and you are not sure you have fallen in the Jacuzzi you claimed as deduction, you’d better be in the right business, or the CRA will tear you a new one.

At Economical tax we pay attention if you are self-employed, entrepreneur, works from home business, your tax deductions is our priority as no one’s venture is too small to claim, Economical tax is your sweetest disposition as we can reduce your tax stress by 25%, lean on us when the your tax days are cold and the cards all fold when you’re not strong, I will be your tax friend, we can fix errors from prior years and recover tax refunds that belongs to you through adjustment to prior returns (up to 10 years) back. We are savvier about revealing the hidden secrets of your tax record and which deductions work in your favor to reduce your federal and provincial tax liability. Economical Tax Service, 2250 Bovaird Dr. East, Springdale professional bldg, unit 111, T: (905) 793-1003, you do not need appointment, no line up.

Do you or someone you know have any of these conditions?
Disabilities that may be eligible (but not limited to):
ADD/ADHD
Alzheimer’s
Arthritis
Anxiety/Depression
Autism
Back/Neck Pain
Bladder Problems
Bi-Polar Disorder
Brain Injury
Crohn’s Disease
Diabetes (Type one)
Down syndrome
Fetal Alcohol Syndrome
Fibromyalgia
Foot Drop
Hearing Impairment
Learning Disabilities
Legally Blind
Multiple Sclerosis
Osteoporosis /Arthritis
Schizophrenia
Speech Disorder
Stroke
Walking Restrictions
We can collect for you from the government up to $25,000
I am Nasren Yousif ( Msc, PhD ) tax professional moved out recently from shoppers world Brampton to Economical Tax, I have proven experience and knowledge based background that you require when trusting someone with your finances, if I have served you before and you opt to choose my service now then you will be making a huge savings.
If you have a heavy tax load or disability pain you have to bare that you can’t carry I’m right up in Brampton 2250 Bovaird Dr. E, unit 111, Tel (905) 793 1003; Cell (416) 577 4579 we will share your tax load if you just call our office for details on tax returns assessment because we are on your side.
if you have not used our service then you have paid too much.

We all wonder about money sense tax returns, is plugging numbers in your turbo-software you bought will secure the accuracy and fulfill your intention of getting back maximum refund? Comprehensive Tax Return coverage requires deep understanding of numbers by someone who knows theory and makes best logical conclusions about your finances. I am Nasren Yousif (Msc, PhD) tax professional moved out recently from shoppers world Brampton to Economical Tax, I have proven experience and knowledge based background that you require when trusting someone with your finances.
Do not get bogged down with Google tax services top listing which manipulates customer attention, if you have read this add then you are making huge savings. If some tax preparer told you your tax return is complicated come see us at Economical Tax Service,we offer much sense  behind your tax return, see us at 2250 Bovaird Dr. E, professional bldg, unit 111, T: (905) 793-1003, we like difficult returns and turn them into simple returns with 25% off your fee plus Cash back service on the spot. I bet you will discover how much sense is behind your tax return. You know Tie Domi stood up to the gouging of the big phone companies, well Economical Tax Service in Brampton is standing up to the big tax preparation companies, why because we are on your side and helping flower city citizens choose the right service for less.

File your income tax return today and get instant cash back service,  Our cash back service is instant right on the spot. We can issue a cheque from Economical Tax Service, for example we will give the client 85% of the first $300.0 and 95% of the rest.Just 15 minutes of free tax consultation could save you 15% or more on your tax refund savings.

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