Canadian tax expert for a non-resident
Budget: $10 – $30 CAD
My name is Momo and I require clarification (and later on a possible service) from a Canadian Tax Expert. Specifically, I require a personal tax return to be completed for a Canadian non-resident.
So I’m a Canadian with a non-resident status, and I have a Canadian broker trading account. I received a T5008 slip showing US and Canadian stock transactions. Also, I received the NR4 slip from the broker showing the dividend gain and non-resident tax withheld. However, the NR4 does not show the capital gains that were made on stock transactions (from T5008). As per 116 (6)(b)(A), for the purposes of this section, excluded property of a non-resident person means” a security that is listed on a recognized stock exchange and a share of the capital stock of a corporation,” so my assumption is that the capital gain from stock trading is exempt from tax obligations. However, as per T4058 (Non-Residents and Income Tax Guide), the taxable Canadian property is: shares of corporations listed on a designated stock exchange, …,derived from one or any combination of:
- real or immovable property located in Canada
- Canadian resource property
- Canadian timber resource property
- or options or interests in any of the above
Therefore, do I need:
1. To ignore T5008 and report only NR4 (gross income and non-resident tax withheld),
2. or report capital gain from T5008 transaction capital gain on the Canadian stock exchange
3. or report capital gains from T5008 from both US sources and Canadian sources.
I prefer to communicate via email but may also be open to other methods.
Thank you for your consideration and I look forward to your response.
So I’m a Canadian with a non-resident status, and I have a Canadian broker trading account. I received a T5008 slip showing US and Canadian stock transactions. Also, I received the NR4 slip from the broker showing the dividend gain and non-resident tax withheld. However, the NR4 does not show the capital gains that were made on stock transactions (from T5008). As per 116 (6)(b)(A), for the purposes of this section, excluded property of a non-resident person means” a security that is listed on a recognized stock exchange and a share of the capital stock of a corporation,” so my assumption is that the capital gain from stock trading is exempt from tax obligations. However, as per T4058 (Non-Residents and Income Tax Guide), the taxable Canadian property is: shares of corporations listed on a designated stock exchange, …,derived from one or any combination of:
- real or immovable property located in Canada
- Canadian resource property
- Canadian timber resource property
- or options or interests in any of the above
Therefore, do I need:
1. To ignore T5008 and report only NR4 (gross income and non-resident tax withheld),
2. or report capital gain from T5008 transaction capital gain on the Canadian stock exchange
3. or report capital gains from T5008 from both US sources and Canadian sources.
I prefer to communicate via email but may also be open to other methods.
Thank you for your consideration and I look forward to your response.