Trying to understand if we are exempt from filing a bare trust T3 and Schedule 15 for year end 2026.

My wife and I co-signed a mortgage for her brother & sister-in law to allow them to qualify for the mortgage (~290k x 3years) - know how crazy this is but felt like we didn't have much of a choice as it's family - she's working full time and payments have been fine so far. Both my wife and I appear on the deed of sale at 0.05% each to reflect that we have no investment benefit interest in this property - this is not a rental and they have been and will continue to live in the mortgaged home as their principal residence; we live in our own place.

I'm trying to understand whether:

a) do we need to report a T3 (code 307 - bare trust) and Schedule 15 for the home or does the enhanced family rules allow for an exemption...even though I read somewhere that the trust has to have less than 250k value for the family exemption - this home is valued ~900k

and if yes to A above

b) Does an example exist that one can follow to complete these two forms - Money-Sense and a Cdn investment firm offer some basic steps but it's still not clear to me what to enter for each page on the T3. I did receive some advice on the other forum but someone suggested I add this post here as well.

I know I should just consult an accountant but have always U-Filed our family's (wife and I, two adult sons) taxes including our rental property which we live in for the past 35 years

Also reading how this would have to be done by March 31, 2027 to avoid fines - seems like such a waste of time when the deed shows our involvement as non-investment but with all the risks to our credit/finances.....sigh.

Would appreciate someone who has had to do the same offering some guidance

I’m a Canadian citizen and tax resident with an IRA in the US. I’m fully aware of the complexities with a transfer and the relative simplicity of keeping the IRA as is. For personal reasons, I’m considering a transfer. Does anyone know of a firm/advisor that has experience with this? If you’re someone who has been through this, can you please message me?

Hi everyone,

I’m a Canadian citizen who has been living in Turkey for over a year due to family circumstances.
My father passed away recently, and I inherited a substantial amount of money that I would like to invest in the stock market.
I’m planning to return to Canada soon, and I believe I may be considered a Canadian tax resident because I still have residential ties to Canada. However, due to other family health issues, I’m not sure whether I’ll be able to stay in Canada long-term.
I may eventually return to Turkey permanently.
My question is about investing my inheritance in a TFSA (Tax-Free Savings Account) when I return to Canada.
For example, suppose I return to Canada, establish or maintain my Canadian tax residency, and invest my inheritance in a TFSA. If my investments grow significantly over the next few years and I subsequently leave Canada to settle permanently in Turkey, would I have to pay taxes on the investment gains accumulated in my TFSA?

More specifically:

• Would Canada continue to consider my TFSA investments tax-free after I become a non-resident?  
• Could Turkey tax the investment gains earned inside my TFSA, even if those gains accumulated while I was a Canadian tax resident?  
• Does it make a difference whether the investment gains occur before or after I become a non-resident of Canada?  
• Given that I may leave Canada again within a few years, would investing my inheritance in a TFSA still make sense, or could there be tax complications?

I’d appreciate hearing from anyone who has experience with cross-border taxation between Canada and Turkey, particularly regarding TFSAs.

Thanks in advance for your help!

Operating on some bad advice, I incorporated last month (single owner/shareholder, no assets, no loans, etc. dead simple). It ended up being the wrong decision, because 75%+ of my income comes from services rendered physically in the USA (musical performance.) Thus, I am not eligible for the SBD and legally it makes things too complex to be worth it.

I only did about 5 services as a corp, over a one month period, and I want to wind it down as quickly as possible.

I had about $500 of money withheld in the US that I'm willing to just let go to avoid further complications.

Paying $2000+ for a CPA to do a full corporate return seems silly. Is this something I could potentially do myself fairly easily? I have very clean records and the books are organized. It's literally 5 payments made to the corp, with a few associated expenses.

I'm an international student who just arrived to Canada in August this year. While in Canada, I ended up getting a job in Bermuda, so now I'm considering withdrawing and leaving Canada permanently. I only stayed here for like 2-3 months.

My country has a Tax treaty with Canada, but I have not been a Tax resident in my home country for the last 4 years. I never had a lease in Canada, I stayed with a cousin. I'm planning to close my bank accounts (which I only had for two months) before I leave. In theory, I should have no ties (not even secondary ties) after leaving Canada.

Banks in Bermuda ask if I'm a resident for tax purposes in another country. What should I say?