For questions that relate to the laws, practices, and products of Canada.

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2
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1answer
53 views

Moved to the USA from Canada; what is best to do with RRSP?

I am a Canadian and I moved to US at the end of last year. (I have a green card now.) I have less than CAD 50K in my RRSP from my previous work, and less than CAD 40k at banks. Not sure what the best ...
-1
votes
0answers
42 views

How to take advantage of a credit card balance transfer offer

My credit card company is giving this1 time only offer: Since my limit is 8000 and since I spent only 2000 this month, 95% of the balance =5700 $...they would like to deposit in my checking account. ...
2
votes
0answers
17 views

What is the added advantage of a broker being a member of NFA in addition to IIROC

If my broker is a member of the national futures association, what extra protection does it give me over the fact that it is also a member of IIROC? I am particularly referring to this: ...
5
votes
1answer
84 views

How close to prime rate for a loan?

I just received an ad from my bank offering me a home equity line of credit at prime + 0.5%, a variable-rate loan. Now, I don't need the loan. But I'm curious. Is prime + 0.5% the best I can do? My ...
6
votes
2answers
459 views

Should I remodel or buy a bigger house?

My husband and I have two children under 2 years old and have outgrown our current 1400 square foot home. My husband and I both work from home, and we have a day nanny who comes and helps with the ...
3
votes
4answers
136 views

What are some options for sending and receiving money electronically?

I occasionally sell items via Kijiji and Craigslist in Canada, and while cash is convenient sometimes it's easier to do electronic transfers, or even have the ability to accept credit card in person. ...
5
votes
2answers
140 views

Do I need an official receipt to claim a charitable tax credit?

I made a charitable donation in December of last year, and have yet to receive the official tax receipt for tax-return purposes. Contacting the charity, I was told that the receipts had already been ...
0
votes
0answers
58 views

first time consultant, doubts on taxation

I have seen various replies but I would just like to confirm about my case as its my first time. I have been offered a consultant position and the company said there is no taxation at source. So this ...
2
votes
2answers
54 views

Is a Canadian student in the U.S. tax exempt for both W-2 and 1042-S?

I am a Canadian student at a U.S. university as a nonresident alien. I have about 4k of wages for my W-2 and about 5k of wages for my 1042-S income code 15 scholarship grant. So the total is less than ...
1
vote
0answers
58 views

For the purpose of filing taxes in Canada, is participating in ESPP considered to exercising stock options?

My tax professional and company payroll department are in a disagreement about what box on the T4 the taxable benefit of my ESPP should be included in. The payroll (Canadian office of a US based ...
0
votes
2answers
43 views

Get free option quotes

Is there a google or yahoo api that provides option quotes similar to the below for stock quotes? http://www.google.com/finance/getprices?i=60&p=3d&f=d,o,h,l,c,v&df=cpct&q=SPY I am ...
4
votes
2answers
1k views

Why do banks require small businesses to open a business bank account instead of a cheaper personal one?

I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it's optional, but in the latter it is ...
1
vote
1answer
26 views

Sales taxes to apply for a Canadian company selling digital subscriptions

Let's say I have a web service that is a mail server (I cloned gmail). People pay me 10$ per month to use it. My business in located in Canada. When a Canadian resident sign up, I have to charge local ...
1
vote
1answer
65 views

How do I log a Canadian NR4 form to my income taxes

I have stock in a Canadian company whose US branch I used to work for. They mailed me an NR4 form for my interest last year. I'm trying to fill out my tax forms this year and the advice I keep seeing ...
1
vote
1answer
47 views

Is there any way to split income between the partnering corporations, legitimately, so the HST charged matches what is charged to the customer?

I have an unusual case I was hoping someone could shed some light on. I have an Ontario based Corporation which sells a piece of software and some computer based services. The buyers are from various ...
0
votes
2answers
56 views

Where can I find information on the percentage of volume is contributed by shorts?

Is it possible to get the information as to what percentage of the average daily volume of a stock or ETF is due to short sellers? This can mean either people selling short or buying back to cover ...
1
vote
1answer
55 views

Is there a risk I may, eventually, be required to pay taxes on the investment returns from my TFSA?

My TFSA contributions grow, without my having to pay taxes on the growth they experience. Is this benefit likely to continue indefinitely, or will I at some point be required to pay these taxes?
3
votes
2answers
113 views

Getting financial advice: Accountant vs. Investment Adviser vs. Internet/self-taught?

Previously, I was a simple case: I earned a salary, and I paid taxes. Therefore, I've been filing my own tax returns using online software. Now: + wife, + kid, + mortgage, + want to contribute to ...
2
votes
1answer
48 views

Self-directed RRSP into mortgage investment

I want to lend money for second mortgages to others (through a broker). He suggested to invest the money through a self-directed RRSP. Is this a sound advice (it will lower my income tax, and ...
1
vote
1answer
119 views

Do I pay taxes where I live, or where I work?

Why we need to pay taxes? Because society needs money for social service, police, education, roads, medicine and so on. Therefore we need to pay taxes where we live. For example we live in one ...
1
vote
1answer
31 views

How should a US resident who is a joint owner of a Canadian corporation file taxes?

I am a Canadian citizen living in the US. I am a joint owner (50%) of a Canadian federal corporation that I started when I lived in Canada. The company is online, and receives income from people all ...
1
vote
1answer
51 views

How to find out what Capital Cost Allowance would apply to the condo I invested in?

In this example to claim Capital Cost Allowance on the CRA website, how did the person Gwen come up with an amount of 1200 for the first year? I have a condo that I rent out. I claim my expenses ...
1
vote
2answers
92 views

What ways can an employee keep the upside of stock options after leaving?

Suppose that you work at some private company and that company offers some stock options to you as part of employment. For the sake of discussion, suppose they offer 100 000 options at $0.50 an ...
2
votes
1answer
69 views

What would happen if I were to lose all equity in my condo when it's time to renew the mortgage?

I've been reading Condo Bible and it has the following passage: A solid down payment of at least 25 percent will act as a buffer for you at mortgage-renewal time should interest rates slowdown. If ...
1
vote
1answer
46 views

Loan in US against assets in Canada?

I have some savings and investments in Canada that I would like to bring into the US. However, I don't want to just transfer the money over, because in that case I would owe departure tax of at least ...
0
votes
1answer
132 views

How does Ontario's income surtax differ from simply modifying tax brackets? [closed]

What are the costs and benefits of the income tax surtax in Ontario? Ontario charges a surtax on tax above a certain amount. An overview of the numbers is available at ...
0
votes
2answers
80 views

Understanding the T + 3 settlement days rule

If I: Buy X at time T Sell X at time T' where T' < T +3 Buy Y on T' with proceeds from sale of X. Cannot sell Y before T' +3. Ref:http://www.slideshare.net/mring33/using-java Slide 29 It ...
3
votes
1answer
402 views

When claiming a moving expenses tax deduction in Canada, does order of events matter?

I know I can claim moving expenses if I move because of a new job. But does the sequence of events matter? While I'm doing interviews, I'd like to sell my house and buy my new house in the new city. ...
5
votes
1answer
149 views

Is it necessary for an employer to claim employee rental housing as a paid benefit?

A friend of mine pays to rent housing from her employer. This housing is owned and managed by the employer and rented only to employees. They agreed upon a rent of $X per month when she moved in and ...
0
votes
1answer
101 views

Offsetting capital losses against gains for stocks

Let us say I hold 4 stocks in a non tax sheltered account Stock A has capital gain of 10$. Stock B has capital loss of 20$. Stock C has gain of 10$ but it is intra day, hence counted as income, not ...
2
votes
1answer
47 views

Canadian Scholarship in US

I am a graduate student at Cornell University in the US and I receive a scholarship (NSERC) from the government of Canada (~$20,000). Do I declare the scholarship to the US government, Canadian ...
2
votes
1answer
138 views

Why do credit cards come with insurance, and what is the benefit for the user?

I have savings and don't need to borrow money, but still need a credit card for those payments that can't be made otherwise: primarily car rental and some online purchases. I've noticed that many ...
1
vote
1answer
241 views

Calculating payroll taxes & take-home pay: Is provincial income tax deducted from gross salary, or after federal taxes salary?

I am trying to calculate my paycheck for 2014. I used to use an online calculator but the one I used seems to be disabled now. So, I found the tax slabs for 2014 but its been a few years since I ...
2
votes
1answer
85 views

T2200 when you own your house

I work from home in Canada. My workplace issues a T2200 acknowledging this fact. I am an employee, not a contractor. If I rented my place, I could write off an appropriate fraction of my rent. That ...
1
vote
2answers
130 views

Where to find Amazon Canada's GST/HST Number? Wasn't on invoice emailed to me

I have a small business registered to collect GST/HST. I purchased a product from Amazon.ca, and they charged me HST. However, the invoice they emailed me did not contain the HST/GST, or Business ...
-2
votes
1answer
36 views

Does CDIC deposit insurance just protect the principal or the interest also?

Refer to this page on the CDIC website. It is not clear to me whether CDIC will just insure the principal that I put in my TFSA GIC or also the interest earned. i.e If I open a GIC with a bank at 2% ...
0
votes
0answers
32 views

Financial aid and tax returns in Canada

I'm applying for financial aid for American universities and I'm confused by the concept of tax returns. I live in Canada and we usually file our tax returns in April. However, American universities ...
1
vote
2answers
121 views

Is it wise for an independent contractor to avoid corporation tax by planning to only break even each year?

From what I understand about corporation tax in Canada, you only pay tax when you make a profit. So, if I open up a software corporation and work as an independent contractor, and then whatever the ...
2
votes
4answers
105 views

What evidence is there that rising interest rates causes Canadian condo prices to go down?

I live in Toronto Canada where condos are extremely expensive. I'm willing to wait 2-3 years to build up down payment to buy a condo. I'm hoping within the 2-3 years, interest rates will go up by 1-2% ...
1
vote
2answers
115 views

Why do only a handful of Canadian companies have options trading on their stocks?

Of all the Canadian companies whose shares trade on an exchange, I noticed that only a handful of them offer options (calls, puts). What is the reason for this? Does not offering options on its shares ...
-5
votes
1answer
422 views

If I take a loss when I sell my car, can I claim a capital loss deduction on my income tax return?

If I sell my car off at a loss, can I write that loss off against my income to save on tax? Does it matter if the car was used just for personal leisure use, or if I used the car to generate business ...
1
vote
0answers
120 views

Supporting a Kickstarter project: Should a customer's pledge payment include sales tax, e.g. GST/HST in Canada?

Kickstarter became open to Canadian projects some months ago. I discovered a Canadian software project and backed it with a $40 pledge. The project subsequently exceeded its funding target, almost ...
0
votes
1answer
34 views

How to fill tax return for income received to paid the health insurance premiums that my spouse pays for me?

My health insurance is provided by the employer of my spouse, but my employer wanted to provide the benefit of insurance so he paid me the money that my spouse was paying, so if my spouse pays $40 for ...
1
vote
1answer
88 views

Can we buy and sell stocks without worrying about settlement period

When I buy stocks in my brokerage account(non-margin), I heard that there is a settlement period of 2 -3 biz days after which the clearing house will deposit the stocks to my account. Same thing for ...
-2
votes
1answer
67 views

Is the interest on money borrowed on margin in/for an RRSP considered tax deductible?

If I borrow cash in my margin trading account which happens to be an RRSP account, does the interest on that money become tax deductible from my income? I know if I put money in my RRSP from my salary ...
-3
votes
1answer
45 views

What is the use of mortgage insurance premium paid to CMHC

When I bought my condo, because I could only put down 10%, so I had to pay CMHC (Canada Mortgage Housing Corporation) insurance premium (about 12 000 dollars I believe but I could be completely wrong ...
1
vote
0answers
29 views

capital gains on oversea property for non-resident of Canada

I live overseas in Belize and have for over 5 years and other than my Canadian Passport I have no other ties to Canada. I'm considering selling my house in Belize and with the proceeds from the sale ...
1
vote
3answers
79 views

Might I need a credit score to rent, or for any other non-borrowing finances?

I'm moving to Canada soon, and I've read that some people use credit cards for the sole purpose of building up a credit score that they might need. Personally, I consider a system requiring this ...
1
vote
1answer
53 views

In Canada, how can I most easily/cheaply send money to a friend online?

I'm moving from Europe to Canada, and considering the high fees for wire transfers (the default, instantaneous, cheap, online method I've always used so far), what is the most economical way to send a ...
5
votes
1answer
171 views

Why are wire transfers and other financial services in Canada so much more expensive than in Europe?

Why are wire transfers in Canada so expensive compared to Europe? The simple answer I've seen is because bankers are crooks, but I find that this oversimplifies the situation — I don't believe ...