For questions that relate to the laws, practices, and products of Canada.
3
votes
0answers
32 views
Can a Canadian resident in the US transfer funds from one RRSP to another?
Once a Canadian resident moves to the U.S., the most common tax advice is to leave any RRSP in place in Canada because attempting to convert to an IRA or otherwise withdraw the money has some horrible ...
3
votes
2answers
79 views
I just made $50K from selling my house. How should I invest the proceeds?
I just made $50K from selling my house.
I need some advice because I'm terribly bad at managing money and I'd like to invest a bit. My bank is harassing me – they want to sell me their product ...
2
votes
0answers
30 views
Using GnuCash for accurate cost basis calculation for foreign investments (CAD primary currency)
I'm looking to use GnuCash for investment tracking and while I evaluate the software, I am specifically interested in how to get it to properly calculate the ACB of foreign investments in CAD.
For ...
2
votes
2answers
26 views
Move self-directed RRSP account to another institution while avoiding transfer out fee?
I'd like to move my self-directed RRSP account from one institution to another. My current broker charges the common $125 for transfer out using the T2033.
To avoid this fee, I'm considering ...
3
votes
2answers
33 views
Does an RRSP loan provide any benefit, vs. simply making monthly RRSP contributions?
While evaluating a short term RRSP loan like this one, the numbers seem good on paper. But:
If I need to save $1,000 in tax deductions, I need to put the entire borrowed money into the RRSP before I ...
9
votes
1answer
60 views
What is the difference between an A+, A or A- Insurance Company?
I've noticed insurance brokers providing me quotes and tables of quotes that compare insurance plans, and all of the institutions have a letter grade value assigned to them. Nobody that I have asked ...
3
votes
0answers
34 views
Any Canadian tax shelter for lending to friends or family?
I am considering helping friends or family out of credit card debt, which is costing them ~18% per year by giving them a loan at more like ~3% (kind of like consolidated credit/debt).
Is there ...
-2
votes
1answer
58 views
Does a corporation pay same capital gains tax as an individual?
If I open up a corporation in Canada and the sole purpose of the corporation is to trade stocks, does the corporation pay the same kind of taxes on investment gains as if I were trading those stocks ...
4
votes
1answer
95 views
How to report my revenue from Apple iAds and App Store sales, without an invoice?
For accounting purposes, we need an invoice for accounts receivables, but when you get a payment from Apple for iAd revenue and app sales, how do you issue an invoice ?
Are there any specific ...
4
votes
1answer
64 views
Non-tax-resident of Canada needs to pay taxes for investment account earnings?
if a person were to be a non-resident of Canada without jobs, a spouse, kids, asset (houses, cars etc.) in Canada, then that person would not be obliged to file a tax report. However, if that person ...
7
votes
1answer
93 views
Pay off debt with RRSPs, or refinance and roll into Mortgage?
A few years of a combination of under-employment and trying to keep afloat a floundering business has left me (us) with 50k debt on a line of credit and a credit card. We are getting 5k back from ...
5
votes
1answer
84 views
Can I get my payment back on a vacation booked with a company that went into receivership?
My friend booked a summer vacation with a resort/inn located in Ontario that has just gone into receivership. She paid in FULL with a credit card about a month ago.
Is there any way to get her ...
7
votes
1answer
50 views
How much penalty will I have to pay for paying my tax installment late?
I had a tax installment of $7956.00 due on March 15th which I missed and paid on April 30th. I can make an extra installment now to cover the penalty, but I don't know how much it should be.
The ...
6
votes
1answer
117 views
Borrowed Canadian Money and paying back in US
My husband borrowed Canadian money from his relative to pay for his American education. At the time the Canadian dollar was .50:1. Now the exchange rate is 1:1 and we are paying back the debt in US ...
2
votes
1answer
105 views
As a Canadian citizen living as a legal resident in the United States, with no income: do I need to file in Canada?
I am a Canadian citizen but I married an American and live as a legal resident in the US. My husband supports us and I did not bring in any taxable income in 2012. Do I need to file a Canadian ...
5
votes
1answer
95 views
What Canadian banks offer two-factor authentication (such as password & token) for online banking?
None of the Canadian financial institutions I deal with offer multi-factor authentication. They only use a password/pin, plus laughable "security questions".
Are there any options for Canadians ...
1
vote
1answer
37 views
Must I accept Canadian funds if I do business in Canada
I'd like to sell a product in Vancouver, Canada. If the company is Canadian, must I accept Canadian dollars? If my company is not incorporated in Canada, does anything change ? Can I sell a product to ...
7
votes
2answers
187 views
How long after new employment before applying for a new credit card?
I am a recent grad and new employee. I currently only have a $500 student Visa credit card with my current bank branch (2 years).
I began my employment at the end of January (just over 2 months ago) ...
2
votes
0answers
56 views
Canada: Filing multiple years income tax (carry-forward)
I've been a bit irresponsible with my taxes as a student, and now it is time for me to make up for the years of neglect, and file my taxes for the 2007-2012 periods.
I've not filed taxes starting in ...
2
votes
2answers
46 views
International bonds, currency differences, and effect of inflation on such bonds?
Country X's national government purchases country Y's government-issued bonds. Would the bonds be issued in country Y's currency?
How does inflation (of either country's currency) factor into this, ...
5
votes
2answers
164 views
Cash out retirement account or sell and downsize the house to pay off line of credit?
I am in my mid 40's and I have an outstanding secured line of credit with a large balance that I want to clear.
I can only come up with 2 scenarios to clear this amount based on my home equity and ...
1
vote
0answers
35 views
How to evaluate different account (RRSP, TFSA, …) and investment types (equities, bonds, cash) combinations
If I make $1 tomorrow, I can put that $1 in several accounts:
Personal non-registered account
Personal RRSP account
Personal TFSA account
Pay down mortgage
Leave in corporation and take out later
...
7
votes
1answer
107 views
As a Canadian, how can I apply for and get a U.S. credit card?
I am a Canadian permanent resident (neither Canadian nor U.S. citizen). I already have a checking account at Harris along with a debit MasterCard. However, there are really nice point-accruing cards ...
0
votes
1answer
94 views
Box 56 - PPIP insurable earnings (RL
Another question about Quebec tax return: I have field: Box 56 - PPIP insurable earnings (RL-1 Box I) in T4 Slip Income (RL-1) and in T4 box 56 is empty, but in RL-1 Box I has value equals to all ...
1
vote
1answer
124 views
T4 and RL-1 (Employment Income)
I'm filling my tax return using ufile. For T4 and Employment Income they have two options:
T4 and RL-1 (Relevé 1) income earned in Quebec
T4 and RL-1 (Relevé 1) with CPP contributions
What is ...
2
votes
1answer
58 views
How to buy stock on the Toronto Stock Exchange?
I have an Ameritrade account and thought I was purchasing a stock that trades on the TSE. However, I was only able to buy a pink sheets stock. I'm not sure of the difference. Would it be possible ...
2
votes
5answers
226 views
Whether to prepay mortgage or invest in stocks
If at the end of the year, I have 10k in hand that I want to save/invest and these are my options:
1.Prepay into mortgage. Rate is 2.1%
2.Invest in stocks and I know I can get at least 7 % return.
...
0
votes
1answer
89 views
Does an out of court settlements have to be declared as income?
Last year I was contacted by a company that wanted me to take down an open-source software project I was working on. The generally tone was that they wanted to give me 10k CAD to take down the project ...
4
votes
0answers
55 views
Investment Income - Who can claim?
My spouse and I now have a jointly held investment account.
I have received a T5 "Statement of Investment Income" for the account for the tax year, addressed to Mr James Foobar or Mrs Jenny Foobar.
...
1
vote
0answers
24 views
Who decides, and how, each year's increase in the Canada Pension Plan's YMPE value?
I know the Canada Pension Plan's Yearly Maximum Pensionable Earnings value (YMPE) is used for the following:
to determine the annual limit for payroll contributions to the Canada Pension Plan for ...
2
votes
1answer
80 views
Why do short-term term deposits and GICs pay more than longer ones?
ING Direct is currently offering 2.5% interest for a 90-day GIC, 1% for 180 days, and 1.5% for 270 days.
What would be the advantage of locking my money in for longer if I'm just going to get paid ...
1
vote
3answers
55 views
Online directory for investment advisors/financial planners in Canada?
Where can one find a good directory of investment advisors/financial planners in Canada?
We have Auto Trader, and Renter's News publications, yet I've never seen anything related to money. Are ...
9
votes
5answers
405 views
What are the advantages of paying off a mortgage quickly?
What are the advantages of paying off the mortgage quickly??
Sure, not paying interest and truly owning your house is great, but then the money is tied in a fixed asset, and if you want to get at ...
1
vote
1answer
118 views
Pros and cons of cashing out my RRSP in order to repay HELOC used to start a business, now failed?
I'm in my mid 40s and a few years ago I used my HELOC to start a new business. I was paying interest only on the loan in hopes of paying off the HELOC in lump sum amounts once the business was ...
3
votes
1answer
97 views
How can I donate money to the Canadian federal government?
Lots of governments accept donations from members of the public. For example, I know the government of Ontario accepts donations through the Ontario Opportunities Fund. I also know that the US federal ...
0
votes
0answers
42 views
Canada: No taxes filed since 2003 while living in another country
My sister has been living in Central America since late 2002. She worked at small jobs to stay afloat, but didn't file taxes from 2003 onward. Now she is starting to pull in some proper writing jobs ...
1
vote
1answer
190 views
How to determine mutual fund or ETF capital gains taxes in Canada?
I live in Canada. I invest with TD Waterhouse, but I believe my question is unrelated to my specific broker.
Over the course of 2011 and 2012, I invested in a mutual fund indexed to the S&P/TSX ...
2
votes
0answers
29 views
When to apply for RRQ (Régie des rentes du Québec) benefits: earlier, age 65, or later?
My 60 yr old spouse just retired on RREGOP. Should she wait until she's 65 to take RRQ (Régie des rentes du Québec), or even 70, or should she take it now, early, at 60?
I am semi retired myself. I ...
2
votes
1answer
75 views
Any savings vehicle which is sheltered from both US and Canadian income taxes?
I'm a US citizen living in Canada as a permanent resident. I earn income and receive interest/dividends from both countries. I file income tax returns in both countries.
Every year I hear ...
2
votes
1answer
84 views
Foreign national moving from US to Canada, how to file tax return (340 days in US)
I recently started a new job in Canada in mid-December, which means I am only on Canadian payroll for 3 weeks, and for most of the year I was on US payroll with my previous employer. I am a citizen of ...
10
votes
3answers
358 views
Am I financially ready to move out with my boyfriend?
Background Information:
I am 24 years old
Graduated from University 2 years ago
Currently working full time at a bank in downtown for the past 1 year
Living at home with my parents
My parents ...
4
votes
1answer
386 views
How to pay myself as a single person corporation in Ontario? Should I get an accountant?
I'm an IT contractor and required in some of my contracts to have a corporation. I created my corporation, opened a corporate account and have been collecting income for about 6 months now...
... I ...
1
vote
1answer
74 views
Intro to Investment options for a Canadian
I'm a 22 year old Canadian living in Canada. I am about to finish school, paid off my student loan, and I have a good paying job, apart from rent and food (no car or house), I don't have much need for ...
4
votes
1answer
148 views
Where to invest proceeds from home sale to be used to buy new house within five years?
My wife and I have just sold our house (mortgage was paid off) in the city we lived previously. We're currently renting because we're not sure if we're going to remain in our new city. At some ...
3
votes
1answer
141 views
Family/divorce lawyer wants large retainer before taking on case. Is this normal?
My friend needs to get a separation agreement and divorce. The law firm she called asked for a retainer of several thousands of dollars up front before doing any work. Is a large retainer normal for ...
6
votes
1answer
133 views
Starting off as an investor
For 2 years I am alternating between 4 months of work and 4 months of school, so for the first time in my life, I have a lot more money than I need. I will be graduating in 15 months and am looking ...
4
votes
1answer
878 views
Where can I find historic performance data on Barclays Aggregate Canadian Bond Index?
I'm looking at the Vanguard Canadian Aggregate Bond Index ETF (VAB), and it says it replicates the "Barclays Capital Global Aggregate Canadian Float Adjusted Bond Index". Unfortunately VAB is less ...
1
vote
1answer
222 views
What happens to dividends on stock held in TFSA or RRSP account?
What happens when dividends are paid out on stock held in TFSA or RRSP accounts?
Do the payouts get put back into those same registered accounts?
Are they considered 'contributions' into those ...
6
votes
1answer
179 views
Smart Investments With No Risk
I have a chunk of money, around $20,000. I don't want to touch it until I am ready to buy a house, which could be anytime within the next 2-5 years.
What would be the smartest way to make some money ...
7
votes
4answers
474 views
How to pay U.S. bills while living in Canada with Canadian income?
I'm from the U.S., but I'm living in Canada and all my income is in Canadian dollars.
What good options do I have for paying my American bills?
Currently, the best option that's been presented to me ...
