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

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53 views

Accepting Legal tender

In Canada, can a retail business in a private setting (open only to employees and not to the general public) not accept cash, credit or debit as payment? Recently our employer implemented a "meal ...
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11 views

How to report multiple currency transactions on T5008 (capital gains)

I have a brokerage account with Questrade and recently had a T5008 issued to me. On this slip is a listing of my equity purchases and sales along with the capital gain or loss on each transaction. ...
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12 views

Can you combine multiple rental incomes and expenses for tax purposes in Canada?

I have been reporting my rental properties income and expenses separately using tax filling program called GenuTax. It's rather time involved, to simplify things I am wondering if it is possible to ...
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31 views

Canadian Huge Tax Problem - Late Tax and Un Filed

Thank you in advance for helping. I know I need to consult a professional but information before hand is much needed. I missed the last 2 tax filings, not including the one coming up which I will ...
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1answer
76 views

Can you deduct hobby expenses up to hobby income in Canada?

In the US you're allowed to deduct hobby expenses up to (but not exceeding) income from that hobby as part of your miscellaneous deductions. But I can't find a definitive source on the corresponding ...
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2answers
67 views

In Canada, how bad must your credit be for a denial of a Secured Credit Card?

My sister who lives in Canada: had 2 separate bankruptcies in the past, all of which have been discharged for 2 years as of February 2016. currently has no debts or (Secured) Credit Cards. but ...
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83 views

How to make a long term investment for someone young in Canada [closed]

Here is my situation. I am 23 years old/debt free/ at school. I have 60-70k to invest I am a complete beginner from Canada/Quebec What are the best vehicles to make long term investment? I ...
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1answer
36 views

Can I claim GST/HST Input Tax Credits (ITCs) on Uber, taxi, or limousine fares?

Uber invoices do not include a GST/HST number, and tax is not separated. On the other hand, Uber drivers ARE required to be registered for GST/HST and collect & remit the tax. ...
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15 views

Transferring money from Canada to US [duplicate]

I am a green card holder since August 2015. I was working in Toronto, Canada till March 2015 and I have around 30K USD in my Canadian account. All taxes for the amount have been paid in Canada. Will ...
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29 views

refinance US auto loan in Canada

I will be living/working in Canada for the next 3 years. A friend of mine now working in Canada pointed out that, with the falling value of the Canadian dollar, his US auto loan has been accelerating. ...
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1answer
100 views

Age 24, with $12k saved, in Canada. Should I invest or save for a condo down payment? [closed]

Not to finance-savvy. I am 24 years old with about $12k saved. Working full time. No debt. No investments. What should I be investing in at this age? I was thinking of saving about 20 percent down ...
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1answer
40 views

Personal checks instead of business ones

In B.C can a large Hotel company write you a personal check instead of a business one? There is nothing providing the amount taken off for tax or the hours worked.
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14 views

As an American living in Canada what should I consider in determining distribution between RRSP and IRA contributions?

I worked in the US for 15 years before moving to Canada which resulted in a retirement portfolio in the US that contains a traditional IRA. Now living in Canada I have opened an RRSP and have ...
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65 views

Should I sell or keep an ETF with “high” management fees?

I'm in Canada, and I have some RBF557, an ETF whose management fees aren't to my liking. It's an S&P500 index fund. I'd like to sell it, and reinvest the proceeds into another S&P500 index ...
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1answer
46 views

In Canada, does liability auto insurance cover damages caused to the other vehicle(s)?

In Canada, collision and comprehensive auto insurance is optional, and a driver does not have to get them to get a lower premium. If a driver only has liability auto insurance, does that cover the ...
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1answer
41 views

OAS And spouse's allowance

I just turned 64 three months ago and am currently receiving spouse's allowance. Can I submit the OAS application now or should I wait?
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1answer
79 views

Do nonresidents of Canada have to pay income tax on interest income earned in Canada?

I am a Canadian citizen, but nonresident of Canada for tax purposes. I currently live in the US. I have a savings account at a Canadian bank in Canada and have earned a little bit of interest, around ...
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31 views

How to transfer Brokerage Account from USA to Canada?

I am a new permanent resident in Canada (Venezuelan citizen). Since several years ago I have brokerage accounts in the US (in OptionsExpress). OptionsExpress doesn't serve Canadian residents, so I ...
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23 views

Are Canadian ETFs subject to US PFIC rules?

As a US citizen and Permanent Resident of Canada I understand Canadian mutual funds held OUTSIDE of an RRSP are treated as Passive Foreign Investment Companies (PFIC) by the IRS which leads to ...
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71 views

Friend may owe outstanding taxes from previous year?

I was talking with a friend of mine when at some point we started talking about how she hadn't paid taxes for an internship she had done at a University overseas. Since she had been paid using a ...
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1answer
80 views

Employer added health insurance premium to my T4 Income statement

Lat year when my company gave me a T4, I saw that in my total Income, it had added the money it spent on my health and life insurance. This amounted to ~15K, so I ended up paying tax on this amount. ...
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1answer
134 views

What amount of money can a corporation spend on entertainment

In Ontario, Canada, what is the amount of money that a small business corporation can spend on travel/leisure/entertainment expenses? Imagine a one person software developer running his own ...
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1answer
177 views

Should I Pay Off my Student Loan Debts First or Invest in an Index Fund?

I am an Albertan currently about $8,000 in debt from student loans. Roughly $5,500 of this $8,000 is an Alberta Student Loan, while the rest ($2,500) is from the National Student Loans Service Centre ...
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1answer
89 views

How does revenue shared with someone else go into my tax return in Canada?

I'm contracting to publish a game for someone on Apple's App Store. I will take 15% of the revenue, he gets 85%. But Apple will report the full amount to the government. Let's say for example this ...
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52 views

Access your money in US as if you are in Canada

What is a good option to have access to your Canadian Dollar savings while in US? Is there any Bank account type of service that allows you to receive in US the Canadian dollar that you have put into ...
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1answer
61 views

How much in CPP contributions do you pay when you are an independent contractor?

I am trying to figure out how much CPP contributions an IT contractor needs to make as per this CRA guide. It says that for self-employed people, we need to contribute $4959? So, if an independent ...
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1answer
52 views

Can I write off (deduct) expenses in a period where my corporation makes no money?

Let us say I have a small corporation in Ontario, Canada and I am an IT contractor through the corporation. There is a one month gap between contracts, which means I don't earn anything in that ...
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2answers
50 views

How to choose a year end date for your Ontario small business corporation?

While opening a small business corporation in Ontario, how do you select a proper year end date? Is it a random date ? Or are there guidelines to it?
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1answer
24 views

Details on opening a small corporation in ontario

I want to open a small corporation in Ontario providing IT contracting services to banks. I will be the only employer/owner of this. Where can I find details about how much taxes I need to pay, ...
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1answer
54 views

If I have a sole proprietorship making under $30k, can I register an HST account but not charge HST?

Can I create an HST account for my sole proprietorship but not charge HST if I don't make more than $30k? Can my HST account just sit there?
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1answer
87 views

How to transfer money more cheaply from Hong Kong to Canada, without HSBC? [closed]

I live in Toronto, Canada. About every 2 months, with HSBC's "Global Transfers" tool, I used to send myself money from my HSBC account in Hong Kong to my HSBC account in Canada. Because I now need ...
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1answer
104 views

When is an attainable goal for buying a house?

I'm concerned that due to the prolonged recent years' increase in the cost of a house that I will have trouble affording my own house in the forseeable future. I sometimes wonder what a good goal ...
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36 views

Finding funding for a not-for-profit vs a for-profit [closed]

I am planning on registering a business in Canada in the near future. I am developing a tool, the longterm goal of which is to improve conditions in impoverished areas of the world. However, this tool ...
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1answer
99 views

Insider trading in another company?

Suppose that, as an insider in Company A, I become aware of an upcoming business move by Company A that will have a huge negative impact on its share price, and a similar huge positive impact on the ...
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1answer
99 views

Taxes after moving to USA from Canada

I just moved to New York from Toronto, Canada and I'm trying to understand how much I'm going to be taxed on my income. I'm single without any complicated investments. I'm a Canadian citizen in New ...
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1answer
95 views

Finding Return Of Capital distributions on BlackRock's site

Why is it impossible to discover the Return of Capital for iShares on BlackRock's own site? What am I not understanding? For example, BlackRock's XSP Page shows every possible statistic and ...
5
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1answer
71 views

Canadian Citizen - Worked in USA - Now in Canada - Should I be filling a W9?

I'm a canadian citizen. I lived and worked in USA for 12-13 years under a VISA (Not a US citizen and not a permanent resident). I've been back to Canada since 2011. I do not own anything in USA. ...
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0answers
59 views

Return of Capital and Non-Cash (Phantom) Distributions for U.S. ETFs

I think I finally have a understanding on how to calculate the Adjusted Cost Base (ACB) for my taxable Canadian securities. (Keep track of all buys and sells, use CDS Innovations to determine if there ...
3
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1answer
130 views

Should an independent mobile game developer incorporate a business?

The story is thus: I am on the verge of publishing my first app, but I was thinking whether I should incorporate or not. I am an accounting student, albeit in second year with a budget of $1000. I am ...
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2answers
63 views

Investing $10k capital gain short term or long term in Canada

I have recently received $10k from the sale of a personal asset, deposited to my chequing account. I have no need to spend this money right now, so I would like to invest it. I have an RRSP but have ...
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1answer
110 views

How to get capital gain tax of 2014 refunded based on the capital loss of 2015?

In 2014, I had capital gain on sale of rental property and tax was paid accordingly. In 2015, I am anticipating capital loss on stocks. Is there a way to get capital gain tax of 2014 refunded based ...
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3answers
105 views

What are the benefits of doing a “cheque exchange” when contributing services-in-kind?

Scenario: A consultant provides services-in-kind (let's say valued at $x) to a charitable organization. There are two options for how this can be accounted in a manner that creates a paper trail for ...
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0answers
104 views

Credit freezes aren't available in Canada. What options are available to protect against identity theft?

It looks like credit freezes aren't possible in Canada. Despite this, there is some evidence that identity theft is a bona fide problem in Canada: RCMP states that in 2009 there were 11,095 ...
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1answer
135 views

Are “credit freezes” possible in Canada?

It seems to be generally-accepted that "freezing credit" is preferred to credit monitoring. Freezing your credit seems simple: Freezing your credit is as simple as contacting each of the credit ...
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1answer
68 views

Who are the consumer credit reporting agencies in Canada?

I'm trying to determine what credit freeze and reporting options are available in Canada. In the United States it seems freezing your credit requires contacting all of the credit bureaus. I have ...
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1answer
65 views

Do you still get CPP/OAS if you live outside Canada

If a Canadian citizen decides to spend retirement years outside Canada, do they still get the full amount for CPP/OAS? or do they need to have residence in Canada?
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0answers
35 views

Why is my unreduced retirement date same as the normal retirement date

My employer says that my unreduced retirement date is the same as normal retirement date (at age 65). How come some people have unreduced retirement date that is upto 5 yrs sooner than their normal ...
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2answers
34 views

Does contributing to company pension take away from RRSP contribution room

My employer offers a defined benefit pension plan, but allows the employee to do additional contributions. Now, if I contribute to my employer pension, does that take away from the RRSP contribution ...
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1answer
125 views

Beyond RRSP deductions, how does a high income earner save on taxes?

I am not talking of a business owner, I am talking of someone, that makes 150k $ in salary. In Ontario, the marginal tax rate is well over 30%. After maxing out RRSP, what do these folks do? Do they ...
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1answer
100 views

Is the earliest retirement age set by candian government or by the employer

My employer tells me that there is a concept of an 'earliest retirement age' which happens to be 55. basically if I retire at 55 instead of 65, the formula for the company pension (not Canada pension ...