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

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1answer
16 views

Report taxes from U.S. dividends with Computershare and Questrade

I read that holding a U.S. stock in a Canadian non-registered account (or even a TFSA), the Canadian resident will pay withholding taxes. But in order to reduce the rate to 15% you'll need to fill out ...
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1answer
18 views

Taxes on foreign and local dividends held in a TFSA

As far as I read in many articles, all earnings (capital gains and dividends) from Canadian stocks will be always tax-free. Right? In contrast, holding U.S. or any foreign stock that yields dividends ...
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0answers
42 views

Where to download reliable Rent vs Buy Calculators for Canada? [closed]

To my computer (and NOT only online), where can I download more reliable Rent vs Buy Calculators or Excel Spreadsheets, for Canada? I seek at least 3 for more accurate and precise comparisons. I know ...
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0answers
38 views

Textbooks for Personal Finance for Canadians, written by professors and published after 2013?

My grandfather has read all the common Personal Finance books (see these > 50 suggestions and 6) all written by Canadian Personal Finance advisors and practitioners. But now he intends to progress ...
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3answers
195 views

Rent at $1500/month in Toronto or Mortgage even with ≥ 5% interest?

Because my aunt had 1 Bankruptcy discharged in 2004 and 1 Consumer Proposal discharged in Jan. 2015, for her any mortgage interest rate probably ≥ 5%. Her credit score is 720, and she is renting now ...
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55 views

Bankruptcy discharged in 2004 and Consumer Proposal in Jan. 2015: Worthwhile to try to apply for a mortgage now?

I assume that mortgage lenders can no longer see my aunt's bankruptcy (that my aunt's credit reports do not show) because it is past 7 years. Now responsibly using 2 Credit Cards, my aunt accepts ...
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31 views

In Canada, after how long can mortgage lenders no longer see 1 discharged Bankruptcy and 1 discharged Consumer Proposal?

In Canada, my (former) financially illiterate aunt had 1 Bankruptcy discharged in 2004 and 1 Consumer Proposal discharged in January 2015. Having been reeducated, my Aunt is now responsible about, and ...
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1answer
25 views

To maintain Credit Score in Canada, should I use a Canadian Credit Card with no Foreign Transaction Fees in England?

I am Canadian who will spend 9 months in England and 3 in Canada for the next 5 years. My 1 Canadian Credit Card (henceforward CCC) charges Foreign TRANSACTION Fees (FTF), and thus I am considering ...
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1answer
29 views

Paying taxes on an inherited Canadian TFSA? (Successor holder case)

I read this interesting article about Questions about TFSA and I contrasted the information with CRA's website about successor holder. As far as I understood, when the original holder's TFSA pass ...
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0answers
40 views

In a 2 income family, is it more tax beneficial for the lower income spouse be the Primary Caregiver (Ontario)?

My wife and I just had a new daughter. My wife applied for the 4 in 1 newborn package and she was designated as the primary caregiver and applied for the child care benefits. Since she makes more ...
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0answers
26 views

RT-2 zone : townhouse or house?

We live at Great Vancouver area Canada, and we own a detached house (though it is a strata house in a strata community, all houses are physically detached from nearby houses), and it is within RT-2 ...
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1answer
42 views

Employer RRSP match vs. contribution limits for recent grad with no RRSP room?

I'm just starting my first job ($55k), which includes an employer RRSP match up to 5% of my income. I only have $500 of RRSP deduction limit for this year as I have never worked before. Can I ...
3
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1answer
29 views

Canadian Resident + TN Worker + Taxes

I need a help to figure out how a Canadian working in USA with fixed residence in Canada ONLY has to pay USA taxes and what ones. My case is, I am going to live in Windsor, Ontario, Canada and I am ...
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0answers
45 views

How to check up financial situation of a company in Canada

Planning to buy a place where a small business is located currently. I want to allow them to continue operating, but I want to know if they don't have any debt with Government or if they could file ...
3
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0answers
40 views

What's the tl;dr investing rules for married Canadian citizens when one partner happens to have US citizenship?

Canadians with US citizenship have several things to consider regarding investments: Canada's Tax-Free Savings Account (TFSA) is not considered tax free by IRS, and filing taxes may significantly ...
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1answer
46 views

What's the penalty for filing taxes late in canada if you're owed a refund?

For a number of totally avoidable reasons, I just filed my taxes. I'm owed ~3500$ and I was wondering what I should expect to get from the CRA. I've heard there's no penalty for filing late unless you ...
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4answers
426 views

What happens if a purchase is $0.02 in Canada?

In 2012, the Canadian Mint abolished the 1¢ penny, and decided that all cash payments be rounded to the nearest 5¢ nickel, so that: $0.98 to $1.02 → $1.00 $1.03 to $1.07 → $1.05 $1.08 to $1.10 → $1....
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0answers
48 views

How to legally loan money in Canada? [closed]

I am looking as to how I can legally loan money (for profit) in Canada. To my knowledge this is legal, as it is used by money lenders. Do you simply use a contact in the form of the amount of money ...
1
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1answer
18 views

Can a Canadian citizen claim tax-exemption on a U.S. scholarship intended for travel costs?

I am a Canadian citizen, and have received a scholarship of $750 from a U.S. institution to pay for lodging and travel costs. I am required to fill out a W-8BEN form, and I was wondering if I can ...
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0answers
20 views

Canadian Lending Guidelines

What are Canada's lending guidelines for conventional, private, portfolio and hard money real estate and commercial lending, and are there stringent income (or loan to value) requirements for these ...
2
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1answer
25 views

Can I still charge and keep money from my small business, listed under HST?

This question relates to the province of Ontario in Canada. As a small business owner, there is an exemption where you are not required to charge HST on goods and services if you make under thirty ...
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3answers
859 views

Should I file taxes or Incorperate a personal project?

I have effectively started a small business. The business is an online venture and has already generated a small amount of money through donations/etc. I am currently considering if I want to go ...
3
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1answer
45 views

In a Canadian TFSA, does interest earned within the account count toward the contribution limit?

I know that there is a limit in the contribution per year in a TSFA. At the moment (2016), if you have never made a contribution then you can contribute around $ 46 500. BUT, even though all ...
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1answer
50 views

How to save on taxes due on a lump sum pension payment

Upon resigning from a company, if employer offers a lump sum pension payment of 100k, what are some ways to save on tax on this 100k? Assuming this 100k, is the only income that year, the RRSP room is ...
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2answers
126 views

Should I expect a receipt when giving a post-dated cheque?

I gave my landlord some post-dated cheques for rent spanning the next 6 months and wasn't given any receipts. It was explained that they don't give out receipts until the cheque has been processed/...
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0answers
18 views

Canadian tax treatment of preferred share income

During the recent turmoil in the oil markets I purchased a number of preferred shares in a few of the pipeline companies (Enbridge, Pembina, and Veresen). I had assumed that preferred share income ...
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0answers
10 views

Should I get tax credits/refunds from a RRSP sale NR4 from Canada or from the US?

Canadian living and working in US. I sold my Canadian RRSP and had a bunch of money withheld. My income in Canada is 0 except the RRSP withdraw. Should I file my NR4 somewhere in the Canadian return ...
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0answers
27 views

Capital Gain or Loss Calculation for Mergers & Acquisitions (Canada)

I have a question about calculating capital gains/losses for mergers and acquisitions in which fractional shares and cash are provided as part of the transaction. What part should be listed as capital ...
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0answers
31 views

Canadian Citizen and Non Resident for tax purposes

I am a Canadian citizen was a non resident for tax purposes. If I sold stock shares in January 2016 and became officially a Canadian resident again in April 2016 (3 months after selling the stock), ...
1
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1answer
33 views

US citizen paying capital gain taxes in Canada on sale of property in US

My son, who is a US citizen living and working Canada. Just sold a piece of property which he inherited in the US. The capital gains was $160,000 and US Federal and State capital gains taxes came to ...
4
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2answers
149 views

Break even point of mortgage prepayment penalty vs anniversary payment

I want to calculate the optimal way to apply a $100,000 inheritance to my mortgage and am having difficulty figuring this out. I am in Canada and if I apply all of the money on the mortgage ($170,000 ...
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0answers
25 views

IT Contractor in BC, Canada on 2 year visa - options for getting paid?

I have been offered an IT contract in BC, Canada - my first contract here in Canada. I have recently moved here from UK on a 2 year working holiday visa. I have my SIN and am free to work anywhere. ...
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0answers
11 views

How does splitting one Canadian Pension Plan payment reduce a household's overall tax bill?

Source: p 350 of Personal Finance For Canadians For Dummies (5 ed, 2011), by Eric Tyson, Tony Martin. Some couples choose to split one of their CPP payments as a way to balance out their ...
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0answers
65 views

Canadian's Brokerage Account Forced To Close In USA

Scottrade letter says an account is being closed to due "business and regulatory considerations" What regulations is the letter from Scottrade referring to?
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0answers
22 views

Papers Needed For Taxes For Independent Contractors/Sole Proprietors?

I have never filed taxes solely on my own as I work for corporation, which generally handles necessary paperwork. I have become interested in being an independent contractor, but would like to know ...
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0answers
11 views

Who pays for medical reports, if the insurance company needs to re-evaluate a policy?

Does my mother or the Insurance Company? For the History, please see points 4, 5 here.
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0answers
19 views

What to do, if insurance company is reevaluating your Permanent Life policy but you need to buy Term Life Insurance?

Question: I do not know what to do and hope for some objective advice. Should I apply for a Term Life insurance now? Or should we wait 10 weeks? I do not even know if my mom is covered during this ...
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0answers
76 views

Does government track wu transfer?

I have been sending money to my family back in China over year now and probably sent 25000. But last week I was trying to send it through wu agian and they put it on hold and decline saying it ...
0
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1answer
26 views

Canadian in California - filing taxes as a non-resident

I moved to the US from Canada end of November 2015 for a new job (about 35 days in 2015 with new job). Haven't worked in the US before and have only visited maybe 40 days over the last 3 years purely ...
1
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1answer
32 views

Tax Efficient Medium Term Investment Options (Flexible Timeline)

I have recently opened up a new taxable investment account with the intent of growing my money set aside for short to medium term financial goals (i.e., 2-5 years with no fixed deadline). Unlike my ...
4
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1answer
90 views

Do US retirees pay income tax in Canada if they move there?

I am a US citizen, retired, considering a move to Victoria, Canada. Assuming I can get permission from the Canadian government to establish full-time residency, my question is: Will I have to pay ...
0
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1answer
36 views

Canadian tax treatment on international property sale and transfer of proceeds

I am a Canadian citizen. I have a small property from my country of origin. The value is less than CAD$100,000. If I sell my property and transfer the money to Canada, is there a tax payment ...
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2answers
133 views

canadian citizen who has not filed a canadian tax return in 30 years

i'm a canadian citizen, have always lived in canada, and have not filed a tax return in 30 years. I also have not been in anyone's 'employment' during that time. In addition the last income I did ...
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0answers
43 views

Does RBC in Canada report to Equifax or Transunion?

Anybody have a RBC credit card and know which agency they report to?
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2answers
73 views

Should I sell/transfer an investment and pay capital gains tax, if it means investing it most wisely?

I married someone with about 100k in an investment portfolio that I do not think aligns with our financial objectives. I want to transfer this to a new joint portfolio (new institution too), but doing ...
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1answer
31 views

Exemption of foreign self-employment income for dual-status tax year

Here's my timeline: Canadian citizen, by birth, moved to US in 2003. Living in US, granted greencard from June, 2011. Returned to Canada in December, 2013 (permanently) Relinquished Greencard, May ...
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3answers
221 views

Why does my 1.5 years old credit card not appear on my credit report?

I tried to buy my credit score on Equifax but it wouldn't let me buy it but told me I can purchase a report for $15 instead of the $25 one required for my rental application. So in the $15 one it was ...
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1answer
43 views

Does a Canadian Equifax credit report have one's age on it?

I have never got a credit report before and I want to know whether it includes age because I need to show it to rent a place but I'm not comfortable with anybody knowing my age. Credit reports from ...
3
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1answer
109 views

Do I need to file Federal Tax returns under dual status?

I worked in US from January 2015 to October 2015 on a non-immigrant visa. I moved to Canada in November 2015 on a temporary work permit. Do I need to file my tax return as a non-resident alien for ...
3
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2answers
178 views

What should I do if my mother forgot to disclose an illness on her life insurance application?

I only became aware today of the question's title while organising old files today. My family is Canadian. A kind person but with poor memory, my mother bought Permanent Life Insurance in Summer ...