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

learn more… | top users | synonyms

0
votes
0answers
17 views

How can a Canadian establish US credit score

I don't have a SSN or US address. I would like to start establishing a credit score in US. What are my options? What is the fastest way?
0
votes
1answer
17 views

What duration bonds are held by the ETF XBB

I am looking at the bond etf XBB. This ETF mostly holds Canada govt bonds. What I don't understand is what is the duration of these bonds held by the fund?
3
votes
1answer
35 views

Can I use losses from sale of stock to offset capital gains from sale of property

If I make a capital gain from the sale of a house but make capital losses from the sale of stocks in my brokerage account (not tax sheltered), then can I use the losses against the gains to reduce my ...
-3
votes
1answer
27 views

How will a rise in interest rate affect the CAD

When Bank of Canada raises interest rates ( not sure when or if that will happen), can I expect the CAD to regain its former glory against the USD? Is it fair to say that buying the CAD: USD pair ...
0
votes
1answer
51 views

How can a Canadian get exposure to safe haven currencies?

How can a Canadian get exposure to a safe haven currency like CHF and JPY? I don't want a U.S. dollar denominated ETF. I want something in Canadian dollars, to save on conversion fees. Is this ...
2
votes
1answer
66 views

How do management fees affect the money invested in a mutual fund

On mutual fund brochures, they state a management fee and also a MER. How to interpret these two numbers? For example, if management fee is 1% and MER is 2%, then for an investment of 100$, does it ...
0
votes
0answers
12 views

Time to receive foreign dividends (SET) to N. America

Is there an expected time to receive foreign dividends? It seems to take weeks or longer to receive dividends from stocks on the SET exchange. Granted they have to do a currency conversion and take ...
0
votes
1answer
45 views

Why does the Fidelity Canadian Bond Fund have such a high beta? How is it measured?

I am looking at some Canadian bond funds (recommendations welcome) for my RRSP. Relatively safe, and with a dividend yield ~ 3% is good enough. While looking at Fidelity bond funds, I came across this ...
1
vote
1answer
30 views

What is the difference between issuing company and holding company in a convertible bond

I am researching convertible bonds in Canada. While looking at the index etf that tracks convertible bonds, CVD What I don't understand is how come the list of Top 10 issuers is different from teh ...
2
votes
1answer
59 views

Buying Euros in a Canadian Trading Account

The Euro is trending low, and I have long term plans which might involve living there. I have a German girokonto (which costs me an outrageous Eur5/mo to hold), but no European trading account. ...
3
votes
2answers
143 views

How is someone tax exempt at Walmart in Canada?

When going to some stores, such as Walmart, there is a sign at every till: If you are tax exempt, please let us know before the first item is scanned. What qualifies as being tax exempt? Can anyone ...
0
votes
1answer
49 views

Does the CRA charge any penalty if you file a wrong tax return?

If you misreport a number on your tax return, will the CRA just charge you the extra money that you owe them? Or will they actually 'punish' you by charging hefty fines and penalty , and slap charges ...
2
votes
1answer
29 views

Spousal RRSP account

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). Both me and my wife are currently employed and have RRSP accounts in financial institutions through our ...
1
vote
1answer
40 views

Can the Home buyer's Plan (HBP) RRSP repayment start from the same year in which the loan is taken?

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). I have $35,000 in RRSP contribution limit. I am planning to deposit $25,000 into my RRSP account and $10,000 ...
2
votes
1answer
37 views

Is my contribution to my company pension plan (not RRSP) considered tax deductible?

My employer (a big bank in Canada) has a pension plan where I am allowed to make optional contributions. There is no matching contribution from the employer, but they do already contribute a tiny ...
0
votes
1answer
32 views

What is an “RRSP deduction limit” for?

I'm not asking what my limit is—I can see what is the dollar amount of my deduction limit. Rather, I don't quite grasp what is an RRSP deduction limit for? Why is there a limit? A limit to ...
0
votes
1answer
54 views

Where to park money from the sale of a rental property?

If I sell my investment property to raise cash for the purchase of a new home, I am required to pay capital gains tax (i.e. income tax on 50% of the gain amount.) Is there a way to park this money ...
2
votes
1answer
36 views

Do employer matching contributions in an RRSP count towards the contribution room?

My employer gives a matching contribution for my RRSP. So let us say if I contribute $5000, the employer contributes $2000 (free money.) Does this $2000 contributed by my employer also eat up my ...
1
vote
1answer
25 views

How does TFSA contribution room carryover work, e.g. unused amounts and withdrawals?

Is the TFSA contribution limit per year $5000/person? How are unused contributions carried over? If last year I contributed only $3000, then this year, would I have $7000 contribution room ...
0
votes
0answers
87 views

Is it a safe strategy to protect a high dividend stock with a collar?

I want to find a few high dividend paying stocks (~10% yield) for my tax sheltered portfolios. I also want the stock to be reasonably safe. I am looking at this list. Problem is, I don't know how to ...
0
votes
1answer
26 views

How do I charge GST & QST for my freelancing?

I'm based in Quebec and intend to offer freelance marketing consulting services. I intend to find clients from online freelancing websites such as Odesk. This means my clients could be from outside of ...
0
votes
1answer
48 views

Reporting a tax refund from a previous year as income

I'm wondering if I have to report income from my 2013 Canadian tax return on my 2014 Canadian tax return? I'll be filing as a non-resident if that's important.
0
votes
1answer
61 views

Claim rental expenses as a tax credit

If I am renting the apartment I live in, can I claim part of the rent I pay as a tax credit? I am looking at this can-you-claim-rent-in-ontario But it does not mention if you need to be below a ...
0
votes
1answer
34 views

How much tax credit I get for monthly metropass in toronto

I pay for my own public transit monthly pass in Toronto. I am not sure how much of the amount I pay is tax deductible? ...
1
vote
0answers
75 views

How to recover value from a term life insurance policy?

This happened in Canada. A person has a life insurance policy that matures in 2024 (in 9 years) and he has been paying monthly premium since 1996 (for 19 years). He lost his job and is not able to ...
3
votes
0answers
32 views

Including 401(k) contributions on Canadian tax return

I am a Canadian resident who made US income, and contributed to a 401k. I know I must include my 401k contributions on my foreign income, but what about my employer's contributions? Also, what are ...
1
vote
1answer
35 views

Do I pay withholding tax on a US company trading on TSE

I am talking about Cenovus energy:TSE:CVE It trades on both NYSE and TSE. If I buy it on TSE and pay in CAD, in my TFSA, do I still pay the 15% withholding tax, that cannot even be recovered using ...
1
vote
1answer
30 views

What Percentage of my Income do I Have to Pay in Employment Insurance (EI) Deductions?

I am from Calgary, Alberta, and I am wondering how much % of my hourly wage will be paid to my EI (employment insurance). Is the percent rate different for every worker, if not, what is the fixed ...
6
votes
2answers
555 views

Is Buying American Shares in Canada a Good Idea?

I am looking at buying some American based shares such as SPY (the S&P 500 Index ETF), but I am in Canada. I am wondering if buying something like this will have any consequences (e.g. I have to ...
5
votes
1answer
161 views

Never filed my taxes for many years in British Columbia. What can I do?

I suffer from depression and unfortunately never filed my income tax in British Columbia, Canada. I always paid my taxes through my employer. How can I file now and what would the penalty be?
1
vote
1answer
48 views

Deducting home costs if I work from home on the side?

I have a question on how to claim deductions if I use my home as a home office. See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/cmmssn/hm-eng.html Let us say ...
3
votes
0answers
26 views

Received Stock options as UK Employee, however exercised the stock as a Canadian Employee. What is my tax liability?

I work for a global company. As a UK resident, my company awarded me stock options & Restricted stock. The stocks is traded on the NYSE. I exercised the stock in Canada. I transferred to the ...
1
vote
2answers
116 views

When filing taxes in Canada, in what cases does box 39 on the T4 get reported as half of box 38?

When filing taxes in Canada, when does box 39 get reported as half of box 38? In my case, I got ESPP amount reported in box 38, with box 39 missing in my T4 altogether. According to my accountant, the ...
0
votes
0answers
31 views

Canada: can an international student file tax return for past four years

I'm an international student about to graduate. I never had a work permit, no income, no SIN so never filed tax return before. Stupid enough, I just realized I can use my tuition credit, so can anyone ...
0
votes
1answer
43 views

How much CMHC fee do I need to pay if I cannot put 20% down on a new home

I am trying to calculate how much CMHC fee I will need to pay if I can only put in 10% downpayment on a new home as opposed to 20%. So as per this calculator: It shows:8640. My question is: is the ...
0
votes
0answers
41 views

Letting someone else pay in a check (made out to me) to their account?

I have a check made out to me (call me John Doe). I'm permanently away from my home country, where I have bank accounts; I'm now in Canada. I'd like to let a friend (call her Jane Doe) pay the check ...
2
votes
0answers
24 views

Understanding the Home renovation tax credit in ontario

I am trying to figure out the home renovation tax credit Does it only apply to the home I live in? If I currently live in a rental property but am allowed to do renovations, can I apply for the ...
0
votes
1answer
31 views

Tax exemptions for US stocks held in a Candian account

As a Canadian, if I buy US stocks and receive dividends in a non tax sheltered account, then those dividends are not suited for dividend tax credit. Also, if I sell and incur a gain(within 1 yr), do I ...
1
vote
1answer
42 views

Contribute to RRSP without deducting?

I am in a lower income bracket, however, like the idea of contributing to an RRSP because any earnings within the plan are tax-exempt. Is it possible to contribute to my RRSP, but not have it deduct ...
-1
votes
1answer
64 views

If I join a prop trading firm, will I enjoy low commissions

I often hear that professional traders pay negligible (<1 cent ) commission per trade. Is this true? Does this mean that if I open up an account with a prop trading firm in Toronto and put up ...
-1
votes
1answer
124 views

What is the pitfall of using the Smith maneuver

What are the pitfalls of the Smith maneuver? It seems too good to be true and almost makes a case against fully paying down your mortgage :) What is the catch?
0
votes
2answers
41 views

Withdrawing from RRSP to pay income tax owed to CRA?

While filing my tax return, if I find that I owe taxes to CRA, but I don't have any cash on hand to pay the taxes, then I can withdraw from my RRSP. Now, if I withdraw money from RRSP, do I first ...
0
votes
0answers
22 views

Is the average cost considered while calculating capital gain [duplicate]

If I buy 100 shares of XYZ at 1 $/share and another 100 shares at 2 $/share and sell all 100 at 3$/share, do I pay tax on: 100*3 - 100*1.5 = 150 $ (i.e is the buy price taken to be the average of my ...
2
votes
3answers
59 views

What Canadian account number format do European banks need for wire transfer instructions?

I am trying to transfer funds from my account in Europe to my account in Canada. On the sending (European) bank's transfer instruction form there is a field I need to fill-in in the beneficiary's ...
1
vote
2answers
136 views

Possible to remove condo townhouse fees?

Apologies if this is a dumb question. I was recently advised by a real estate professional that I should look into getting myself a condo townhouse because they are way more affordable than buying ...
0
votes
1answer
76 views

Can I avoid an audit by submitting documents early?

I make a lot of charitable donations every year (I donate 10% of my net income to my church), lots of people in my church get audited every year. Is there a way I can avoid getting audited by just ...
0
votes
1answer
109 views

What are Some Good Low Cost Index Funds to Invest in for the Long Term?

I am 19 years old (in Canada) and have heard that "Low Cost" index funds are a safe and highly profitable way to invest small amounts of money each month. My aim is to invest every month until I am ...
4
votes
1answer
106 views

As a US citizen studying in Canada, do I pay income taxes in either country for Scholarships?

EDIT: It is really more of a "grant" than a "scholarship". Also, I qualify as a resident of Canada for this tax year. I'm a US citizen in graduate school in Canada. I have an annual scholarship of ...
1
vote
1answer
62 views

Non-resident alien in the US working in Canada under a TN Visa - Determining sponsor for tax purposes?

I am a Canadian citizen (and resident) who did a 4-month internship in California under a TN visa (as a non-resident alien) in 2014. I am filing out form 8843 for tax purposes, and it is asking for ...
1
vote
1answer
48 views

Worked as a non-resident alien in the US (Canadian citizen and resident) for a few months under a TN visa, how do I file a tax refund?

For a few months in 2014 I worked as a non-resident alien under a TN Visa in the U.S. I am a Canadian citizen and resident. I only worked a few months so I shouldn't have to pay much in taxes, but ...