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

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2answers
64 views

Why buy bonds when GICs offer better interest

As an individual investor, AAA rated bonds and even AA rated bonds provide much lower interest rates than a conventional GIC from a reputed institution backed by CDIC. So who would ever want to buy a ...
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0answers
21 views

Canadian Payroll Tax Calculator API [on hold]

I would like to develop an application where the user enters basic input parameters such as Gross Salary & other benefits/deductions on their paychecks and have the application calculate the ...
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1answer
30 views

How decreasing the prime interest rate helps to offset decreasing oil prices [on hold]

Bank of Canada said that it is reducing prime rate to offset the effect of decreasing oil prices. I could not follow how decreasing the prime rate will help counter the effect of decreasing oil ...
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0answers
46 views

Make money based on interest rate cut in Canada

Bank of Canada recently announced reduction in its prime rate. As a Canadian, is there a way to take advantage of it? For example, if I bet that in the next 12 months, the rate would increase, how can ...
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1answer
67 views

What impact does trading in a car have on your credit score?

The situation: The term length of your auto financing is 36 months. You decide to trade your vehicle in after 12 months of ownership. You trade in your current vehicle and take out another loan for a ...
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1answer
121 views

Is knowingly providing an incorrect/fake reference for a car loan fraud?

I'm not sure if this is the right area to ask this, so forgive me if I'm in the wrong place. My work recently hired a new employee, and she was looking for a new car. However, to get the car loan ...
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1answer
94 views

Non US-resident, need to file 83b election TODAY with the IRS - I have an SSN but it says “valid for work only with DHS auth” - is this OK?

I am Canadian and are back in Canada. Last year I had a J1 visa to work in the US and I obtained an SSN while there, it says "valid for work only with DHS authorization" on the SSN. My J1 visa has ...
2
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1answer
61 views

Capital gains on foreign investment?

An American "tax person" living solely in Canada must report any interest income earned in Canada on his/her US tax return. But, does this income include any gains or losses caused purely by currency ...
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0answers
24 views

Can I get tax withheld on 1042-S as a resident alien (Canadian) with income code 15?

I'm trying to figure out my 2013 taxes. I came to the U.S. from Canada in August 2008 to study. After 5 years, I'm still in the U.S. as an F1 student to pursue a graduate degree and I have only gone ...
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0answers
25 views

U.S. Citizen opening a Canadian Bank account in the U.S.

Does either RBC or HSBC have branches in the U.S., specifically New York? We will be visiting NY and would like to open a joint acct with my husband so we don't want to travel all the way to Canada.
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1answer
115 views

Got Notice My Personal Information May be Compromised

For anyone who may believe this is Phishing, it is not. I got a notice from a company saying that an HR employees car got broken into and it may have personal data of mine. I haven't had a job with ...
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1answer
43 views

filing taxes in Canada from another country

Canada.Hi I have not been filing me taxes and it wasn't a real concern to me until now. I now know how serious it is and I messed up. I have never filed before and I do not know where to begin... I ...
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4answers
214 views

Is my employee stock purchase plan a risk free investment?

My company offers an employee stock purchase plan with two 6 month periods. At the end of the period I buy the company stock at a 15% discount on the lower of the price at the start of the period and ...
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1answer
46 views

How to search efficiently for financial institutions, credit cards, etc (At least in Canada)?

I tried Google to seek high-rate savings accounts, which effected websites like https://www.highinterestsavings.ca/chart/, the broadness, newness, and reliability of which I doubt, because for ...
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1answer
67 views

What can you with no income do, if you want credit card limit increases? [closed]

Assume that one has 0 income, but regularly uses her credit card, always promptly pays the balance (eg from savings). I've heard from some banks that they generally eschew or decline credit card ...
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1answer
58 views

To prevent credit score decreases, what are the optimal frequency and number of credit card applications in Canada?

The bolded seems anecdotal; is there any official source? http://www.moneysense.ca/debt/know-your-credit-score: While you can check your own credit as many times as you’d like, others can only ...
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2answers
76 views

In Canada, can a rejected credit card application hurt?

These two conflicting articles by the same author apply to the US, but what about in Canada? I'm only interested in one or two credit cards, so should I just apply singly one at a time? Will a ...
0
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0answers
49 views

US resident, Canadian citizen/non-resident tax questions: interest, TFSA, and dividends

I'm a Canadian living and working in the US, so I file and pay income taxes in the US, and am a non-resident of Canada for tax purposes. I am aware of my filing obligations to the IRS, but I have some ...
2
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0answers
77 views

Canada Tax question for TN visa holder

My name is Megha. My husband is working in USA on TN visa since August 2012. Me and my son moved to USA in August 2014. My husband has been filing taxes in US as non-resident and in Canada as ...
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1answer
42 views

Is the interest earned on a TFSA account tax deductible if it is moved to an RRSP

Let us say at the beginning of the year I put 5000 dollars in a TFSA account. I invest that money, get 5% and in December, I move the principal + interest = 5250 $ in my RRSP. Now, RRSP contributions ...
4
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4answers
190 views

Buying a foreclosed property

Is it true that foreclosed homes usually sell for a discount? I mean, the bank is in a hurry to recover whatever money it can, so it makes sense they would be willing to take a hit on the sale price ...
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3answers
335 views

Why not pay in full upfront for a car?

I assume the following 3 hypotheses, which doesn't duplicate and instead only narrows http://money.stackexchange.com/a/38838/10763, http://money.stackexchange.com/a/15812, ...
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0answers
62 views

Can I have a side income without registering it as a business

I am full time employed. If I want to generate some income from a side hobby-business by buying and selling gift cards, at what point in time do I need to register as a business/corporation with the ...
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4answers
1k views

I'm not broke, but I'm feeling stuck on a fixed income

I'm living on a fixed disability income, with little hope of ever being able to work again. I cannot receive any income of any kind while on disability (or I have to pay it back anyway, and risk ...
1
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1answer
64 views

US citizen living and working in US for a Canadian company.

I will be working for a Canadian software company remotely from my home in the US. The company doesn't have a US branch or presence. How will the company pay me without a US division? And will I ...
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0answers
53 views

Are the tax rates same for income from salary, rental, and odd jobs?

As per this link, the tax rates in Ontario are divided into Other Income, Canadian Dividends, and Capital Gains. Do all kinds of Income (rental, salary, odd jobs, etc.) come under Other Income? And ...
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2answers
67 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution ...
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1answer
28 views

How to do charitable donation from RRSP? Can there be a tax benefit?

Is there a way to donate to a charity straight out of an RRSP? That way I get the RRSP tax deduction benefit and at same time can also contribute to a charity.
2
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1answer
158 views

How do I split my income with my wife?

I want to split my income with my wife in order to save on taxes. I have a corporation, however, my wife does not currently work for my company. What is the best way for us to split our incomes while ...
9
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2answers
2k views

Save on taxes by paying oneself dividends instead of salary from a Canadian company

Shareholders of Canadian companies enjoy a so called dividend tax credit. Basically, this means a reduced rate of tax on the dividends paid by the company to the shareholder. That makes me ...
3
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2answers
90 views

Could someone help me understand bond information?

I'm currently looking at this website for information on Government of Canada bonds. I was just wondering if anyone could tell me when the coupon payments are made (is there only one at maturity?) and ...
2
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1answer
137 views

How can I reduce my tax liability on proceeds from the sale of a company?

My (Canadian) company is about to be sold and as one of the first employees I'm expecting a significant payout from options (e.g. $2M !). That sounds like an incredible amount of money, but this is ...
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1answer
33 views

Canada: Can financial institutions borrow against all RRSP assets?

I have a self-directed RRSP at a Canadian financial institution. In this case it happens to be a credit union. The RRSP account is holding a corporate bond. I pay the institution a fee for ...
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0answers
19 views

self directed RRSP for a non resident

I am a US resident and want to take money out of my superannuation municipal plan and have it converted to an RRSP. However, some banks don't allow you to obtain a self directed RRSP if you are not ...
0
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1answer
52 views

Advice on money transfer from Canada to South Africa

I am trying to figure out what is the best way to transfer money from Canada to South Africa. By best way I mean the cheapest way and of course the safest way for me. I have found a few weeks ago ...
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2answers
305 views

Do I still need to pay capital gains taxes when I profit from a stock in a foreign currency?

Let's say I convert CAD 100 to USD 90. With the USD 90, I buy a stock that goes to USD 100, and then I sell it. If I don't convert the resulting USD 100 back to (say) the CAD 105 it might be worth at ...
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1answer
365 views

Defer bonus pay to next year

My employer offers the option of deferring my bonus payment to 2015 i.e instead of taking it in December, I have the option of taking it in 2015. Now, I understand if I was planning to retire/quit in ...
0
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1answer
76 views

Worry about trading High Interest Savings Accounts only by phone?

A friend living in Canada has HSBC InvestDirect Canada as her discount broker, which requires a minimum of $10,000 CAD in the InvestDirect account. She doesn't want $10,000 of cash to lie around ...
1
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1answer
79 views

IRS Rules for Canadian with US Bank Account

I am Canadian and live in Canada. I have an online business and customers pay me through PayPal in USD. My sales are transferred from PayPal to a USD account I hold with a US Bank in the U.S.From ...
5
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3answers
85 views

Is there a Canadian credit card which shows holds?

It is really frustrating not being able to run a tight ship with my money. Neither CIBC nor TD shows them immediately. It is certainly possible because I ran across a Visa gift card which showed them. ...
2
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1answer
548 views

If my rental property income and mortgage payment are equal, do I need to pay income tax on any rent revenue?

Let's say I have a monthly mortgage payment of $1600 on a condo I own, and the condo is rented out for $1600. Then, I'm breaking even. Hence, I would not need to pay any tax on my rental income. Would ...
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3answers
468 views

Why are some funds only recommended for investors starting out?

I am 23 years old and have been in industry for a couple years and my savings have grown to an amount whereby GIC's are no longer good enough. Since I bank with TD Canada Trust, there seems to be a ...
2
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1answer
760 views

How are Canada Universal Child Care Benefit (UCCB) & related tax measures changing in 2015?

Significant changes to Canada's Universal Child Care Benefit (UCCB) and related income tax measures were announced on October 30, 2014 by the Prime Minister. What exactly is changing w.r.t. UCCB and ...
2
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1answer
52 views

What are the easier to qualify home loans in Canada?

I have only 6 unpaid things on my credit report. The small things add up to only $17XX.00 but the oldest thing, an unpaid credit card from 5 or 6 years ago, has nearly doubled to $11,000 due to ...
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2answers
38 views

What is RRSP Withholding Tax?

I am confused by the "Withholding tax" on an RRSP withdrawl. If I withdraw funds from my RRSP, am I subjected to a 10%-20% with-holding tax? Does this basically mean that my money will be reduced by ...
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1answer
60 views

Do I need to register as self employed in Ontario, Canada?

I am moving from UK, where I am registered as self employed under my own name, to Ontario, Canada. In Canada I will be both employed in a full time job and self employed, making a small amount of ...
2
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1answer
52 views

Are there any other considerations for picking a GIC besides interest rates?

When looking for a GIC I get a table of options that looks something like this: Is there any reason why I shouldn't go with the higest offered interest rate? E.g. in this case with HOME TRUST ...
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2answers
63 views

Is there an easy way to calculate how much you can contribute to an RRSP if you never have before?

Is there a simple way of calculating how much you can contribute to an RRSP if you have never contributed at all?
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1answer
218 views

How much cash in INR can I bring to India

While traveling to India from Canada as a Canadian citizen, how much cold hard cash in INR am I allowed to bring to the country? I dont want to use credit card and pay FX conversion fee of 2.5%
4
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1answer
172 views

As a Canadian, what should I invest in if I'm betting that the Canadian real estate will crash?

I apologize in advance if this question seems unethical as you may think I'm trying to profit from people's losses. I'm just trying to protect my investments. So here's my question: if I'm betting ...