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

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1answer
54 views

Why Does My Tax Free Savings Account Say I Have 0 Contribution Room as of 2015?

I am living in Canada, and I recently went to http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html and tried to check my TFSA contribution room for this year. I turned 18 on February ...
14
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1answer
2k views

I'm being asked for installment tax payments, but I just started as a salaried employee. What should I do?

For the last decade I've been a freelancer. I had a balance owing two years ago, so last year (2014) I had to pay by installments. However, on January 1st, 2015, I started as a salaried employee at ...
3
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1answer
119 views

To what extent are wedding prices negotiable?

Wow, wedding services are expensive. But maybe that's just the list price? Maybe we're supposed to say "well this is a great offer but I need you to come down 20% or we're going to use the golf club ...
1
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1answer
19 views

US Citizen living and working in Canada for US company - HST?

I am a US citizen living and working in Canada for a small US company that provides consulting services to a large Canadian company. I am considered an independent contractor; and am paid in US ...
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0answers
12 views

Is there a public resource that lists all the available ETFs in Canada with realtime data?

There's a convinient resourse for ETFs in the US, which provides sortable lists with many parameters. Is there anything similar for Canadian ETFs?
0
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1answer
77 views

Tax implications for receiving a car as compensation for work

For a few months in 2014, I was working with an early stage start up and they weren't able to compensate me in any way except the promise of equity when we started. A month in to my tenure with them, ...
0
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1answer
40 views

Are bonds taxed every year or only at maturity

If I buy a bond that matures in 2 years, do i pay taxes only when i get my principal and interest back at maturity? Or do i pay some taxes on year1 and rest on year2?
0
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1answer
11 views

How do I claim HST compensation on my personal Ontario income taxes?

I have a couple thousand dollars of HST compensation to declare on my Ontario Income Tax for a sole proprietor business, but I am not sure specifically how to declare the amount on my taxes as income ...
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0answers
22 views

Could CRA consider income from frequent trading of listed stock options as regular income, not capital gains?

I trade options on U.S. stocks frequently, several times a month. The income has been taxed as capital gains. I am quite worried that the CRA could turn around and say that I am operating a business ...
2
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1answer
59 views

Pros/cons of drawing income in retirement from sole-owner corporation vs. sole-proprietorship?

What happens from a tax perspective at retirement time for the sole-owner/employee of a Corporation versus Sole-Proprietorship? In the case of a Corporation, I assume that the owner pulls money from ...
3
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1answer
111 views

How much taxes do corporations have to pay on dividends they receive from other companies?

I am trying to figure out whether it would be beneficial for me to convert my sole-proprietorship to a corporation. In doing my research, I need to figure out how corporations get taxed on dividends ...
1
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1answer
17 views

Are contributions made to RRSP which are paying back a HBP withdrawal still tax deductible like regular contributions?

The title of the question says it all. If I detour my $25,000 down payment into my RRSP for a few months to get the tax benefit associated with that, then withdraw it for the HBP, and continue making ...
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2answers
62 views

do i have to file taxes in Canada if no income?

If I did not have any income for 2011 and 2012 do I still need to file a CANADIAN tax return? And if so, where do I obtain the forms.
0
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0answers
45 views

A liquid ETF that tracks the us dollar

Are there any liquid ETFs that track US dollar. I can only find this one, but this has very low daily volume (~70k shares) http://www.horizonsetfs.com/pub/en/etfs/?etf=DLR&
1
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1answer
51 views

Pay off Home Buyers Plan - or not

I am single and retired and owe a balance of $4800 on my HBP with 4 years to go repaying at $1207 per year which I have to declare as income. I live on the Gov. CPP and OAS with supplements and with ...
3
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0answers
41 views

Donating to US versus Canadian charities to maximizing tax benefits

I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size? My ...
0
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1answer
26 views

Can personal banking customers use the BMO Harris Bank remote cheque deposit system?

I live in Canada. I notice that BMO Harris Bank offers remote cheque deposit software, powered by DepositEdge, for its commercial banking customers. But I only have a personal banking account with ...
0
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0answers
22 views

TFSA withdrawl to make room for options deposit

If I stand to make $30,000 in capital gains on stock options that I hope to cash out in 2 years time, is it better to make room in my TFSA account by withdrawing TFSA funds the year before to make ...
0
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1answer
20 views

Option spreads in registered accounts

Are there any option brokers for canadian people that allow you to do credit and debit spreads in their rrsp and Tfsa accounts?
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0answers
22 views

Can I open an RESP for myself and transfer to my children's RESP account later?

Is it possible to open an RESP for myself today and when I have children, transfer the balance to my children's RESP account to receive annual CESG payments?
3
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1answer
41 views

TIAA-CREF equivalent or else other tax-sheltered plan types in Canada, beyond TFSA?

After reading the book "Money: Master The Game" by Tony Robbins, he mentions that many Americans use a TIAA-CREF account for tax sheltered savings. Besides a registered TFSA (Tax Free Savings Plan), ...
10
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4answers
539 views

I guess I'm American (by birth). I'm Canadian… my investment company is asking an impossible question. I don't have an SSN, what to do? Lie?

When I was born (1976) they did not automatically assign SSNs to kids (according to my mother). I guess that's not the case now. I only lived there for a few years and I gather I am a US citizen by ...
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2answers
183 views

In Canada, how much money can I gift a friend or family member without them being taxed on it?

In the united states, you can gift someone up to $14k per year without the IRS taxing the beneficiary of the gift. What is the limit in Canada (Ontario)?
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1answer
69 views

Do I need to report RRSP gain even if it is not taxable?

If I put $100 in RRSP, and the 100 becomes 105$ at the end of the year, I don't pay any tax on the $5 unless of course I withdraw the money from my RRSP. Do I still need to report the $5 as income on ...
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2answers
49 views

Investments beyond RRSP and TFSA, in non-registered accounts?

I am Canadian, with income just below marginal higher rate. My RRSP contributions were always filled, and the rest went to extra mortgage payments. I just finished paying off the mortgage and will ...
2
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1answer
101 views

Why big clients want the contractor to be incorporated before giving them work

Why do banks and other companies in Canada that employ independent contractors to do IT work insist that the contractor be incorporated, as opposed to a sole proprietorship?
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2answers
87 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 ...
-4
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1answer
36 views

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

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 ...
0
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0answers
54 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 ...
1
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1answer
94 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 ...
1
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1answer
142 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 ...
1
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1answer
122 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
97 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 ...
0
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0answers
55 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 ...
1
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1answer
117 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 ...
0
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1answer
47 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 ...
5
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4answers
223 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 ...
-1
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1answer
47 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 ...
-1
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1answer
76 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 ...
0
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1answer
66 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 ...
0
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2answers
83 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
99 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
153 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 ...
0
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1answer
44 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
192 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 ...
4
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3answers
404 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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1answer
119 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 ...
12
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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
89 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 ...
1
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0answers
57 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 ...