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

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2
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1answer
102 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 ...
0
votes
1answer
25 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 ...
0
votes
0answers
15 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
votes
0answers
40 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 ...
1
vote
2answers
176 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 ...
9
votes
1answer
224 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
votes
1answer
63 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
vote
0answers
49 views

In Canada, how soon after a bankruptcy has been discharged can one be filed again? [closed]

I know that in the U.S., in the case of chapter 7, a person can file again for bankruptcy 8 years after being discharged and be discharged again. How does this work in Canada?
1
vote
1answer
41 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 ...
4
votes
3answers
69 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
votes
1answer
368 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 ...
7
votes
3answers
412 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 ...
0
votes
1answer
523 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 ...
1
vote
1answer
43 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 ...
1
vote
2answers
34 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 ...
3
votes
1answer
48 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
votes
1answer
49 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 ...
0
votes
2answers
61 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?
1
vote
1answer
85 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
votes
1answer
152 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 ...
0
votes
3answers
137 views

When to use visa debit /MC debit

When I open up a regular checking account, I get an ATM/DEBIT card? So what exactly are the pros/cons of using a Visa/MC Debit card over the debit card provided by my bank?
12
votes
4answers
939 views

Explanations on credit cards in Canada

I recently moved from France to Canada, and am a bit lost regarding the way credit cards work in North America. Let me explain my understing to give some context to my question: In France, one has ...
0
votes
1answer
81 views

Mortgage: Low house price with high income (Canada/US)

I am planning on purchasing my first home, but its going to be for my mother. She lives in a small town with very affordable housing. The place will be around $68k with 20% down payment ($13,600) ...
-1
votes
1answer
37 views

Relationship between points and air miles

Let us say I have Air Canada Aeroplan card, and if I shop at certain retailers, I accumulate points. Now let us say a particular flight on air Canada cost 100,000 miles. How to know how many points ...
8
votes
1answer
2k views

Are Chase credit cards commonly accepted for purchases?

While trying to buy stuff online with a credit card, the options available are usually restricted to Visa, MasterCard and AMEX. I am thinking of getting a credit card from Chase, but where could I ...
1
vote
1answer
73 views

Should I enroll in employer sponsored deferred profit sharing plan (DPSP)?

My employer in Canada has given me the option to enroll in an RRSP, DPSP, or TFSA. I've come across RRSP's and TFSA's before but I am intrigued by the DPSP (Deferred Profit Sharing Plan). Details are ...
3
votes
1answer
147 views

CRA made a mistake in our favour

This was in a review of a previous tax return. The error is high four figures which translates into a low four figures refund. Do they keep copies of the documentation? What are the chances they ...
1
vote
0answers
48 views

Excel Canadian Mortgage Formula Help

I need to get the ending balance formula for a project in excel calculating mortgage payout. I am hoping to develop a formula instead of formulating an amortization table. I have used the following ...
1
vote
1answer
29 views

Are retirement contributions for temporary workers in Canada mobile?

I am an American citizen about to start a temporary three-year position in Canada. It's possible but unlikely that I will settle in Canada permanently. Will I be required to contribute to a ...
2
votes
2answers
104 views

PayPal personal account: does it accept credit cards or not?

On this website it says it does not: https://www.paypal.com/cgi-bin/webscr?cmd=p/pop/choosing_account_type_signup-outside On this site it says it does: ...
2
votes
2answers
76 views

How does a TFSA work? Where does the interest come from?

I have extremely little knowledge about finance in general, but I have had a TFSA for several years now and know that my money keeps magically growing. Exactly where does the interest I gain come ...
3
votes
4answers
150 views

How to divide investment power between fixed asset and more liquid assets?

My wife and I bought our first home this year. We got a good price and live modestly so our fixed expenses are only about half of our take home income. Due to Canadian mortgage rules we opted to put ...
4
votes
2answers
111 views

Is a chargeback appropriate when a company cancels and then later un-cancels a service?

So here's the situation: I reserved two spaces on a bus tour Three days before the tour departs I am emailed to notify me the trip has been cancelled. I am given the option to either rebook a day ...
1
vote
1answer
47 views

Passing on non refundable tax credits

I'm planning on doing some volunteer work and during this work, I'm going to amass a decent amount of non-refundable tax credits via charitable donations. I can't claim those this year, though, ...
3
votes
1answer
84 views

How do donation tax receipts work when I have no taxable income?

I currently refurbish computers as a side volunteering thing, and all refurbished computers go to charity. I will receive tax receipts for these donations. The thing is though, I am still <18 and ...
1
vote
1answer
35 views

Better to have a non-registered (taxable) investment account in one/both names and/or based on income?

This question is for those familiar with Canada's income tax laws. My wife and I have maxed out our TFSAs. We also max contribute to our kid's RESPs. We also contribute a healthy amount to our RRSPs ...
1
vote
5answers
214 views

How can I take advantage of credit card cash back programs?

I have a credit card that offers cash back (1%) on every purchase. Now there are some stores in Canada that have their own cash back (a.k.a...if you buy something for 5$ and charge 100$ to the card, ...
10
votes
2answers
359 views

Should a married couple co-sign a mortgage or not?

If one partner can qualify for the mortgage that the couple needs based on his/her income and credit history alone, is there value in co-signing the mortgage apart from the 'in it together' mentality? ...
1
vote
1answer
43 views

Can Ontario university students apply for the “30% off Tuition” or any other significant grant offered by OSAP if they attend school outside Ontario?

My daughter is on her way to Dalhousie this fall. I'm almost certain I read (a few months back) that she was eligible for the Ontario 30% but now it appears as if she is not (maybe I originally ...
0
votes
1answer
32 views

Is income earned in the Carribbean considered taxable for a Canadian resident?

If in winter time, I go to Caribbean and make some money as a sailboat instructor, is that money tax free? I am Canadian resident. I am asking this because I hear that a lot of these Caribbean ...
2
votes
1answer
110 views

Do financial advisers in Canada who work at the bank, make investing decisions not in your best interest?

I've been using the same financial adviser as my my family and am wondering if Canadian financial advisers who work at the bank specifically Scotiabank would purchase mutual funds that specifically ...
1
vote
0answers
43 views

Can a Canadian student with US resident alien status receive the tax treaty benefit after 5 years? If so, how much?

I am a Canadian citizen who has studied in the U.S. with a J-1 visa since 5 years ago, which means that I have now become a resident alien. I am still studying (for an advanced degree) in the U.S. ...
1
vote
2answers
76 views

Dual Citizen considering tax implications of working in second country of citizenship

I am a resident of Canada, and am also an Irish citizen. Recently, I've been considering moving to Ireland (for ~6 months, not forever). During this time, I would either try to get hired on by a local ...
0
votes
1answer
72 views

Does insurance cover injury playing rec sports

If I get hurt playing recreational soccer after work, will my employer insurance cover my medical/hospital expenses?
0
votes
1answer
38 views

How do you get your Canadian stock information?

I am getting into stocks and am looking for ways to keep myself updated with the best current information. The type of sources I am looking for are: Podcasts Newsletters RSS feeds Twitter Etc. ...
2
votes
1answer
90 views

How can I transfer my money between US/Canada bank accounts with as little loss as possible?

I am currently living in Canada and have funds in a savings account with a Canadian bank. Say I decide to move back to the US, how could I move those funds to a US bank account with as little loss as ...
0
votes
0answers
37 views

Guaranteed Income Supplement (GIS) calculation involving Capital Gains and Unused Capital Losses?

Do I understand correctly that for calculating income tax payable, the use of unused capital losses of previous years will reduce the current year capital gains and also affect the calculation of the ...
1
vote
1answer
93 views

Is money sent by my brother to buy a flat taxable?

I am a Canadian citizen living in Halifax. My brother wants to help me buy a flat and plans to transfer money as a gift ($150,000 USD) from the States to Canada. Is the transfer taxable?
4
votes
2answers
67 views

Investing for Dividend Income with Canadian TFSA

I have a TFSA that I tend to max out every year. I would like to invest this money into stocks that pay me out dividends on a regular basis. I asked a previous question about the tax implications in ...
1
vote
0answers
43 views

As a non-canadian resident can I get a mortgage loan in Canada?

I am willing to buy an apartment in Canada, where I'll be living for 5 years with a student visa (I am swiss). Can I get a mortgage loan in Canada although I am not Canadian neither permanent ...