For questions that relate to the laws, practices, and products of Canada.
-3
votes
0answers
30 views
non-tax-resident of Canada pay taxes for investment account earnings? [duplicate]
I am a Canadian citizen working overseas permanently with no ties to Canada (no family, no house, no jobs, no licenses). This makes me a non-tax-resident (meaning I report the taxes to my current ...
4
votes
1answer
54 views
Non-tax-resident of Canada needs to pay taxes for investment account earnings?
if a person were to be a non-resident of Canada without jobs, a spouse, kids, asset (houses, cars etc.) in Canada, then that person would not be obliged to file a tax report. However, if that person ...
7
votes
1answer
67 views
Pay off debt with RRSPs, or refinance and roll into Mortgage?
A few years of a combination of under-employment and trying to keep afloat a floundering business has left me (us) with 50k debt on a line of credit and a credit card. We are getting 5k back from ...
5
votes
1answer
82 views
Can I get my payment back on a vacation booked with a company that went into receivership?
My friend booked a summer vacation with a resort/inn located in Ontario that has just gone into receivership. She paid in FULL with a credit card about a month ago.
Is there any way to get her ...
7
votes
1answer
39 views
How much penalty will I have to pay for paying my tax installment late?
I had a tax installment of $7956.00 due on March 15th which I missed and paid on April 30th. I can make an extra installment now to cover the penalty, but I don't know how much it should be.
The ...
6
votes
2answers
113 views
Borrowed Canadian Money and paying back in US
My husband borrowed Canadian money from his relative to pay for his American education. At the time the Canadian dollar was .50:1. Now the exchange rate is 1:1 and we are paying back the debt in US ...
2
votes
1answer
73 views
As a Canadian citizen living as a legal resident in the United States, with no income: do I need to file in Canada?
I am a Canadian citizen but I married an American and live as a legal resident in the US. My husband supports us and I did not bring in any taxable income in 2012. Do I need to file a Canadian ...
5
votes
1answer
65 views
What Canadian banks offer two-factor authentication (such as password & token) for online banking?
None of the Canadian financial institutions I deal with offer multi-factor authentication. They only use a password/pin, plus laughable "security questions".
Are there any options for Canadians ...
1
vote
1answer
34 views
Must I accept Canadian funds if I do business in Canada
I'd like to sell a product in Vancouver, Canada. If the company is Canadian, must I accept Canadian dollars? If my company is not incorporated in Canada, does anything change ? Can I sell a product to ...
7
votes
2answers
165 views
How long after new employment before applying for a new credit card?
I am a recent grad and new employee. I currently only have a $500 student Visa credit card with my current bank branch (2 years).
I began my employment at the end of January (just over 2 months ago) ...
2
votes
0answers
50 views
Canada: Filing multiple years income tax (carry-forward)
I've been a bit irresponsible with my taxes as a student, and now it is time for me to make up for the years of neglect, and file my taxes for the 2007-2012 periods.
I've not filed taxes starting in ...
2
votes
2answers
42 views
International bonds, currency differences, and effect of inflation on such bonds?
Country X's national government purchases country Y's government-issued bonds. Would the bonds be issued in country Y's currency?
How does inflation (of either country's currency) factor into this, ...
5
votes
2answers
147 views
Cash out retirement account or sell and downsize the house to pay off line of credit?
I am in my mid 40's and I have an outstanding secured line of credit with a large balance that I want to clear.
I can only come up with 2 scenarios to clear this amount based on my home equity and ...
1
vote
0answers
32 views
How to evaluate different account (RRSP, TFSA, …) and investment types (equities, bonds, cash) combinations
If I make $1 tomorrow, I can put that $1 in several accounts:
Personal non-registered account
Personal RRSP account
Personal TFSA account
Pay down mortgage
Leave in corporation and take out later
...
7
votes
1answer
93 views
As a Canadian, how can I apply for and get a U.S. credit card?
I am a Canadian permanent resident (neither Canadian nor U.S. citizen). I already have a checking account at Harris along with a debit MasterCard. However, there are really nice point-accruing cards ...
0
votes
1answer
87 views
Box 56 - PPIP insurable earnings (RL
Another question about Quebec tax return: I have field: Box 56 - PPIP insurable earnings (RL-1 Box I) in T4 Slip Income (RL-1) and in T4 box 56 is empty, but in RL-1 Box I has value equals to all ...
1
vote
1answer
111 views
T4 and RL-1 (Employment Income)
I'm filling my tax return using ufile. For T4 and Employment Income they have two options:
T4 and RL-1 (Relevé 1) income earned in Quebec
T4 and RL-1 (Relevé 1) with CPP contributions
What is ...
2
votes
1answer
52 views
How to buy stock on the Toronto Stock Exchange?
I have an Ameritrade account and thought I was purchasing a stock that trades on the TSE. However, I was only able to buy a pink sheets stock. I'm not sure of the difference. Would it be possible ...
2
votes
5answers
222 views
Whether to prepay mortgage or invest in stocks
If at the end of the year, I have 10k in hand that I want to save/invest and these are my options:
1.Prepay into mortgage. Rate is 2.1%
2.Invest in stocks and I know I can get at least 7 % return.
...
0
votes
1answer
83 views
Does an out of court settlements have to be declared as income?
Last year I was contacted by a company that wanted me to take down an open-source software project I was working on. The generally tone was that they wanted to give me 10k CAD to take down the project ...
4
votes
0answers
54 views
Investment Income - Who can claim?
My spouse and I now have a jointly held investment account.
I have received a T5 "Statement of Investment Income" for the account for the tax year, addressed to Mr James Foobar or Mrs Jenny Foobar.
...
1
vote
0answers
23 views
Who decides, and how, each year's increase in the Canada Pension Plan's YMPE value?
I know the Canada Pension Plan's Yearly Maximum Pensionable Earnings value (YMPE) is used for the following:
to determine the annual limit for payroll contributions to the Canada Pension Plan for ...
2
votes
1answer
73 views
Why do short-term term deposits and GICs pay more than longer ones?
ING Direct is currently offering 2.5% interest for a 90-day GIC, 1% for 180 days, and 1.5% for 270 days.
What would be the advantage of locking my money in for longer if I'm just going to get paid ...
0
votes
1answer
24 views
Directory for investment advisors/financial planners in Canada?
This question is specific to Canada, Toronto area.
How does one find a good directory of investment advisors/financial planners?
We have Auto Trader, and Renter's News publications, yet I've never ...
10
votes
5answers
387 views
What are the advantages of paying off a mortgage quickly?
What are the advantages of paying off the mortgage quickly??
Sure, not paying interest and truly owning your house is great, but then the money is tied in a fixed asset, and if you want to get at ...
1
vote
1answer
112 views
Pros and cons of cashing out my RRSP in order to repay HELOC used to start a business, now failed?
I'm in my mid 40s and a few years ago I used my HELOC to start a new business. I was paying interest only on the loan in hopes of paying off the HELOC in lump sum amounts once the business was ...
3
votes
1answer
89 views
How can I donate money to the Canadian federal government?
Lots of governments accept donations from members of the public. For example, I know the government of Ontario accepts donations through the Ontario Opportunities Fund. I also know that the US federal ...
0
votes
0answers
38 views
Canada: No taxes filed since 2003 while living in another country
My sister has been living in Central America since late 2002. She worked at small jobs to stay afloat, but didn't file taxes from 2003 onward. Now she is starting to pull in some proper writing jobs ...
1
vote
1answer
166 views
How to determine mutual fund or ETF capital gains taxes in Canada?
I live in Canada. I invest with TD Waterhouse, but I believe my question is unrelated to my specific broker.
Over the course of 2011 and 2012, I invested in a mutual fund indexed to the S&P/TSX ...
2
votes
0answers
28 views
When to apply for RRQ (Régie des rentes du Québec) benefits: earlier, age 65, or later?
My 60 yr old spouse just retired on RREGOP. Should she wait until she's 65 to take RRQ (Régie des rentes du Québec), or even 70, or should she take it now, early, at 60?
I am semi retired myself. I ...
2
votes
1answer
72 views
Any savings vehicle which is sheltered from both US and Canadian income taxes?
I'm a US citizen living in Canada as a permanent resident. I earn income and receive interest/dividends from both countries. I file income tax returns in both countries.
Every year I hear ...
2
votes
1answer
79 views
Foreign national moving from US to Canada, how to file tax return (340 days in US)
I recently started a new job in Canada in mid-December, which means I am only on Canadian payroll for 3 weeks, and for most of the year I was on US payroll with my previous employer. I am a citizen of ...
10
votes
3answers
338 views
Am I financially ready to move out with my boyfriend?
Background Information:
I am 24 years old
Graduated from University 2 years ago
Currently working full time at a bank in downtown for the past 1 year
Living at home with my parents
My parents ...
4
votes
1answer
352 views
How to pay myself as a single person corporation in Ontario? Should I get an accountant?
I'm an IT contractor and required in some of my contracts to have a corporation. I created my corporation, opened a corporate account and have been collecting income for about 6 months now...
... I ...
1
vote
1answer
74 views
Intro to Investment options for a Canadian
I'm a 22 year old Canadian living in Canada. I am about to finish school, paid off my student loan, and I have a good paying job, apart from rent and food (no car or house), I don't have much need for ...
4
votes
1answer
136 views
Where to invest proceeds from home sale to be used to buy new house within five years?
My wife and I have just sold our house (mortgage was paid off) in the city we lived previously. We're currently renting because we're not sure if we're going to remain in our new city. At some ...
3
votes
1answer
125 views
Family/divorce lawyer wants large retainer before taking on case. Is this normal?
My friend needs to get a separation agreement and divorce. The law firm she called asked for a retainer of several thousands of dollars up front before doing any work. Is a large retainer normal for ...
6
votes
1answer
130 views
Starting off as an investor
For 2 years I am alternating between 4 months of work and 4 months of school, so for the first time in my life, I have a lot more money than I need. I will be graduating in 15 months and am looking ...
4
votes
0answers
771 views
Where can I find historic performance data on Barclays Aggregate Canadian Bond Index?
I'm looking at the Vanguard Canadian Aggregate Bond Index ETF (VAB), and it says it replicates the "Barclays Capital Global Aggregate Canadian Float Adjusted Bond Index". Unfortunately VAB is less ...
1
vote
1answer
210 views
What happens to dividends on stock held in TFSA or RRSP account?
What happens when dividends are paid out on stock held in TFSA or RRSP accounts?
Do the payouts get put back into those same registered accounts?
Are they considered 'contributions' into those ...
6
votes
1answer
177 views
Smart Investments With No Risk
I have a chunk of money, around $20,000. I don't want to touch it until I am ready to buy a house, which could be anytime within the next 2-5 years.
What would be the smartest way to make some money ...
7
votes
4answers
433 views
How to pay U.S. bills while living in Canada with Canadian income?
I'm from the U.S., but I'm living in Canada and all my income is in Canadian dollars.
What good options do I have for paying my American bills?
Currently, the best option that's been presented to me ...
2
votes
1answer
192 views
Just starting my career - Wondering about how I can “Make my money work for me”
I have just recently been offered a job in my career of choice, and now that I will have a solid job - I would really like to begin investing.
My main goal from an investment would be to retire as ...
2
votes
3answers
128 views
Moving savings to Canada?
Would it be feasible to move my savings to Canada? Would this be a good way to avoid losses associated with another US banking crisis? (assumption is Canadian banks will weather a crisis better than ...
5
votes
1answer
50 views
New Pooled Registered Pension Plan details?
Does anybody have a good summary / commentary on the new Pooled Registered Pension Plans recently passed by the Canadian gov't?
...
2
votes
0answers
90 views
HST vacant lot severed from a farm for sale, zoned residential but still has crop on it
I am considering selling a piece of land that was severed as a residential lot from our family farm. The crop has been planted on it, even though it was legally severed as residential. If I sell ...
2
votes
0answers
43 views
HST for a new home in Ontario, a first time home buyer
I am planning to buy a new home for 830,000, what is the HST calculation? Can HST be paid together with the mortgage? Thanks.
4
votes
1answer
171 views
How can a U.S. citizen open a Canadian brokerage account?
Is there any way to open a Canadian brokerage account while still being a U.S. citizen? I would like to open an online brokerage account if possible in Canada to trade on the TSX (I hate ADR).
3
votes
1answer
325 views
How do I enter Canadian tax info from US form 1042-S and record captial gains from cashing in stock options?
I am assuming these issues are related. I am working in Canada for a US company. I buy stock options every quarter. In 2011 I cashed in some stock options and received the cash.
How do I enter the ...
7
votes
5answers
3k views
Transfer money from Canadian bank account to US bank account while living in the US
I'm Canadian and I will be doing graduate study in the US, but I will have scholarship money deposited in my Canadian bank account (it has to be done like that, and no, they won't send checks). So I ...
