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

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6 views

What is the cheapest way to transfer MYR in Malaysia to a Canadian account for amounts over 10k?

I'm moving back to Canada after working in Malaysia and I would like to transfer my account balance as well. However, my Malaysian bank account offers a horrible exchange rate for international ...
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1answer
16 views

Report taxes from U.S. dividends with Computershare and Questrade

I read that holding a U.S. stock in a Canadian non-registered account (or even a TFSA), the Canadian resident will pay withholding taxes. But in order to reduce the rate to 15% you'll need to fill out ...
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1answer
19 views

Taxes on foreign and local dividends held in a TFSA

As far as I read in many articles, all earnings (capital gains and dividends) from Canadian stocks will be always tax-free. Right? In contrast, holding U.S. or any foreign stock that yields dividends ...
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1answer
26 views

To maintain Credit Score in Canada, should I use a Canadian Credit Card with no Foreign Transaction Fees in England?

I am Canadian who will spend 9 months in England and 3 in Canada for the next 5 years. My 1 Canadian Credit Card (henceforward CCC) charges Foreign TRANSACTION Fees (FTF), and thus I am considering ...
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3answers
195 views

Rent at $1500/month in Toronto or Mortgage even with ≥ 5% interest?

Because my aunt had 1 Bankruptcy discharged in 2004 and 1 Consumer Proposal discharged in Jan. 2015, for her any mortgage interest rate probably ≥ 5%. Her credit score is 720, and she is renting now ...
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0answers
42 views

Where to download reliable Rent vs Buy Calculators for Canada? [closed]

To my computer (and NOT only online), where can I download more reliable Rent vs Buy Calculators or Excel Spreadsheets, for Canada? I seek at least 3 for more accurate and precise comparisons. I know ...
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0answers
38 views

Textbooks for Personal Finance for Canadians, written by professors and published after 2013?

My grandfather has read all the common Personal Finance books (see these > 50 suggestions and 6) all written by Canadian Personal Finance advisors and practitioners. But now he intends to progress ...
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0answers
31 views

In Canada, after how long can mortgage lenders no longer see 1 discharged Bankruptcy and 1 discharged Consumer Proposal?

In Canada, my (former) financially illiterate aunt had 1 Bankruptcy discharged in 2004 and 1 Consumer Proposal discharged in January 2015. Having been reeducated, my Aunt is now responsible about, and ...
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2answers
573 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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1answer
56 views

PR Canadian working remotely to a US company

Hi I am a PR in Canada doing remote work for a company in the US, how would i get paid and what are the required documents from me and from the company in the US so all can be legal. appreciate your ...
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1answer
29 views

Paying taxes on an inherited Canadian TFSA? (Successor holder case)

I read this interesting article about Questions about TFSA and I contrasted the information with CRA's website about successor holder. As far as I understood, when the original holder's TFSA pass ...
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0answers
55 views

Bankruptcy discharged in 2004 and Consumer Proposal in Jan. 2015: Worthwhile to try to apply for a mortgage now?

I assume that mortgage lenders can no longer see my aunt's bankruptcy (that my aunt's credit reports do not show) because it is past 7 years. Now responsibly using 2 Credit Cards, my aunt accepts ...
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1answer
26 views

Canadian in California - filing taxes as a non-resident

I moved to the US from Canada end of November 2015 for a new job (about 35 days in 2015 with new job). Haven't worked in the US before and have only visited maybe 40 days over the last 3 years purely ...
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6answers
3k 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 ...
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2answers
89 views

Income tax on exchange rate profits?

A Canadian citizen and taxpayer opens a US dollar account in Canada with a Canadian bank, to hold a small US dollar inheritance against future vacation trips to the US. The money is not used for an ...
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0answers
40 views

In a 2 income family, is it more tax beneficial for the lower income spouse be the Primary Caregiver (Ontario)?

My wife and I just had a new daughter. My wife applied for the 4 in 1 newborn package and she was designated as the primary caregiver and applied for the child care benefits. Since she makes more ...
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1answer
63 views

What special considerations need to be made for a US citizen who wishes to purchase a house in Canada?

According to an answer on a previous question, buying a house in Canada if you are a US citizen is pretty straightforward. But it doesn't address tax concerns in both countries - how are they handled?...
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1answer
333 views

US Citizen Buying Rental Property in Canada

I currently own a few rentals (town homes / condos) in the United States. I pay on average about 1% higher interest because it's not owner occupied. I have friends in Canada. I've been told there are ...
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3answers
305 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?
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1answer
36 views

Canadian tax treatment on international property sale and transfer of proceeds

I am a Canadian citizen. I have a small property from my country of origin. The value is less than CAD$100,000. If I sell my property and transfer the money to Canada, is there a tax payment ...
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3answers
221 views

Why does my 1.5 years old credit card not appear on my credit report?

I tried to buy my credit score on Equifax but it wouldn't let me buy it but told me I can purchase a report for $15 instead of the $25 one required for my rental application. So in the $15 one it was ...
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0answers
26 views

RT-2 zone : townhouse or house?

We live at Great Vancouver area Canada, and we own a detached house (though it is a strata house in a strata community, all houses are physically detached from nearby houses), and it is within RT-2 ...
3
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1answer
109 views

Do I need to file Federal Tax returns under dual status?

I worked in US from January 2015 to October 2015 on a non-immigrant visa. I moved to Canada in November 2015 on a temporary work permit. Do I need to file my tax return as a non-resident alien for ...
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1answer
42 views

Employer RRSP match vs. contribution limits for recent grad with no RRSP room?

I'm just starting my first job ($55k), which includes an employer RRSP match up to 5% of my income. I only have $500 of RRSP deduction limit for this year as I have never worked before. Can I ...
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1answer
29 views

Canadian Resident + TN Worker + Taxes

I need a help to figure out how a Canadian working in USA with fixed residence in Canada ONLY has to pay USA taxes and what ones. My case is, I am going to live in Windsor, Ontario, Canada and I am ...
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0answers
45 views

How to check up financial situation of a company in Canada

Planning to buy a place where a small business is located currently. I want to allow them to continue operating, but I want to know if they don't have any debt with Government or if they could file ...
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1answer
148 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 ...
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1answer
55 views

Can you combine multiple rental incomes and expenses for tax purposes in Canada?

I have been reporting my rental properties income and expenses separately using tax filling program called GenuTax. It's rather time involved, to simplify things I am wondering if it is possible to ...
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0answers
76 views

Does government track wu transfer?

I have been sending money to my family back in China over year now and probably sent 25000. But last week I was trying to send it through wu agian and they put it on hold and decline saying it ...
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0answers
40 views

What's the tl;dr investing rules for married Canadian citizens when one partner happens to have US citizenship?

Canadians with US citizenship have several things to consider regarding investments: Canada's Tax-Free Savings Account (TFSA) is not considered tax free by IRS, and filing taxes may significantly ...
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1answer
46 views

What's the penalty for filing taxes late in canada if you're owed a refund?

For a number of totally avoidable reasons, I just filed my taxes. I'm owed ~3500$ and I was wondering what I should expect to get from the CRA. I've heard there's no penalty for filing late unless you ...
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4answers
426 views

What happens if a purchase is $0.02 in Canada?

In 2012, the Canadian Mint abolished the 1¢ penny, and decided that all cash payments be rounded to the nearest 5¢ nickel, so that: $0.98 to $1.02 → $1.00 $1.03 to $1.07 → $1.05 $1.08 to $1.10 → $1....
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0answers
48 views

How to legally loan money in Canada? [closed]

I am looking as to how I can legally loan money (for profit) in Canada. To my knowledge this is legal, as it is used by money lenders. Do you simply use a contact in the form of the amount of money ...
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1answer
18 views

Can a Canadian citizen claim tax-exemption on a U.S. scholarship intended for travel costs?

I am a Canadian citizen, and have received a scholarship of $750 from a U.S. institution to pay for lodging and travel costs. I am required to fill out a W-8BEN form, and I was wondering if I can ...
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1answer
95 views

How do I determine if my Canadian mortgage is a non-recourse or recourse loan?

Purchasing property in the US I always knew that if the worst would happen and I defaulted on my mortgage, the bank would take the keys and assume ownership of the property and then sell it to ...
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0answers
20 views

Canadian Lending Guidelines

What are Canada's lending guidelines for conventional, private, portfolio and hard money real estate and commercial lending, and are there stringent income (or loan to value) requirements for these ...
2
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1answer
25 views

Can I still charge and keep money from my small business, listed under HST?

This question relates to the province of Ontario in Canada. As a small business owner, there is an exemption where you are not required to charge HST on goods and services if you make under thirty ...
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3answers
859 views

Should I file taxes or Incorperate a personal project?

I have effectively started a small business. The business is an online venture and has already generated a small amount of money through donations/etc. I am currently considering if I want to go ...
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1answer
45 views

In a Canadian TFSA, does interest earned within the account count toward the contribution limit?

I know that there is a limit in the contribution per year in a TSFA. At the moment (2016), if you have never made a contribution then you can contribute around $ 46 500. BUT, even though all ...
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1answer
50 views

How to save on taxes due on a lump sum pension payment

Upon resigning from a company, if employer offers a lump sum pension payment of 100k, what are some ways to save on tax on this 100k? Assuming this 100k, is the only income that year, the RRSP room is ...
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2answers
13k views

What income bracket(s) are eligible for the GST/HST credit in Ontario?

As per the information on CRA website, the eligibility for GST/HST credit is met if any one of the below are true: You are 19 years of age or older before the month in which we make a ...
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2answers
126 views

Should I expect a receipt when giving a post-dated cheque?

I gave my landlord some post-dated cheques for rent spanning the next 6 months and wasn't given any receipts. It was explained that they don't give out receipts until the cheque has been processed/...
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1answer
48 views

Taxes on sale of principal residence in Ontario

Is it correct that in Ontario, if you sell the home which is your primary residence, you pay absolutely no taxes at all on the sale? Are there any terms and conditions to this?
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0answers
18 views

Canadian tax treatment of preferred share income

During the recent turmoil in the oil markets I purchased a number of preferred shares in a few of the pipeline companies (Enbridge, Pembina, and Veresen). I had assumed that preferred share income ...
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0answers
10 views

Should I get tax credits/refunds from a RRSP sale NR4 from Canada or from the US?

Canadian living and working in US. I sold my Canadian RRSP and had a bunch of money withheld. My income in Canada is 0 except the RRSP withdraw. Should I file my NR4 somewhere in the Canadian return ...
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0answers
27 views

Capital Gain or Loss Calculation for Mergers & Acquisitions (Canada)

I have a question about calculating capital gains/losses for mergers and acquisitions in which fractional shares and cash are provided as part of the transaction. What part should be listed as capital ...
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2answers
149 views

Break even point of mortgage prepayment penalty vs anniversary payment

I want to calculate the optimal way to apply a $100,000 inheritance to my mortgage and am having difficulty figuring this out. I am in Canada and if I apply all of the money on the mortgage ($170,000 ...
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0answers
31 views

Canadian Citizen and Non Resident for tax purposes

I am a Canadian citizen was a non resident for tax purposes. If I sold stock shares in January 2016 and became officially a Canadian resident again in April 2016 (3 months after selling the stock), ...
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1answer
33 views

US citizen paying capital gain taxes in Canada on sale of property in US

My son, who is a US citizen living and working Canada. Just sold a piece of property which he inherited in the US. The capital gains was $160,000 and US Federal and State capital gains taxes came to ...
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0answers
25 views

IT Contractor in BC, Canada on 2 year visa - options for getting paid?

I have been offered an IT contract in BC, Canada - my first contract here in Canada. I have recently moved here from UK on a 2 year working holiday visa. I have my SIN and am free to work anywhere. ...