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

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2
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1answer
20 views

Unused Education Tax Credit carryover amounts in ON Canada

I am filing taxes in Ontario, Canada, using simpletax.ca which has been a super useful platform. I am struggling to understand how it is calculating my refund, however. From 2013, I have $16,473 in ...
1
vote
1answer
52 views

Calculating cost basis

I am trying to calculate the cost basis of a mutual fund held in an investment account (rather than a tax-sheltered account), for tax purposes. Date Trade Units Unit Price Amount ...
2
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0answers
45 views

How soon (after your first credit card statement ever) do you get a credit file/history in Canada?

How many days after your first credit card statement EVER does one get a credit report on file with one of the two Canadian bureaus? I'm trying to develop Canadian credit on my first credit card and I ...
3
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0answers
41 views

Tax implications of owning a Roth IRA as a Canadian resident?

I am a Canadian citizen, U.S. resident with Roth IRA, contributing for 15 years. I will be moving back to Canada in 2 years, am 47 years old, and will leave the Roth with Vanguard and not touch it ...
2
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1answer
82 views

Ripped plastic Canadian currency/bills

Can a ripped Canadian Plastic Bill with 60% portion of the bill remaining containing both serial #s still get full value?
0
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1answer
63 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 ...
0
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2answers
47 views

What is meant by pensionable earnings

On my T4 from my employer, it says : CPP/QPP pensionable earnings. And there is an amount for this field. What does this mean? Is it the pension I am going to get when I turn 65? I dont think so. ...
1
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1answer
63 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
votes
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 ...
4
votes
1answer
133 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
vote
1answer
21 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 ...
4
votes
3answers
253 views

How can I determine which is right for me, RRSP or TFSA, if any at all?

I'm 22 years old, and currently dumping all my money into my general savings account. I'd like to take this further but I'm not sure where to go with this. What type of savings account should I get ...
8
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3answers
646 views

TFSA vs. RRSP… Best retirement approach

What's the best retirement strategy? Assuming I have $1000 and room in both my TFSA and RRSP contribution, where should the $1000 go?
0
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1answer
80 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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0answers
13 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
25 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?
3
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1answer
142 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 ...
0
votes
1answer
42 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?
4
votes
1answer
3k 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 ...
0
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1answer
12 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 ...
2
votes
1answer
100 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 ...
2
votes
1answer
61 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 ...
1
vote
0answers
24 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 ...
4
votes
2answers
623 views

How do I best bill out an annualized salary monthly, as a Canadian contractor?

As a Canadian software contractor, what's the best or most accepted method if I've agreed to an annualized salary, to bill it out monthly considering holidays, February being a shorter month etc? Is ...
9
votes
4answers
663 views

What low-fee & liquid exchange-traded index funds / ETFs should I consider holding in a retirement portfolio?

I'm still (one year later) going through an exercise to restructure my retirement portfolio. To date, I've been using a mix of exchange-traded index funds. Some trade on the TSX, and others trade in ...
1
vote
1answer
19 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 ...
1
vote
2answers
70 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
vote
1answer
53 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 ...
4
votes
0answers
44 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 ...
11
votes
4answers
556 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 ...
0
votes
1answer
28 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 ...
5
votes
1answer
222 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 ...
0
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0answers
23 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 ...
1
vote
0answers
24 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?
1
vote
1answer
267 views

How does the 1% penalty on TFSA transfers work?

The maximum annual contribution limit to a TFSA is $5000 per year. This makes it a good emergency fund vehicle. If I: transfer money out before the new $5000 contribution credit starts for a new ...
3
votes
1answer
45 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), ...
8
votes
4answers
514 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 ...
1
vote
2answers
200 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)?
1
vote
1answer
70 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 ...
2
votes
1answer
109 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 ...
1
vote
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
votes
1answer
102 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?
1
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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 ...
2
votes
2answers
100 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 ...
1
vote
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 ...
7
votes
2answers
765 views

Are TD e-Series Funds worthwhile, or am I better off with ETFs? Why or why not?

I'm looking at e-Series funds offered by TD. They have low MERs and seem to offer a good low cost alternative to traditional mutual funds. What do you guys think? Am I better off with ETFs? Why ...
1
vote
1answer
97 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 ...
-4
votes
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 ...