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

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0answers
27 views

How to legally loan money in Canada? [on hold]

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
16 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
86 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
15 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 ...
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1answer
20 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
849 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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0answers
16 views

Average price for legal advice and accountant for particulars in Canada

In the case of starting a corporation with one individual (me) starting from zero with a capital from an 1-year earned salary from former job. How much does it could cost (in average) legal and ...
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1answer
36 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
20 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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1answer
67 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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1answer
32 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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3answers
281 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
25 views

tax on money transferred to canada

I am a Canadian citizen . I have a small property from my country of origin. The value is less than 100,000 Cdn $. If I sell my property and transfer the money to Canada, is there a tax payment ...
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1answer
44 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
12k 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
170 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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1answer
92 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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2answers
117 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 ...
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1answer
44 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
15 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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1answer
41 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
9 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
22 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
143 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
29 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
29 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. ...
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0answers
7 views

How does splitting one Canadian Pension Plan payment reduce a household's overall tax bill?

Source: p 350 of Personal Finance For Canadians For Dummies (5 ed, 2011), by Eric Tyson, Tony Martin. Some couples choose to split one of their CPP payments as a way to balance out their ...
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0answers
65 views

Canadian's Brokerage Account Forced To Close In USA

Scottrade letter says an account is being closed to due "business and regulatory considerations" What regulations is the letter from Scottrade referring to?
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0answers
22 views

Papers Needed For Taxes For Independent Contractors/Sole Proprietors?

I have never filed taxes solely on my own as I work for corporation, which generally handles necessary paperwork. I have become interested in being an independent contractor, but would like to know ...
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1answer
67 views

How do you find an ethical, honest independent insurance broker in Canada?

I live in Toronto. I hope to buy a 20-year Term Life Insurance for my (gullible) mother of age 58 to replace her Permanent Life Insurance (which I believe that the evil insurance agent exploited her ...
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0answers
19 views

What to do, if insurance company is reevaluating your Permanent Life policy but you need to buy Term Life Insurance?

Question: I do not know what to do and hope for some objective advice. Should I apply for a Term Life insurance now? Or should we wait 10 weeks? I do not even know if my mom is covered during this ...
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0answers
11 views

Who pays for medical reports, if the insurance company needs to re-evaluate a policy?

Does my mother or the Insurance Company? For the History, please see points 4, 5 here.
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0answers
57 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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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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1answer
30 views

Tax Efficient Medium Term Investment Options (Flexible Timeline)

I have recently opened up a new taxable investment account with the intent of growing my money set aside for short to medium term financial goals (i.e., 2-5 years with no fixed deadline). Unlike my ...
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1answer
82 views

Do US retirees pay income tax in Canada if they move there?

I am a US citizen, retired, considering a move to Victoria, Canada. Assuming I can get permission from the Canadian government to establish full-time residency, my question is: Will I have to pay ...
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2answers
127 views

canadian citizen who has not filed a canadian tax return in 30 years

i'm a canadian citizen, have always lived in canada, and have not filed a tax return in 30 years. I also have not been in anyone's 'employment' during that time. In addition the last income I did ...
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2answers
225 views

Tangerine's Android app asked me something about noting my location. What did it ask, and what did I agree to?

I live in Canada. I use Tangerine (formerly ING Direct). Tangerine is the "direct banking" division of Scotiabank. The upside of using Tangerine is that it charges no monthly fees. The downside is ...
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0answers
29 views

Does RBC in Canada report to Equifax or Transunion?

Anybody have a RBC credit card and know which agency they report to?
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2answers
69 views

Should I sell/transfer an investment and pay capital gains tax, if it means investing it most wisely?

I married someone with about 100k in an investment portfolio that I do not think aligns with our financial objectives. I want to transfer this to a new joint portfolio (new institution too), but doing ...
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3answers
369 views

Should I Pay Off my Student Loan Debts First or Invest in an Index Fund?

I am an Albertan currently about $8,000 in debt from student loans. Roughly $5,500 of this $8,000 is an Alberta Student Loan, while the rest ($2,500) is from the National Student Loans Service Centre ...
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3answers
132 views

What insurance (if any) should a 26 year old without income buy?

Question: Given 4, should my cousin continue with Permanent Life Insurance, change to Term Life, or cease and desist from any insurance? Details: 1. Living in Canada, my healthy cousin is 26 years ...
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1answer
24 views

Exemption of foreign self-employment income for dual-status tax year

Here's my timeline: Canadian citizen, by birth, moved to US in 2003. Living in US, granted greencard from June, 2011. Returned to Canada in December, 2013 (permanently) Relinquished Greencard, May ...
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1answer
42 views

Does a Canadian Equifax credit report have one's age on it?

I have never got a credit report before and I want to know whether it includes age because I need to show it to rent a place but I'm not comfortable with anybody knowing my age. Credit reports from ...
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2answers
117 views

Wage earners of age ≥ 60 with dependents: What Life Insurance, if any, should they buy?

Source: p 336, Personal Finance For Canadians For Dummies (4 ed, 2006; but a 5 ed (2010) exists) by T. Martin, E. Tyson [Insurance Agent alleges:] “You won’t be able to afford term insurance when ...
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2answers
169 views

What should I do if my mother forgot to disclose an illness on her life insurance application?

I only became aware today of the question's title while organising old files today. My family is Canadian. A kind person but with poor memory, my mother bought Permanent Life Insurance in Summer ...
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9answers
8k views

I unknowingly went $1200 over my credit card limit, how do I fix it?

I got a RBC Visa in Canada which I continued to use trusting that I could never go over my limit (except maybe $100 over as stated by a teller to me when I asked why was I able to go $1200 over). So ...
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0answers
32 views

US taxes, 1040ez form health coverage

I have been working in the US as a Canadian for only a couple of months and have not been covered for the full 12 months for health insurance. On the 1040ez form, what do I put for the health ...
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3answers
7k 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 ...