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

learn more… | top users | synonyms

1
vote
1answer
38 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 ...
0
votes
0answers
7 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 ...
1
vote
0answers
18 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 ...
4
votes
2answers
123 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 ...
0
votes
0answers
25 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), ...
1
vote
1answer
25 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 ...
0
votes
0answers
22 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. ...
0
votes
0answers
5 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 ...
0
votes
0answers
60 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?
0
votes
0answers
21 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 ...
0
votes
1answer
66 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 ...
0
votes
0answers
18 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 ...
0
votes
0answers
10 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.
0
votes
1answer
29 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 ...
1
vote
0answers
53 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 ...
8
votes
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 ...
0
votes
1answer
13 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 ...
1
vote
1answer
24 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 ...
2
votes
1answer
61 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 ...
4
votes
1answer
81 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 ...
2
votes
3answers
265 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?
0
votes
1answer
17 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 ...
1
vote
2answers
114 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 ...
3
votes
2answers
218 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 ...
0
votes
0answers
20 views

Does RBC in Canada report to Equifax or Transunion?

Anybody have a RBC credit card and know which agency they report to?
1
vote
2answers
68 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 ...
5
votes
3answers
358 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 ...
0
votes
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 ...
2
votes
2answers
132 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 ...
1
vote
1answer
22 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 ...
3
votes
1answer
82 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 ...
1
vote
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 ...
0
votes
2answers
115 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 ...
3
votes
2answers
168 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 ...
2
votes
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 ...
15
votes
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 ...
0
votes
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 ...
0
votes
1answer
38 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?
3
votes
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 ...
0
votes
3answers
86 views

Does a Whole Life Insurance policy for a child need his/her consent after he/she turns 18? [closed]

I am 25 years old, have no dependents, have NEVER smoked, do NOT need any Life Insurance, and do not plan to marry or have kids at all. I live in Canada. I just discovered today that my mother bought ...
0
votes
1answer
81 views

A lone income earner of 60 year old with 2 dependents: Should he buy Term or Permanent Insurance?

Question: Should my uncle continue with Permanent Insurance, change to Term Life Insurance, or does he not need any life insurance (but see 4 beneath)? Details: My uncle is 60 years old, and ...
0
votes
0answers
70 views

Should a 26-year-old keep or surrender a Paid-Up Whole Life Insurance?

Question: Right now, what should my 26-year-old cousin do with a Paid-Up Whole Life Insurance? Keep or surrender for cash? My 26-year-old cousin's insurance agent has confirmed the following details ...
-1
votes
2answers
77 views

Can I withdraw money from my rrsp if I made excess contribution by mistake?

If by mistake, I exceed the contribution limit to my RRSP, can I withdraw it from my RRSP, to avoid paying penalty? e.g Let us say my RRSP room is 18k, but I contributed 22k, so any contribution in ...
0
votes
0answers
24 views

What tips are useful for a US student/resident interning in Canada over the summer?

I will be interning in Toronto over the summer and was just wondering if anyone would be willing to give any tidbits of advice/tips on how best to manage finance. I will be making roughly $750 CAD ...
0
votes
0answers
11 views

What is the method to calculate pension adjustment as shown on a T4?

How does an employer calculate Pension Adjustment (Box 52 on T4). Is it the amount of money that the employer contributes on my behalf each year to the company's pension plan + any optional ...
0
votes
0answers
25 views

Why did my RRSP contribution room go down, even though my income is the same?

I noticed that my RRSP contribution room for 2015 is much less than the RRSP room for 2014. My income has been the same, so why did the RRSP room go down? It is not even 18% of my income, which is ...
1
vote
3answers
12k 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)?
0
votes
0answers
14 views

Start date of sole proprietorship business (Ontario)

I've registered sole proprietorship business in Ontario, Canada in Sep, 2015. My first deposit in bank account was in Oct,2015. When I file my tax return, what would be my start date for business?
0
votes
0answers
9 views

HST for sole proprietorship business

I've sole proprietorship business in Ontario. I've charged my client HST. After he paid I came to know that I was not suppose to charge HST. I don't have HST number. How do I report HST on my tax ...
1
vote
0answers
16 views

Initial investment in sole proprietorship

I've sole proprietorship business in Ontario. So far I've been doing web site and custom software development. Then I open up an account for stock trading under same business name. And put some ...