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

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1answer
42 views

Is it smart to take OSAP student loan right now?

I am going to grad school in Canada this September and have a chance to borrow ~$15000 at a rate of prime+1% (provincial loan) and prime+2.5% (federal). I would guess the 15000 is split 50-50 between ...
0
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0answers
40 views

What are the tax implications of transferring call options from my corporate account to my personal account?

Place of residence: Ontario, Canada (personal and corporate). I have call options in my corporate business trading account. (A corporate business account is a business account for a corporate entity.)...
1
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1answer
40 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 ...
0
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1answer
85 views

PR Canadian working remotely to a US company

I am a Permanent Resident 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? ...
0
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1answer
37 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 ...
7
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1answer
68 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 ...
5
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1answer
9k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
1
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0answers
59 views

Am I required to have my website registered as a business in Canada to collect HST?

Am I required to have my website registered as a business in Canada ON, to be able to sell ads? does the amount of income makes any difference? The reason I am asking this is I have been told that if ...
1
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0answers
25 views

How to receive money in Canada from a US customer? [closed]

I am in Canada and I am selling a service (intangible item) to a customer from the US. I have been advised against using PayPal for selling services (virtual, intangible items) because their Seller ...
0
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1answer
40 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 ...
3
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3answers
249 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 ...
0
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0answers
18 views

Obtaining a line of credit when ownership is joint tenancy?

In Alberta there is the concept of joint tenants vs tenants in common. Now if there are more than one person who own a property as joint tenants, and they all "own the property equally", how would the ...
0
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1answer
72 views

how to choose a bank

Once you move to a new country (Canada or USA), how to choose a bank to open an account? What are the important factor if you are also looking for the mortgage etc. after few years?
3
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1answer
118 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 ...
3
votes
3answers
6k views

If I was to buy something a day before my due date for my credit card bill, would I be charged interest?

First of all, I am a resident of Canada. I am new to credit cards, so I hope my question makes sense. I've had my card for a few months ago and I've always paid the balance in full by the time the ...
0
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3answers
79 views

Exceed the limit on Credit Card #1 or use available limit on Card #2?

Suppose that you have two Credit Cards (denominate them CC), each with a limit of $2000 CDN. CC1 is preferred (because it offers Cash Back), but has a Current Balance of $600. Thus, even if I pay the ...
16
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6answers
1k 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
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2answers
63 views

How can a Canadian individual and / or a business invest in a unmanaged index fund?

There's a lot of advice of buying into an unmanaged S&P 500 fund and holding it. But since it's unmanaged no financial advisor is going to advise you to do that because there's nothing in there ...
-3
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2answers
60 views

How to deposit a cheque issued to an associate in my business into my business account?

A customer paid with a cheque made out to an associate in my business instead of the business name. How can I deposit this cheque into my business account ?
1
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1answer
26 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 ...
1
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3answers
215 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 ...
0
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0answers
43 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 ...
0
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0answers
32 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 ...
0
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2answers
604 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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1answer
32 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 ...
1
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0answers
58 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 ...
9
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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 ...
3
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2answers
92 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 ...
2
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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?...
4
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1answer
358 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 ...
2
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3answers
306 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
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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 ...
0
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1answer
44 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 ...
3
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1answer
30 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 ...
4
votes
1answer
150 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 ...
1
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1answer
56 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 ...
1
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0answers
80 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 ...
3
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0answers
43 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 ...
1
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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 ...
10
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4answers
435 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....
1
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0answers
50 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 ...
1
vote
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 ...
1
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1answer
111 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 ...
0
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0answers
21 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
29 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 ...
3
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3answers
863 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 ...
3
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1answer
54 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 ...
0
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1answer
54 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 ...
2
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2answers
15k 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 ...
1
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2answers
145 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/...