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

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1answer
64 views

self directed RRSP for a non resident

I am a US resident and want to take money out of my superannuation municipal plan and have it converted to an RRSP. However, some banks don't allow you to obtain a self directed RRSP if you are not ...
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1answer
74 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?
3
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1answer
57 views

Implications of a Canadian company IPO having a dual TSX/NYSE stock listing?

As an exampe, Shopify will go public this upcoming May 26th, selling shares both on the TSX and the NYSE. What are some of the main implications of this dual IPO, other than the fact that the ...
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2answers
143 views

Dual Citizen considering tax implications of working in second country of citizenship

I am a resident of Canada, and am also an Irish citizen. Recently, I've been considering moving to Ireland (for ~6 months, not forever). During this time, I would either try to get hired on by a local ...
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1answer
156 views

As a US citizen studying in Canada, do I pay income taxes in either country for Scholarships?

EDIT: It is really more of a "grant" than a "scholarship". Also, I qualify as a resident of Canada for this tax year. I'm a US citizen in graduate school in Canada. I have an annual scholarship of ...
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2answers
361 views

Unable to pay even the minimum payment on credit card

I was in USA for last 10 years, and I am not able to repay the credit-card payment, not even the minimum payment due. I was paying the minimum payment due before, but as I do not have a job anymore I ...
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5answers
1k views

Pros/cons of borrowing money using a mortgage loan and investing it in a low-fee index fund?

I'm wondering if this investment strategy would work: I get a mortgage loan for $300K at a 3% rate (realistic for current 5-year fixed mortgage rates here in Canada). I invest the proceeds in a ...
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1answer
31 views

Where to see SEC filings for companies that only trade on TSX

For a Canadian company that only trades in TSX and none of the US exchanges, is there a Canadian equivalent of SEC filings? Which website will have that info?
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3answers
74 views

How to exchange foreign non-US currencies cleverly, in Canada?

I ask this for my friend in Canada who wants to exchange some Asian currency into CAD. We all wish to avoid banks' exorbitant conversion fees. Norbert's Gambit appears to apply only for converting ...
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1answer
95 views

What is the optimum way to draw money from your retirement nest egg

Let us say I have put away a nest egg like this (all numbers in CAD): Cash/GIC : 100,000$ Stocks/ETF: 100,000$ Bonds:100,000$ REIT: 50,000 Own rental property : 200,000 Let us say, I wish to retire ...
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3answers
213 views

When filing taxes in Canada, in what cases does box 39 on the T4 get reported as half of box 38?

When filing taxes in Canada, when does box 39 get reported as half of box 38? In my case, I got ESPP amount reported in box 38, with box 39 missing in my T4 altogether. According to my accountant, the ...
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2answers
117 views

How to report Canadian T4 slip items (e.g. CPP, EI) on a U.S. tax return?

I am a U.S. citizen resident in Canada. Does anyone know how to report the various items on a Canadian T4 (a rough equivalent of a W-2) on a U.S. tax return? I am not sure about the following items: ...
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3answers
2k views

Questrade - What happens if I buy U.S. stock with Canadian money?

Recently, I heard that when you buy U.S. stocks with Canadian money in a Questrade account, they actually make a loan of the U.S. dollar amount you bought even if you have enough money to do the ...
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1answer
118 views

Should I put a small amount of savings in a high interest savings account?

The highest in Canada that I've found is 2.8% interest, compounded annually where the interest is calculated daily. I have $2000, and the initial amount and the interest earned is guaranteed by a ...
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1answer
251 views

US resident, Canadian citizen/non-resident tax questions: interest, TFSA, and dividends

I'm a Canadian living and working in the US, so I file and pay income taxes in the US, and am a non-resident of Canada for tax purposes. I am aware of my filing obligations to the IRS, but I have some ...
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1answer
77 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
54 views

How much tax credit I get for monthly metropass in toronto

I pay for my own public transit monthly pass in Toronto. I am not sure how much of the amount I pay is tax deductible? ...
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1answer
126 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 ...
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1answer
76 views

Do health insurance premiums go up as you age?

If I buy private health insurance at the age of 40, and start off with a monthly contribution of 200$ (for example), then does the amount of premium change when I reach 50? Since at 50, my medical ...
2
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1answer
66 views

What is the best way to pay my American rent from Canada?

I need to pay rent to my landlord on or before the day I arrive in America. Right now I live in Canada, and I have the money to pay (in USD), I just do not know what the most efficient payment method ...
2
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1answer
56 views

At what point do recurring small business losses become a problem with Canada Revenue Agency?

How many times can a small business owner claim an overall yearly loss, when filing income taxes, before the Canadian Revenue Agency (CRA) will consider it a problem? A friend who runs her own small ...
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0answers
50 views

Inheriting funds from a U.S. trust where you are not the trustee

I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
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1answer
47 views

What is an “RRSP deduction limit” for?

I'm not asking what my limit is—I can see what is the dollar amount of my deduction limit. Rather, I don't quite grasp what is an RRSP deduction limit for? Why is there a limit? A limit to ...
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1answer
57 views

Canada: can an international student file tax return for past four years

I'm an international student about to graduate. I never had a work permit, no income, no SIN so never filed tax return before. Stupid enough, I just realized I can use my tuition credit, so can anyone ...
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1answer
50 views

Can a dividend reinvestment plan (DRIP) and share purchase plan (SPP) be used with a TFSA?

Can I put Sun Life (SLF) shares into a dividend reinvestment plan (DRIP) and share purchase plan (SPP) plan, and then put into a TFSA investment account for a family member, 5 to 10 year term?
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1answer
112 views

How much should I charge a U.S. company for IT work I'll do remotely from Canada?

I'm currently living in Canada. I have very nice job and I'm happy with it. My previous company in the U.S. contacted me and they want to hire me as a 1099 (independent contractor) working remotely. ...
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1answer
87 views

T4A Slip received by student. What is it?

I am an 18 year old first year university student, and moving out of residence at the end of the semester recently I was informed that there was a letter that was not picked up. It turned out to be ...
0
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1answer
29 views

What duration bonds are held by the ETF XBB

I am looking at the bond etf XBB. This ETF mostly holds Canada govt bonds. What I don't understand is what is the duration of these bonds held by the fund?
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1answer
59 views

Can I use losses from sale of stock to offset capital gains from sale of property

If I make a capital gain from the sale of a house but make capital losses from the sale of stocks in my brokerage account (not tax sheltered), then can I use the losses against the gains to reduce my ...
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1answer
67 views

How can a Canadian get exposure to safe haven currencies?

How can a Canadian get exposure to a safe haven currency like CHF and JPY? I don't want a U.S. dollar denominated ETF. I want something in Canadian dollars, to save on conversion fees. Is this ...
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1answer
48 views

How will a rise in interest rate affect the CAD

When Bank of Canada raises interest rates ( not sure when or if that will happen), can I expect the CAD to regain its former glory against the USD? Is it fair to say that buying the CAD: USD pair ...
2
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1answer
72 views

How do management fees affect the money invested in a mutual fund

On mutual fund brochures, they state a management fee and also a MER. How to interpret these two numbers? For example, if management fee is 1% and MER is 2%, then for an investment of 100$, does it ...
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0answers
13 views

Time to receive foreign dividends (SET) to N. America

Is there an expected time to receive foreign dividends? It seems to take weeks or longer to receive dividends from stocks on the SET exchange. Granted they have to do a currency conversion and take ...
0
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1answer
45 views

Why does the Fidelity Canadian Bond Fund have such a high beta? How is it measured?

I am looking at some Canadian bond funds (recommendations welcome) for my RRSP. Relatively safe, and with a dividend yield ~ 3% is good enough. While looking at Fidelity bond funds, I came across this ...
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1answer
49 views

Can the Home buyer's Plan (HBP) RRSP repayment start from the same year in which the loan is taken?

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). I have $35,000 in RRSP contribution limit. I am planning to deposit $25,000 into my RRSP account and $10,000 ...
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1answer
34 views

What is the difference between issuing company and holding company in a convertible bond

I am researching convertible bonds in Canada. While looking at the index etf that tracks convertible bonds, CVD What I don't understand is how come the list of Top 10 issuers is different from teh ...
2
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1answer
66 views

Buying Euros in a Canadian Trading Account

The Euro is trending low, and I have long term plans which might involve living there. I have a German girokonto (which costs me an outrageous Eur5/mo to hold), but no European trading account. ...
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1answer
74 views

Does the CRA charge any penalty if you file a wrong tax return?

If you misreport a number on your tax return, will the CRA just charge you the extra money that you owe them? Or will they actually 'punish' you by charging hefty fines and penalty , and slap charges ...
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2answers
166 views

How is someone tax exempt at Walmart in Canada?

When going to some stores, such as Walmart, there is a sign at every till: If you are tax exempt, please let us know before the first item is scanned. What qualifies as being tax exempt? Can anyone ...
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4answers
2k views

Should I repay my Home Buyer's Plan (HBP) RRSP loan early, or over the allowed 15 years?

I used my RRSP to purchase my house. It was tax free because I was first a time home buyer. I am wondering if it would be beneficial to put the lump sum back in ASAP or take the 15 years to pay it ...
2
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1answer
33 views

Spousal RRSP account

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). Both me and my wife are currently employed and have RRSP accounts in financial institutions through our ...
0
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1answer
57 views

Where to park money from the sale of a rental property?

If I sell my investment property to raise cash for the purchase of a new home, I am required to pay capital gains tax (i.e. income tax on 50% of the gain amount.) Is there a way to park this money ...
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1answer
90 views

Are the tax rates same for income from salary, rental, and odd jobs?

As per this link, the tax rates in Ontario are divided into Other Income, Canadian Dividends, and Capital Gains. Do all kinds of Income (rental, salary, odd jobs, etc.) come under Other Income? And ...
2
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1answer
41 views

Is my contribution to my company pension plan (not RRSP) considered tax deductible?

My employer (a big bank in Canada) has a pension plan where I am allowed to make optional contributions. There is no matching contribution from the employer, but they do already contribute a tiny ...
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0answers
71 views

As a non-canadian resident can I get a mortgage loan in Canada?

I am willing to buy an apartment in Canada, where I'll be living for 5 years with a student visa (I am swiss). Can I get a mortgage loan in Canada although I am not Canadian neither permanent ...
3
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2answers
3k 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 ...
2
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1answer
172 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 ...
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1answer
159 views

Why does the American Express credit application ask how you want your name to appear?

On the Canadian credit application for an Amex card after it asks for your full name it asks next: how do you want your name to appear on the card? I don't remember Visa asking this. Does this mean we ...
2
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1answer
52 views

Do employer matching contributions in an RRSP count towards the contribution room?

My employer gives a matching contribution for my RRSP. So let us say if I contribute $5000, the employer contributes $2000 (free money.) Does this $2000 contributed by my employer also eat up my ...
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1answer
33 views

How does TFSA contribution room carryover work, e.g. unused amounts and withdrawals?

Is the TFSA contribution limit per year $5000/person? How are unused contributions carried over? If last year I contributed only $3000, then this year, would I have $7000 contribution room ...