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

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0answers
20 views

What to do about a single account collected on twice, then written off on credit report?

I had a company collect a debt based on a settlement agreement for a cell phone I used to have. I had them send me a letter confirming the settlement of course, which I still have. A few months later, ...
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0answers
33 views

How to take advantage of a credit card balance transfer offer

My credit card company is giving this1 time only offer: Since my limit is 8000 and since I spent only 2000 this month, 95% of the balance =5700 $...they would like to deposit in my checking account. ...
3
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4answers
133 views

What are some options for sending and receiving money electronically?

I occasionally sell items via Kijiji and Craigslist in Canada, and while cash is convenient sometimes it's easier to do electronic transfers, or even have the ability to accept credit card in person. ...
2
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0answers
16 views

What is the added advantage of a broker being a member of NFA in addition to IIROC

If my broker is a member of the national futures association, what extra protection does it give me over the fact that it is also a member of IIROC? I am particularly referring to this: ...
4
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1answer
80 views

How close to prime rate for a loan?

I just received an ad from my bank offering me a home equity line of credit at prime + 0.5%, a variable-rate loan. Now, I don't need the loan. But I'm curious. Is prime + 0.5% the best I can do? My ...
6
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2answers
452 views

Should I remodel or buy a bigger house?

My husband and I have two children under 2 years old and have outgrown our current 1400 square foot home. My husband and I both work from home, and we have a day nanny who comes and helps with the ...
5
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2answers
138 views

Do I need an official receipt to claim a charitable tax credit?

I made a charitable donation in December of last year, and have yet to receive the official tax receipt for tax-return purposes. Contacting the charity, I was told that the receipts had already been ...
7
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1answer
149 views

Capital gains taxes on share of inherited property?

I along with my cousins just sold some real property located in in Quebec that was inherited from our grandfather to our parents, and then to us. I received a 1/8 share of the proceeds which amounts ...
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2answers
244 views

Is it a good idea for me to divert savings to pay off my debt?

I own a car which I had bought under desperation and stupidly agreed to pay a high interest rate (8%). Recently, I used money from my line of credit, which was at 6%, to pay off my car loan. Now I ...
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0answers
56 views

first time consultant, doubts on taxation

I have seen various replies but I would just like to confirm about my case as its my first time. I have been offered a consultant position and the company said there is no taxation at source. So this ...
2
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2answers
52 views

Is a Canadian student in the U.S. tax exempt for both W-2 and 1042-S?

I am a Canadian student at a U.S. university as a nonresident alien. I have about 4k of wages for my W-2 and about 5k of wages for my 1042-S income code 15 scholarship grant. So the total is less than ...
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0answers
57 views

For the purpose of filing taxes in Canada, is participating in ESPP considered to exercising stock options?

My tax professional and company payroll department are in a disagreement about what box on the T4 the taxable benefit of my ESPP should be included in. The payroll (Canadian office of a US based ...
5
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3answers
1k views

Can I charge interest on money that I have lent out, even though I am not a financial institution?

On the news a couple of years ago, in BC, they said that if you are NOT an financial institution, it was illegal to charge interest on any money that you have lent out. Now I live in Alberta. And ...
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2answers
40 views

Get free option quotes

Is there a google or yahoo api that provides option quotes similar to the below for stock quotes? http://www.google.com/finance/getprices?i=60&p=3d&f=d,o,h,l,c,v&df=cpct&q=SPY I am ...
4
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2answers
1k views

Why do banks require small businesses to open a business bank account instead of a cheaper personal one?

I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it's optional, but in the latter it is ...
1
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1answer
25 views

Sales taxes to apply for a Canadian company selling digital subscriptions

Let's say I have a web service that is a mail server (I cloned gmail). People pay me 10$ per month to use it. My business in located in Canada. When a Canadian resident sign up, I have to charge local ...
7
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1answer
117 views

Can I get my payment back on a vacation booked with a company that went into receivership?

My friend booked a summer vacation with a resort/inn located in Ontario that has just gone into receivership. She paid in FULL with a credit card about a month ago. Is there any way to get her ...
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1answer
62 views

How do I log a Canadian NR4 form to my income taxes

I have stock in a Canadian company whose US branch I used to work for. They mailed me an NR4 form for my interest last year. I'm trying to fill out my tax forms this year and the advice I keep seeing ...
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1answer
47 views

Is there any way to split income between the partnering corporations, legitimately, so the HST charged matches what is charged to the customer?

I have an unusual case I was hoping someone could shed some light on. I have an Ontario based Corporation which sells a piece of software and some computer based services. The buyers are from various ...
0
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2answers
56 views

Where can I find information on the percentage of volume is contributed by shorts?

Is it possible to get the information as to what percentage of the average daily volume of a stock or ETF is due to short sellers? This can mean either people selling short or buying back to cover ...
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2answers
92 views

What ways can an employee keep the upside of stock options after leaving?

Suppose that you work at some private company and that company offers some stock options to you as part of employment. For the sake of discussion, suppose they offer 100 000 options at $0.50 an ...
3
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1answer
284 views

Which institutions in Canada offer true read-only guest accounts?

I've been reading a lot about Mint.com and Yodlee, but I just can't get over the fact that they store a set of credentials which could be used to empty your bank account if they fell into the wrong ...
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6answers
654 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 ...
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1answer
54 views

Is there a risk I may, eventually, be required to pay taxes on the investment returns from my TFSA?

My TFSA contributions grow, without my having to pay taxes on the growth they experience. Is this benefit likely to continue indefinitely, or will I at some point be required to pay these taxes?
3
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2answers
110 views

Getting financial advice: Accountant vs. Investment Adviser vs. Internet/self-taught?

Previously, I was a simple case: I earned a salary, and I paid taxes. Therefore, I've been filing my own tax returns using online software. Now: + wife, + kid, + mortgage, + want to contribute to ...
2
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1answer
46 views

Self-directed RRSP into mortgage investment

I want to lend money for second mortgages to others (through a broker). He suggested to invest the money through a self-directed RRSP. Is this a sound advice (it will lower my income tax, and ...
3
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1answer
90 views

Receiving important daily wires from abroad?

I am an international student in Canada and I will be receiving frequent wire transfers from Europe (+10K). I was wondering if this will cause problems with my bank. The money is coming from a ...
9
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3answers
2k views

First time home hunters. Pay debt or save for down payment

tl;dr We want to buy a house. We've done all the pro's and con's of home ownership. We have 1/2 a down payment and some highish loan payments Would it be wiser to pay down the loans and go ...
4
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2answers
155 views

How can I determine if leaving a lower paying, tax advantaged, job for a higher paying one makes sense financially?

I'm not exactly sure how to go about calculating this problem. I'm a Canadian (Alberta) working in a ministry position at a church. My credentials qualify me for clergy housing, and I make just shy ...
5
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3answers
778 views

How can a U.S. citizen open a Canadian brokerage account?

Is there any way to open a Canadian brokerage account while still being a U.S. citizen? I would like to open an online brokerage account if possible in Canada to trade on the TSX (I hate ADR).
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1answer
118 views

Do I pay taxes where I live, or where I work?

Why we need to pay taxes? Because society needs money for social service, police, education, roads, medicine and so on. Therefore we need to pay taxes where we live. For example we live in one ...
3
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1answer
254 views

Using GnuCash for accurate cost basis calculation for foreign investments (CAD primary currency)

I'm looking to use GnuCash for investment tracking and while I evaluate the software, I am specifically interested in how to get it to properly calculate the ACB of foreign investments in CAD. For ...
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1answer
31 views

How should a US resident who is a joint owner of a Canadian corporation file taxes?

I am a Canadian citizen living in the US. I am a joint owner (50%) of a Canadian federal corporation that I started when I lived in Canada. The company is online, and receives income from people all ...
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1answer
47 views

How to find out what Capital Cost Allowance would apply to the condo I invested in?

In this example to claim Capital Cost Allowance on the CRA website, how did the person Gwen come up with an amount of 1200 for the first year? I have a condo that I rent out. I claim my expenses ...
2
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1answer
67 views

What would happen if I were to lose all equity in my condo when it's time to renew the mortgage?

I've been reading Condo Bible and it has the following passage: A solid down payment of at least 25 percent will act as a buffer for you at mortgage-renewal time should interest rates slowdown. If ...
1
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1answer
46 views

Loan in US against assets in Canada?

I have some savings and investments in Canada that I would like to bring into the US. However, I don't want to just transfer the money over, because in that case I would owe departure tax of at least ...
3
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1answer
370 views

When claiming a moving expenses tax deduction in Canada, does order of events matter?

I know I can claim moving expenses if I move because of a new job. But does the sequence of events matter? While I'm doing interviews, I'd like to sell my house and buy my new house in the new city. ...
0
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1answer
115 views

How does Ontario's income surtax differ from simply modifying tax brackets? [closed]

What are the costs and benefits of the income tax surtax in Ontario? Ontario charges a surtax on tax above a certain amount. An overview of the numbers is available at ...
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2answers
79 views

Understanding the T + 3 settlement days rule

If I: Buy X at time T Sell X at time T' where T' < T +3 Buy Y on T' with proceeds from sale of X. Cannot sell Y before T' +3. Ref:http://www.slideshare.net/mring33/using-java Slide 29 It ...
2
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1answer
47 views

Canadian Scholarship in US

I am a graduate student at Cornell University in the US and I receive a scholarship (NSERC) from the government of Canada (~$20,000). Do I declare the scholarship to the US government, Canadian ...
0
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1answer
90 views

Canada: No taxes filed since 2003 while living in another country

My sister has been living in Central America since late 2002. She worked at small jobs to stay afloat, but didn't file taxes from 2003 onward. Now she is starting to pull in some proper writing jobs ...
5
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1answer
146 views

Is it necessary for an employer to claim employee rental housing as a paid benefit?

A friend of mine pays to rent housing from her employer. This housing is owned and managed by the employer and rented only to employees. They agreed upon a rent of $X per month when she moved in and ...
4
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2answers
142 views

Usage of non refundable tax credits

I have spent 5 years in Canada. The first four were as an international student whereby even though I did not have any significant or no income, I filed my taxes so that I could accumulate ...
0
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1answer
101 views

Offsetting capital losses against gains for stocks

Let us say I hold 4 stocks in a non tax sheltered account Stock A has capital gain of 10$. Stock B has capital loss of 20$. Stock C has gain of 10$ but it is intra day, hence counted as income, not ...
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1answer
64 views

Canadian Contractor for US Company - Tax Forms

How are taxes handled in this case. I am a Canadian contractor doing all the physical work in Canada but the deliverables are sent digitally to a USA company who pays me by invoice. Do I need to ...
0
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1answer
34 views

How to fill tax return for income received to paid the health insurance premiums that my spouse pays for me?

My health insurance is provided by the employer of my spouse, but my employer wanted to provide the benefit of insurance so he paid me the money that my spouse was paying, so if my spouse pays $40 for ...
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1answer
261 views

Do I need to claim the sale of a used car on my taxes if I received the car as a gift?

I sold a used car that I received as a gift; do I need to claim that on my taxes in Canada?
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1answer
56 views

Donations for a new computer taxation help?

I make music on youtube and my equipment is not the greatest. I would like to accept paypal contributions to help me get a better equipment. my question is do i need to declare these donations in my ...
2
votes
1answer
138 views

Why do credit cards come with insurance, and what is the benefit for the user?

I have savings and don't need to borrow money, but still need a credit card for those payments that can't be made otherwise: primarily car rental and some online purchases. I've noticed that many ...
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2answers
121 views

Is it wise for an independent contractor to avoid corporation tax by planning to only break even each year?

From what I understand about corporation tax in Canada, you only pay tax when you make a profit. So, if I open up a software corporation and work as an independent contractor, and then whatever the ...