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

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0answers
13 views

Is a chargeback appropriate when a company cancels and then later un-cancels a service?

So here's the situation: I reserved two spaces on a bus tour Three days before the tour departs I am emailed to notify me the trip has been cancelled. I am given the option to either rebook a day ...
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1answer
21 views

Passing on non refundable tax credits

I'm planning on doing some volunteer work and during this work, I'm going to amass a decent amount of non-refundable tax credits via charitable donations. I can't claim those this year, though, ...
3
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1answer
47 views

How do donation tax receipts work when I have no taxable income?

I currently refurbish computers as a side volunteering thing, and all refurbished computers go to charity. I will receive tax receipts for these donations. The thing is though, I am still <18 and ...
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1answer
33 views

Can Ontario university students apply for the “30% off Tuition” or any other significant grant offered by OSAP if they attend school outside Ontario?

My daughter is on her way to Dalhousie this fall. I'm almost certain I read (a few months back) that she was eligible for the Ontario 30% but now it appears as if she is not (maybe I originally ...
2
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1answer
278 views

Supporting a Kickstarter project: Should a customer's pledge payment include sales tax, e.g. GST/HST in Canada?

Kickstarter became open to Canadian projects some months ago. I discovered a Canadian software project and backed it with a $40 pledge. The project subsequently exceeded its funding target, almost ...
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1answer
28 views

Better to have a non-registered (taxable) investment account in one/both names and/or based on income?

This question is for those familiar with Canada's income tax laws. My wife and I have maxed out our TFSAs. We also max contribute to our kid's RESPs. We also contribute a healthy amount to our RRSPs ...
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5answers
172 views

How can I take advantage of credit card cash back programs?

I have a credit card that offers cash back (1%) on every purchase. Now there are some stores in Canada that have their own cash back (a.k.a...if you buy something for 5$ and charge 100$ to the card, ...
10
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2answers
236 views

Should a married couple co-sign a mortgage or not?

If one partner can qualify for the mortgage that the couple needs based on his/her income and credit history alone, is there value in co-signing the mortgage apart from the 'in it together' mentality? ...
5
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1answer
342 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 ...
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3answers
162 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 tax deducted at source. So ...
0
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1answer
26 views

Is income earned in the Carribbean considered taxable for a Canadian resident?

If in winter time, I go to Caribbean and make some money as a sailboat instructor, is that money tax free? I am Canadian resident. I am asking this because I hear that a lot of these Caribbean ...
2
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1answer
81 views

Is there a rule of thumb to help “Sanity check” insurance costs?

My house insurance is up for renewal. I'm busy and I don't want to spend a lot of time getting quotes, especially since this policy is tied to another one that is hard to get and that we could only ...
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1answer
59 views

Is there a Fannie Mae and Freddie Mac for Canada

In the Open Yale Financial Markets Course, Prof Schiller says at 57:40 that Canada Housing Mortgage Corporation is same as Fannie Mae/Freddie Mac. Are there any differences? Can I buy CHMC shares ...
5
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1answer
128 views

Loan from Canada to UK

I live in Canada. My brother in the U.K. is thinking of purchasing a house with his wife. They are both teachers and careful with their money but don't yet have money for a down-payment. I am ...
2
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1answer
86 views

Do financial advisers in Canada who work at the bank, make investing decisions not in your best interest?

I've been using the same financial adviser as my my family and am wondering if Canadian financial advisers who work at the bank specifically Scotiabank would purchase mutual funds that specifically ...
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2answers
54 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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0answers
28 views

Can a Canadian student with US resident alien status receive the tax treaty benefit after 5 years? If so, how much?

I am a Canadian citizen who has studied in the U.S. with a J-1 visa since 5 years ago, which means that I have now become a resident alien. I am still studying (for an advanced degree) in the U.S. ...
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1answer
62 views

Does insurance cover injury playing rec sports

If I get hurt playing recreational soccer after work, will my employer insurance cover my medical/hospital expenses?
2
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1answer
74 views

How can I transfer my money between US/Canada bank accounts with as little loss as possible?

I am currently living in Canada and have funds in a savings account with a Canadian bank. Say I decide to move back to the US, how could I move those funds to a US bank account with as little loss as ...
0
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1answer
32 views

How do you get your Canadian stock information?

I am getting into stocks and am looking for ways to keep myself updated with the best current information. The type of sources I am looking for are: Podcasts Newsletters RSS feeds Twitter Etc. ...
0
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0answers
20 views

Guaranteed Income Supplement (GIS) calculation involving Capital Gains and Unused Capital Losses?

Do I understand correctly that for calculating income tax payable, the use of unused capital losses of previous years will reduce the current year capital gains and also affect the calculation of the ...
1
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1answer
66 views

Is money sent by my brother to buy a flat taxable?

I am a Canadian citizen living in Halifax. My brother wants to help me buy a flat and plans to transfer money as a gift ($150,000 USD) from the States to Canada. Is the transfer taxable?
3
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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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2answers
44 views

Investing for Dividend Income with Canadian TFSA

I have a TFSA that I tend to max out every year. I would like to invest this money into stocks that pay me out dividends on a regular basis. I asked a previous question about the tax implications in ...
3
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2answers
186 views

Better ways to invest money held by my small, privately-held Canadian corporation?

I own a small, privately-held corporation and am looking for ways to invest my corporation's money more effectively. The problem is the government taxes passive investment income inside a corporation ...
5
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2answers
105 views

Is there a term for people who manage the money of dual citizens?

I'm a dual citizen of the United States and Canada. I'm afraid to invest in anything because the tax treaties and laws between the two countries make everything too complicated for me to follow. Even ...
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2answers
1k views

How do I claim investment income that was earned in a jointly held account?

My spouse and I now have a jointly held investment account. I have received a T5 "Statement of Investment Income" for the account for the tax year, addressed to Mr James Foobar or Mrs Jenny Foobar. ...
2
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2answers
217 views

How to buy stock on the Toronto Stock Exchange?

I have an Ameritrade account and thought I was purchasing a stock that trades on the TSE. However, I was only able to buy a pink sheets stock. I'm not sure of the difference. Would it be possible ...
3
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3answers
544 views

I just made $50K from selling my house. How should I invest the proceeds?

I just made $50K from selling my house. I need some advice because I'm terribly bad at managing money and I'd like to invest a bit. My bank is harassing me – they want to sell me their product ...
3
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3answers
156 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 ...
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0answers
30 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 ...
2
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2answers
76 views

Calculation for balancing portfolio percentage vs. risk

Disclaimer: I'm a complete novice to investment, so please adjust the style of your answer accordingly. There are some good questions on this site about "what percentage of my portfolio should I keep ...
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4answers
119 views

Should I max out my TFSA contribution before any other investments?

I'm still relatively young (I just turned 30), and no debt but mortgage. I'm kind of late to the retirement savings game and still have $15,000+ of contribution room for my TFSA as of this year. As a ...
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0answers
35 views

Nominating a non-citizen to be the recipient of assets

I am a Canadian citizen with several savings accounts and fixed deposits in Canadian banks. However, my family members are not citizens of Canada. If something were to happen to cause me to not be ...
1
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1answer
31 views

SEC forms filed under different company name

I'm trying to find 10-K, 10-Q, or 4 forms for a company called Creative Edge Nutrition (ticker symbol: FITX,) but what I found was forms filed under the name "LAUFER BRIDGE ENTERPRISES, INC." Why is ...
2
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3answers
113 views

Formula for variable rate Canadian mortgage

What is the formula for calculating payments on a variable rate mortgage in Canada? (This source says variable rate mortgages are compounded differently than fixed rate mortgages) Concrete example: ...
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1answer
38 views

Is it possible to use an RRSP mortgage to pay off a line of credit?

I'm told that the only requirement for obtaining an RRSP mortgage loan, is having the mortgage insured by a recognized mortgage insurer - and that the insurers can sometimes be negotiated with, with ...
4
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1answer
40 views

Can you point me to the correct US tax forms if I have a Canadian TFSA mutual fund?

I am a Canadian citizen and American permanent resident who invested in a TFSA mutual fund with a Canadian bank. Im looking to be pointed in the right direction for filing American taxes on these ...
2
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1answer
45 views

Determining CMHC insurance premium

Is the calculation based on purchase price with HST or without HST? For example, the property is being purchased from the builder and the stated purchase price includes HST. If the posted price is ...
5
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2answers
787 views

TD1: claiming carried forward tuition, education, and textbook amounts from previous years

When filling out a TD1 form, there's a section entitled Tuition, education, and textbook amounts (full time and part time), where it states: If you are a student enrolled at a university or ...
1
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1answer
63 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 ...
0
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1answer
97 views

How can I correct a mistake on my Credit Score?

I recently just looked at my credit score to try to figure out why I may have been rejected for a credit card. While it is not bad (between 700-725) it is not awesome either. When going through an ...
3
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1answer
36 views

Superficial loss, converting mutual fund to ETF in Canada

My question is almost identical to this one, only I am interested in the Canadian version. If I own a mutual fund (for example, TDB900 from TD Bank) and wish to replace it with an equivalent ETF (for ...
0
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2answers
162 views

Where should a young student put their money?

I'm a young student with no student debt (my tuition is paid for, I've long since saved up enough.) I'm looking into my future and looking at investing in index funds or other sorts while I still live ...
3
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1answer
92 views

Canada - tax for non-resident from sources outside Canada

I'm not a Canadian citizen or resident. If I have a bank account in Canada, which I use to receive payments for a software product/service from people outside Canada, am I eligible to pay Canadian ...
0
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1answer
70 views

Trading security and tax

According to GAAP: If I buy 1000 shares of security A for 50$. Then later, I sell 1000 shares of security A for 150$. At the same moment I buy 1000 shares of security B for 150$. For tax purpose ...
6
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1answer
299 views

Any Canadian tax shelter for lending to friends or family?

I am considering helping friends or family out of credit card debt, which is costing them ~18% per year by giving them a loan at more like ~3% (kind of like consolidated credit/debt). Is there ...
7
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3answers
797 views

Bigger mortgage downpayment vs. paying extra on the first regular payment?

Assuming there is no fees on paying extra $10k at the time of the first scheduled mortgage payment, what would be better - to put this $10k towards a downpayment or make bigger regular payment? ...
2
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2answers
50 views

Conversion of House Sale Proceeds in INR to USD or CDN$ for transfer to Canada

I am a Canadian Resident that just sold my house in India and I understand I can repatriate the proceeds in INR converting to US$ or CDN$ in my NRE account and then move it to my Canadian Bank. Which ...
2
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1answer
88 views

Interest on last month rent deposit

I am not sure if this applies to all of Canada, but in Ontario, when a tenant rents an apartment, the landlord is entitled to ask for a deposit up to the rent of one month. From the website of the ...