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

learn more… | top users | synonyms

0
votes
1answer
46 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 ...
2
votes
1answer
40 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?
-4
votes
0answers
38 views

Will house and condo prices in Canada come down when bank of canada raises interest rates [closed]

I have a condominium in Toronto that is generating rental income. In the next 5 years, sometime I want to sell it. My question is, is it fair to assume that when Bank of Canada raises interest rates, ...
0
votes
1answer
48 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?
1
vote
1answer
102 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. ...
1
vote
1answer
78 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 ...
1
vote
1answer
59 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: ...
0
votes
1answer
26 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?
3
votes
1answer
50 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 ...
0
votes
1answer
58 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 ...
-3
votes
1answer
32 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
votes
1answer
68 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 ...
4
votes
1answer
113 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 ...
0
votes
0answers
12 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
votes
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 ...
1
vote
1answer
43 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 ...
1
vote
1answer
31 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
votes
1answer
62 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. ...
0
votes
1answer
55 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 ...
3
votes
2answers
149 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 ...
5
votes
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
votes
1answer
30 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
votes
1answer
55 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 ...
1
vote
1answer
89 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
votes
1answer
39 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 ...
1
vote
0answers
70 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
votes
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
votes
1answer
162 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 ...
1
vote
1answer
144 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
votes
1answer
40 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 ...
0
votes
1answer
34 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 ...
1
vote
1answer
26 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 ...
0
votes
0answers
90 views

Is it a safe strategy to protect a high dividend stock with a collar?

I want to find a few high dividend paying stocks (~10% yield) for my tax sheltered portfolios. I also want the stock to be reasonably safe. I am looking at this list. Problem is, I don't know how to ...
0
votes
1answer
28 views

How do I charge GST & QST for my freelancing?

I'm based in Quebec and intend to offer freelance marketing consulting services. I intend to find clients from online freelancing websites such as Odesk. This means my clients could be from outside of ...
0
votes
1answer
50 views

Reporting a tax refund from a previous year as income

I'm wondering if I have to report income from my 2013 Canadian tax return on my 2014 Canadian tax return? I'll be filing as a non-resident if that's important.
2
votes
1answer
259 views

What does “retirement” mean with regards to an RRSP and any early withdrawal penalty?

If you withdraw money from your RRSP prior to retirement, you pay tax at your marginal rate. Is this correct? In this case, what does "retirement" mean? Is it: When the person reaches 65? The day ...
0
votes
1answer
63 views

Claim rental expenses as a tax credit

If I am renting the apartment I live in, can I claim part of the rent I pay as a tax credit? I am looking at this can-you-claim-rent-in-ontario But it does not mention if you need to be below a ...
0
votes
1answer
221 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 ...
0
votes
1answer
70 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
votes
1answer
35 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? ...
1
vote
2answers
155 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 ...
1
vote
0answers
77 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 ...
2
votes
3answers
202 views

Moved to the USA from Canada; what is best to do with RRSP?

I am a Canadian and I moved to US at the end of last year. (I have a green card now.) I have less than CAD 50K in my RRSP from my previous work, and less than CAD 40k at banks. Not sure what the best ...
0
votes
1answer
48 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 ...
4
votes
1answer
93 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 ...
6
votes
2answers
4k views

Is there a free online credit report service in Canada?

This question refers to the AnnualCreditReport.com service in the United States. Similarly, is there a free online credit report service in Canada?
1
vote
1answer
32 views

What Percentage of my Income do I Have to Pay in Employment Insurance (EI) Deductions?

I am from Calgary, Alberta, and I am wondering how much % of my hourly wage will be paid to my EI (employment insurance). Is the percent rate different for every worker, if not, what is the fixed ...
1
vote
1answer
36 views

Do I pay withholding tax on a US company trading on TSE

I am talking about Cenovus energy:TSE:CVE It trades on both NYSE and TSE. If I buy it on TSE and pay in CAD, in my TFSA, do I still pay the 15% withholding tax, that cannot even be recovered using ...
3
votes
0answers
39 views

Including 401(k) contributions on Canadian tax return

I am a Canadian resident who made US income, and contributed to a 401k. I know I must include my 401k contributions on my foreign income, but what about my employer's contributions? Also, what are ...
5
votes
1answer
165 views

Never filed my taxes for many years in British Columbia. What can I do?

I suffer from depression and unfortunately never filed my income tax in British Columbia, Canada. I always paid my taxes through my employer. How can I file now and what would the penalty be?