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

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0answers
24 views

How much cash in INR can I carry while travelling India? I need other carrying options too [on hold]

I am a Canadian citizen and visiting India for 3 months. How much cash can I carry and what are the forms and procedures? Where can I get my money converted in Canada? What are other option to use ...
3
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1answer
68 views

When to apply for RRQ (Régie des rentes du Québec) benefits: earlier, age 65, or later?

My 60 yr old spouse just retired on RREGOP. Should she wait until she's 65 to take RRQ (Régie des rentes du Québec), or even 70, or should she take it now, early, at 60? I am semi retired myself. I ...
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2answers
491 views

T4 and RL-1 (Employment Income)

I'm filling my tax return using ufile. For T4 and Employment Income they have two options: T4 and RL-1 (Relevé 1) income earned in Quebec T4 and RL-1 (Relevé 1) with CPP contributions What is ...
7
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6answers
1k 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 ...
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0answers
70 views

Just got a refund in Canada for five years of back taxes and it's less than 25% of what I expected. Help! [closed]

(Before I start off, I'd like to note that I'm contacting Canada Revenue tomorrow to sort this out, but I'd like to see if anyone has an answer first) I'm currently 25 and classified as a "dependent ...
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0answers
24 views

Do I need to register as self employed in Ontario, Canada?

I am moving from UK, where I am registered as self employed under my own name, to Ontario, Canada. In Canada I will be both employed in a full time job and self employed, making a small amount of ...
2
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1answer
41 views

Are there any other considerations for picking a GIC besides interest rates?

When looking for a GIC I get a table of options that looks something like this: Is there any reason why I shouldn't go with the higest offered interest rate? E.g. in this case with HOME TRUST ...
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2answers
56 views

Is there an easy way to calculate how much you can contribute to an RRSP if you never have before?

Is there a simple way of calculating how much you can contribute to an RRSP if you have never contributed at all?
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1answer
49 views

How much cash in INR can I bring to India

While traveling to India from Canada as a Canadian citizen, how much cold hard cash in INR am I allowed to bring to the country? I dont want to use credit card and pay FX conversion fee of 2.5%
3
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1answer
137 views

As a Canadian, what should I invest in if I'm betting that the Canadian real estate will crash?

I apologize in advance if this question seems unethical as you may think I'm trying to profit from people's losses. I'm just trying to protect my investments. So here's my question: if I'm betting ...
12
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4answers
922 views

Explanations on credit cards in Canada

I recently moved from France to Canada, and am a bit lost regarding the way credit cards work in North America. Let me explain my understing to give some context to my question: In France, one has ...
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2answers
83 views

When to use visa debit /MC debit

When I open up a regular checking account, I get an ATM/DEBIT card? So what exactly are the pros/cons of using a Visa/MC Debit card over the debit card provided by my bank?
2
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1answer
60 views

Canadian accepting money electronically from Americans

What are some methods I can receive money from someone in the States if Paypal is out of the question? I run a small electronic cigarette company, and I'm finding it hard to find an easy method to do ...
4
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1answer
118 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 ...
0
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1answer
76 views

Mortgage: Low house price with high income (Canada/US)

I am planning on purchasing my first home, but its going to be for my mother. She lives in a small town with very affordable housing. The place will be around $68k with 20% down payment ($13,600) ...
1
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1answer
67 views

Should I enroll in employer sponsored deferred profit sharing plan (DPSP)?

My employer in Canada has given me the option to enroll in an RRSP, DPSP, or TFSA. I've come across RRSP's and TFSA's before but I am intrigued by the DPSP (Deferred Profit Sharing Plan). Details are ...
-1
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1answer
33 views

Relationship between points and air miles

Let us say I have Air Canada Aeroplan card, and if I shop at certain retailers, I accumulate points. Now let us say a particular flight on air Canada cost 100,000 miles. How to know how many points ...
8
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1answer
2k views

Are Chase credit cards commonly accepted for purchases?

While trying to buy stuff online with a credit card, the options available are usually restricted to Visa, MasterCard and AMEX. I am thinking of getting a credit card from Chase, but where could I ...
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 ...
2
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1answer
78 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
votes
1answer
139 views

CRA made a mistake in our favour

This was in a review of a previous tax return. The error is high four figures which translates into a low four figures refund. Do they keep copies of the documentation? What are the chances they ...
2
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2answers
94 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 ...
3
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1answer
382 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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0answers
44 views

Excel Canadian Mortgage Formula Help

I need to get the ending balance formula for a project in excel calculating mortgage payout. I am hoping to develop a formula instead of formulating an amortization table. I have used the following ...
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1answer
23 views

Are retirement contributions for temporary workers in Canada mobile?

I am an American citizen about to start a temporary three-year position in Canada. It's possible but unlikely that I will settle in Canada permanently. Will I be required to contribute to a ...
5
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1answer
90 views

Can I make a final RRSP contribution after moving to the U.S.?

I moved from Canada to the U.S. (California) in August 2013. I am wondering whether I can make one final contribution to my RRSP account for the 2013 tax year (transferring between Canadian accounts) ...
2
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2answers
90 views

PayPal personal account: does it accept credit cards or not?

On this website it says it does not: https://www.paypal.com/cgi-bin/webscr?cmd=p/pop/choosing_account_type_signup-outside On this site it says it does: ...
2
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2answers
72 views

How does a TFSA work? Where does the interest come from?

I have extremely little knowledge about finance in general, but I have had a TFSA for several years now and know that my money keeps magically growing. Exactly where does the interest I gain come ...
2
votes
2answers
125 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 ...
4
votes
2answers
110 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 ...
7
votes
1answer
343 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 ...
3
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4answers
148 views

How to divide investment power between fixed asset and more liquid assets?

My wife and I bought our first home this year. We got a good price and live modestly so our fixed expenses are only about half of our take home income. Due to Canadian mortgage rules we opted to put ...
1
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1answer
47 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
votes
1answer
81 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 ...
1
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1answer
41 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 ...
1
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1answer
31 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
203 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
292 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
votes
1answer
429 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
201 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
31 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 ...
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1answer
67 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
votes
1answer
130 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
100 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 ...
1
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2answers
69 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
39 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
71 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
86 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
35 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
27 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 ...