Tagged Questions
3
votes
0answers
33 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 ...
-2
votes
1answer
56 views
Does a corporation pay same capital gains tax as an individual?
If I open up a corporation in Canada and the sole purpose of the corporation is to trade stocks, does the corporation pay the same kind of taxes on investment gains as if I were trading those stocks ...
4
votes
1answer
64 views
Non-tax-resident of Canada needs to pay taxes for investment account earnings?
if a person were to be a non-resident of Canada without jobs, a spouse, kids, asset (houses, cars etc.) in Canada, then that person would not be obliged to file a tax report. However, if that person ...
2
votes
0answers
56 views
Canada: Filing multiple years income tax (carry-forward)
I've been a bit irresponsible with my taxes as a student, and now it is time for me to make up for the years of neglect, and file my taxes for the 2007-2012 periods.
I've not filed taxes starting in ...
0
votes
0answers
42 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 ...
2
votes
1answer
84 views
Foreign national moving from US to Canada, how to file tax return (340 days in US)
I recently started a new job in Canada in mid-December, which means I am only on Canadian payroll for 3 weeks, and for most of the year I was on US payroll with my previous employer. I am a citizen of ...
3
votes
1answer
325 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 ...
1
vote
1answer
931 views
Child care receipts and taxes
I live in Ontario. I made 33,000. For 2012 and am a single mother who paid out $6,540. In child care. How much of the child care expence can I expect to get back???
12
votes
2answers
3k views
Canada: Girlfriend did not file tax return since 2006. What to do?
I was just starting my girlfriend's tax return when I realized I didn't have her notice of assessment from 2009. I wanted her tuition carry forward so I decided to call revenue Canada to see what the ...
6
votes
1answer
370 views
What tax rules apply to selling of digital goods, specifically in-game currencies?
We are selling an in-game currency to be used to buy virtual objects that will be used and consumed in the game. How do taxes relate to this type of purchase as compared to selling physical goods ...
4
votes
1answer
83 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 ...
6
votes
5answers
940 views
Tax consequences of a foreign bank account
My wife is a Canadian citizen, I am a US citizen. We live in the US, but make frequent trips to Toronto. The problem we face each time we cross the border into Canada is that we have to change our ...
3
votes
1answer
220 views
If I pay taxes on my earnings, would someone also pay taxes on the same earnings if I subcontract them and pay a share?
Forgive the confusing title, but it was the best way that I could explain the following situation briefly.
I currently have some contracts for doing IT works with various companies. They pay me as ...
5
votes
3answers
1k 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 ...
13
votes
4answers
580 views
Working on a tax free island to make money?
I recently came across a website that was touting the benefits of working in cayman islands. Work for a financial firm, earn well, scuba dive...and..............pay NO taxes.
Now, if the people are ...
3
votes
1answer
240 views
Does your employer have to hold back taxes on your paycheque?
I've been looking at ways to increase the amount of liquidity that I have on a day-to-day basis, and notice that I have quite a fair amount of my bi-weekly paycheque going right to taxes that I'm ...
5
votes
2answers
599 views
What Canadian tax is payable on money received (gifted) from a relative in another country?
I have a Canadian and German passport, but I have lived in Canada for 15 years. My grandpa, in Germany, had opened a certain savings account for me from which I will recieve a lot of money from in ...
2
votes
3answers
175 views
Ontario New Home Tax Rebate
I've been doing a lot of research on the new home tax rebate. There is a house we want to buy, listed with a realtor - the seller who owns both the land and the house is a builder (he bought the land ...
3
votes
2answers
409 views
The Canadian dividend tax credit: Why is it that someone can earn a lot in dividends but pay no/little tax?
from this link: http://www.taxtips.ca/glossary.htm#Dividend
For an individual with no income other
than taxable Canadian dividends which
are eligible for the enhanced dividend
tax credit, ...
7
votes
1answer
368 views
When it comes to doing business taxes, do bank statements and bills work in place of receipts?
Just at the beginning of this year, I started a business (not fully, but I've started doing jobs for it). Up until March, when I did my personal taxes, I had no idea what kinds of things I could write ...
6
votes
2answers
481 views
U.S. citizen moving to Canada and keeping U.S.-based job via telecommuting. What taxes will I have to pay?
I'm a U.S. citizen and software developer that can work from home. I work for a company based in Washington and will be able to keep my job as I move to Canada to be with my Canadian fiance (will be ...
2
votes
1answer
478 views
Is common-law status compulsory/involuntary in Canada or optional/voluntary?
Would a couple have to specifically declare themselves or apply for common-law status, or is it implicitly bestowed?
For example, if one passes away, can the other claim common law status without a ...
3
votes
3answers
145 views
What are the rules for gifting for a couple when one is a U.S. citizen & the other a Canadian?
If one spouse is American and the other Canadian, what are the gifting rules for this couple? Is the couple still limited to 26,000 or can they specify that the American is gifting 13,000 and the ...
4
votes
1answer
641 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 ...
9
votes
3answers
3k views
When do dual citizens (Canadian & American citizenship) need to file U.S. income taxes?
I'm a Canadian-US dual citizen (born in the US to Canadian parents) but I've lived in Canada my whole life (aside from the first 3 weeks). I've never had an American passport or a SSN. I've never ...
6
votes
4answers
2k views
Comparison between US and Canada's taxes and possibility of savings?
Given two jobs earning equivalent amounts where one is in the US and another in Canada, where would I take home more money after taxes?
3
votes
1answer
532 views
When is it necessary to apply taxes for web freelancing services in Quebec, Canada?
When is it necessary to apply taxes for web freelancing services in Quebec, Canada?
2
votes
2answers
415 views
What should I consider when buying land as an Investment in Ontario, Canada?
I was bored the other day so I was looking through the real estate listings up in Cottage Country. I noticed a plot of 4 acres of land for sale for $30,000.
I was wondering what one should consider ...
1
vote
1answer
48 views
4
votes
1answer
1k views
Did not cash cheque for last years tax refund, can I ask for another?
A friend of mine did not cash her refund cheque from last year as she moved away and forgot to change her address. What is the method for retrieving that refund from the CRA? Would it be possible for ...
3
votes
1answer
249 views
How can I minimize the impact of the HST?
HST is being introduced in both Ontario (see this question) and B.C., does anyone have suggestions for how to reduce it's impact on individuals?
4
votes
1answer
828 views
How many days do I have to hold a stock before it is considered a capital gain by the CRA?
I want to sell a Canadian stock from my investment account that I bought a month ago. The stock makes about 20% gain and I am afraid it might go down in the further. If I sell it now, will Canada ...
2
votes
1answer
590 views
What are the tax liabilities for an international transaction?
I have website for which I have set up a sponsorship scheme for (see my profile if you're interested). With this scheme, some individual or company can choose to sponsor X or Y amount and that gives ...
4
votes
1answer
6k views
If you run a sole proprietorship, how do you declare the income of the business on your taxes?
Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
6
votes
6answers
3k views
Do I really need to file an income tax return?
My company holds back tax from each of my pay checks. I have no other sources of income. I don't expect I owe anything more on my pay. Do I really need to file an income tax return? I live in ...
6
votes
3answers
249 views
Which account should I put my money to get the most tax benefit?
I have $5,000 that I would like to put in to an investment account. To get the maximum tax benefit, should I put it in my RRSP, my child's RESP, or my TFSA account? I have enough room in each of ...
6
votes
2answers
542 views
What is the current US-Canadian agreement on withholding taxes for US Investment income?
Withholding tax credits have changed over the past few years. What is the agreement between Canada and USA related to how much can be claimed and how much must be applied for as a reimbursement?
7
votes
2answers
222 views
How to claim loss of income?
If you initially had invested say $1000 in a corporation and the corporation folded, can that $1000 be declared as a personal capital loss?
