Questions tagged [canada]

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

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2
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1answer
90 views

US Resident: Unreported Bank Account In Canada

I'm Canadian living in the US for the last 6 years. Recently, I obtained a US passport. I've had a bank account in Canada during last 6 years I've been living in the US. On the account there's a 5 ...
38
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6answers
8k views

Ex-husband is trying to find out my banking info

My ex-husband keeps trying to find out my banking information. We have been divorced for 3 years but still involved in the family court system. Over the past years, he's opened closed accounts, ...
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1answer
19 views

Employment Insurance (EI): Total Insurable Earnings vs Weeks of Entitlement

If one's Regular Weeks Entitlement for the EI is 50 weeks, but the Total Insurable Earnings amount is about $15,000 then does this mean that the EI payments would stop once the $15,000 has been paid ...
2
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0answers
50 views

Canadian citizen living in Canada wants to gift a US property to a Canadian living in the US. What do I all need to know?

My uncle wants to gift a piece of property in the USA that apparently is worth about $8,000 to my sister and I. We are both Canadian citizens living in the US as permanent residents. Just curious ...
2
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1answer
28 views

Canada/ON: Can one of the co-owner (Joint Tenancy) of a rental property claim all the income/expenses/taxes, without it affecting ownership basis

All I can find is the following, but it is for USA. https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/no-is-the-brief-answer-generally-each-of-you-would-rep/01/159513/...
2
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2answers
58 views

What will happen to the amount of money I contributed exceeding my RRSP limit and will I pay a penalty?

My RRSP deduction limit for 2020 was 16,000$. In the year 2020, I contributed 28,000$. TurboTax displays it as "Amount of contributions exceeding your limit (automatically carried forward for you)...
1
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2answers
23 views

How is GST/HST treated when you file corporate tax?

FOR CANADA: Let's assume I make $100,000 in sales with a 13% HST tax = $113,000 in a year. Also let's assume zero expenses for the year. I pay $13,000 in HST. Are my corporate income taxes on $100,000?...
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1answer
44 views

How to find platform to invest in Canadian ETFs from overseas?

I am intending to invest in Canadian ETFs. I reside overseas. Although I have Canadian SIN, I do not have a permanent address in Canada at the moment. I searched online for platforms which can allow ...
1
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1answer
47 views

When exactly can someone collect Employment Insurance benefits (EI) in Canada?

When is a Canadian eligible for EI and likely to get it? To my understanding it depends on: how much money they are making if they have paid into EI from previous work how their last job ended The ...
2
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1answer
91 views

How to calculate capital gains on multiple trades of the same stock?

I'm curious what is my capital gain for tax purposes if I trade a security and never sell my entire position? Here's an example of what I mean: In January, I buy 10 shares of Stock A at $1 per share. ...
4
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0answers
143 views

Is it even worth working a minimum wage job right now given the government's pandemic response?

The work I was doing prior to COVID got shut down. I have since started a retail job that is close to minimum wage ($14.70/hr). I normally work 30-40 hours per week. Also I have some very part time ...
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1answer
44 views

Advantages of incorporating in Canada for reselling

I'm looking into reselling (flipping) retail merchandise on Amazon with FBA. I'm in Canada, I expect profit margins to be tighter. One thing I'd like to know is if incorporating could save me from the ...
2
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1answer
60 views

Does the simplified flat rate for meals already reflect the 50% deduction?

In Canadian taxes for the self employed, they offer a simplified method for meal deductions with a flat rate per meal and/or a max per day. Do the amounts mentioned already factor in the 50% you're ...
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0answers
47 views

Does Canada have regulations regarding “shorting against the box”?

If you hold a long position in a stock and believe it will go down but don't want to realize any gains, you can a open short position in that same stock to hedge against any drops in the price. This ...
1
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1answer
31 views

Link Australian and Canadian bank accounts

I used to live in Australia and still have my bank account active there Now I am in Canada and have Canadian bank account I want to add my Canadian bank to my paypal. Paypal allows to add US bank with ...
2
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2answers
96 views

What is the best time to exercise stock options?

I work for a small company and was granted some stock options with a strike price of about $2.50. Now that the company has gone public, the stock prices hover between $15 and $20. I'd like to get ...
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0answers
21 views

non resident of Canada , taxes due on sale of shares in Canada

I am a resident of a EU country with a double tax treaty with Canada. I pay dividends at source on shares I own in a Canadian bank. What happens when I sell the shares, am I taxed on any gains in ...
1
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1answer
115 views

Canadian Taxes: Can I claim the full flat rate (currently $23) for a meal even if the meal costs less?

Here's the link to the CRA website but it doesn't seem to specify this. It seems to say $23 but I am not clear on this and it would seem odd to me to claim $23 for a $10 meal. Thanks in advance. https:...
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1answer
45 views

How to compute unit average cost after capital gain distributions?

My question is about how and why the average cost of a stock is re-computed after the capital gain distributions of the corresponding fund. I'll give the actual example that confuses me to ground the ...
3
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3answers
154 views

Can I get life insurance for myself that automatically converts to an inflation-adjusted life annuity for my wife if I die?

I'm 27 and my wife is 23. She stays at home and I'm the breadwinner. If I die, I would like her to get fixed, inflation-adjusted payments until she dies. According to the National Endowment for ...
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0answers
66 views

Can I transfer stocks from a margin account to a TFSA to avoid capital gains tax?

I am new to trading and ended up opening a margin account rather than a TFSA a few months ago. I know I can sell my stock and then buy it again in the TFSA, but the stock price has gone up and I am ...
1
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1answer
67 views

RRSP contributions in first 60 days of calendar year

RRSP contributions made in the first 60 days of the current calendar 2021, can be claimed in the prior year 2020, or later tax returns. Regarding RRSP contribution limits. If the contribution is made ...
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1answer
68 views

Canada - Can I make an in-kind transfer to avoid paying capital gains?

I am planning on paying my girlfriend back 18K, which she plans on putting in her RRSP. Rather than sell funds that are in my non-registered investment account (which would cause me to pay capital ...
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1answer
105 views

Can a stolen Government cheque be cashed by someone else?

I received a trillium check in the mail, I didn't sign it yet. The cheque was stolen and I want to know if she signs the cheque and deposits it into her ATM can she withdrawal the money right away?
3
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1answer
82 views

How do I update my address with Transunion and Equifax and what are they?

I recently applied for a credit card with a bank I had never done business with before. One day I got a confusing call from them. From what I understood Equifax and Transunion have an old address on ...
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0answers
29 views

Incorporating a Canadian business with a US founder

I'm a Canadian citizen who is a American permanent resident residing in the USA. My cofounder is a Canadian citizen residing in Canada. We are incorporating a business that will be operating in Canada ...
4
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1answer
133 views

Segregated Fund - should I get it?

My advisor is trying to sell me Segregated Fund / investment loan, in summary, it is something like this: Canada Life (through National Bank) will lend me 100K to invest The annual interest is 2.7% - ...
5
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0answers
90 views

What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?

I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned. Because of insane laws, I am ...
40
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14answers
11k views

Why would someone get a credit card with an annual fee?

I currently just have a Visa credit card. A place I shop at doesn't accept them. I'm looking at getting a second credit card such as Mastercard. I am surprised by how many highly recommended cards ...
0
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0answers
14 views

Canadian and PayPal account linked to US bank

If a Canadian citizen has a US fund bank account in Canada, can they open a PayPal account and link the US fund bank account to it? They will not have a US address since they only have the US bank ...
2
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1answer
73 views

Checking one's status with the IRS

I'm not American. I was a resident alien and worked legally for 9 weeks in the US a few years ago. I received a US SSN. The job turned bad and I went back to Canada. I never filled a US tax form, but ...
5
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2answers
76 views

Insurance for expensive items in carry-on moving from US -> Canada

I'm repatriating from the U.S. to Canada. My apartment is ending my lease on the day I fly out, then I'll be staying in a hotel for a while before moving to permanent housing. I have some antiques ...
5
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0answers
60 views

I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?

I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
2
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0answers
52 views

European consultant: living and working in the USA, employed in Canada

I am from Europe and a consultant employed by a Canadian University, but I live in the USA (I moved to the USA as my husband received a J1 visa). So now I am trying to figure out where to pay taxed? ...
2
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1answer
31 views

CERB - income requirement for small business owners - Can you refile and opt not to claim every expense?

So with the government clarification coming out that CERB qualification is based on $5k net income in 2019 rather than $5k gross income we are in a position where my family did not qualify for CERB. I ...
3
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1answer
265 views

Getting letters addressed to someone else. Scam?

I am starting to get more and more letters addressed to someone else even though I've lived at the current address for more than 10 years. There have been 4 different names with few different ...
1
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1answer
147 views

Is this a superficial Loss? Stock Sale and Put Option [duplicate]

I sold 250 shares of a stock at a loss of (-1,000). 2 weeks later bought a single put contract (100 shares) n the same stock. If I sell the put option for profit a few days later, is this a partial ...
2
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1answer
83 views

Avoiding capital gains tax when exchanging one stock for another

From observation, it seems like an ETF fund manager can buy and sell assets while avoiding a capital gains tax. However, if I were to do that, I would be taxed each time I sold (and thus missing out ...
1
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1answer
80 views

Cashing a UK Bank issued check in US Dollars in Canada

I have a cheque from a UK Bank I need to deposit. I live in Canada. The funds on the cheque are in USD. My Canadian Bank isn't able to accept the cheque since the funds are issued by a UK bank but ...
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0answers
28 views

What is the minimum share price for TSX Venture Exchange listings?

The Toronto Stock Exchange (TSX) does not have a specific minimum share price requirement. What about the TSX Venture Exchange? Does it have a minimum share price requirement for its listings? Note ...
2
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1answer
55 views

CPP example clarification

Can someone explain https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/canada-pension-plan-cpp/cpp-contribution-rates-maximums-exemptions....
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1answer
44 views

Excess contribution to RRSP

Consider a hypothetical case of a Canadian tax resident living in Ontario and making CAD 100K each year. Suppose they contribute CAD 50K in 2020 to an RRSP. CAD 27230 is the contribution limit for ...
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1answer
74 views

Canadian tax calculation for a sample income

Is the tax calculation below for a hypothetical Canadian resident living in Ontario correct? Gross income - CAD 100K Foreign capital gains - USD 20K Dividends - USD 2K Assume 18% (CAD 18000) is ...
1
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1answer
91 views

Understanding performance of an index fund

I am trying to understand how to interpret the performance of an index fund. I have two views of the same TDB911 fund. The view in TD WebBroker (investing interface) shows that at the beginning of a ...
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0answers
44 views

Paying tax on rental property in UK as a Canadian resident

We left the UK in 2013 and have rented our apartment to friends and family ever since. We make almost no money from the rental, it barely covers costs and have had to pay out for repairs since we have ...
2
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0answers
25 views

Do all Canadian preferred stocks for retail investors trade on stock exchanges?

In Canada, do all retail-investor-accessible preferred stocks (i.e. those preferred stocks that can be bought by retail investors) trade on stock exchanges (e.g. on the Toronto Stock Exchange)? Or is ...
0
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2answers
249 views

What are the risks for a Canadian opening a Delaware corporation?

I am a Canadian, living in Canada, born in Canada to one Canadian and one Canadian/American parent, which makes me an American "Person". This means I am responsible for filing and paying ...
0
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0answers
16 views

Are companies listed on the TSX Venture Exchange required to publish financial statements regularly?

The TSX Venture Exchange lists many small-cap and micro-cap companies. Are all these companies required by law to regularly make their financial statements available to the public? If so, are all ...
1
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1answer
102 views

Will I have a problem buying a large bank draft with wrong address on my ID?

I'm in the middle of a cash real estate purchase and will need a fairly large (close to $100k) bank draft in the next few days. I just realized the address on my photo ID is out of date, and my bank ...
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3answers
198 views

What are the risks of getting an additional credit card just so my parents get more points?

My father is retired and one of his hobby is to gather as much credit card programs as he can and manage them in a way as to maximize returns and minimize costs. I know that this can be a risky ...

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