Questions tagged [canada]

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

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22
votes
4answers
6k views

Buying a house. Seller wants cash now and move only next year, renting same house in meantime

A relative of mine found a fantastic house on the market (Canada), evaluated 750k. He knew there were 3 other buyers making offers and he was entering a bidding war. He made an 800k offer and was the ...
0
votes
1answer
83 views

Studies for personal finances [closed]

Over the last couple of days, I started thinking about financial independence for myself. That idea sounds great to me as I'm 33 years old, have a good and stable income, and I could do something to ...
1
vote
0answers
14 views

Opening an RESP for myself

I am located in Canada. I was wondering if instead of contributing directly into an RRSP, why people don't instead open up an RESP for themselves, contribute as much as they can afford (up to 50k) and ...
3
votes
1answer
107 views

When calculating net-worth, how to discount money in an RRSP?

Suppose that I have the following account balances: Personal Banking Account $10,000 TFSA $40,000 RRSP $60,000 I would like to calculate my net-worth. ...
0
votes
0answers
35 views

Repayment of home buyers plan

Let's say I have contributed $2000 to RRSP on a year and I have a balance of $1000 on a Home Buyer's Plan. The minimum re-payment amount for the Home Buyer's Plan is $100. If I chose not to re-pay on ...
0
votes
1answer
84 views

Landlord wants etransfer and claims he did not receive cheque in the mail

I want to stop a rent cheque that i mailed to my landlord 13 days ago and he claims he did not receive it and that I must send him an etransfer immediately now? How long does the process take when I ...
3
votes
0answers
76 views

Client is offering to withhold tax from my payment

I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
1
vote
0answers
24 views

How to move my Canadian stocks into RRSP

I have various stocks I hold for the dividends (and most are DRIPs). They are NOT in any tax-advantaged accounts. Is there an easy way to move them into, say, an RRSP? Or would I be required to sell ...
0
votes
1answer
41 views

Canada: province of residence on December 31 for emigrants

Page 1 of the Canadian T1 asks, "Enter your province or territory of residence on December 31, 2019." If I emigrated from Canada during 2019, what do I enter, and why? Specifically, are there ...
1
vote
0answers
22 views

How to determine which Canadian investments are tax-efficient for US taxpayers in Canada?

How can a Canadian, who is also a US Citizen, determine which Canadian investments (stocks, bonds, mutual funds, ETFs, REITs, etc.) are tax-efficient (especially considering PFIC rules) for a) a post-...
2
votes
1answer
53 views

What is the CRA definition of income? Why not any payment counts as income?

Official acts and guides shed light on what kinds of income there can be and distinguish between taxable and non-taxable income. However, I could not find any definition or even a hint of what is ...
25
votes
8answers
7k views

Selling a House Upfront Or Collecting An Income Over Time?

Suppose that you have a house worth $500,000.00 that is gifted to you and this house is completely paid off. The people who want to purchase this house will need to go to the bank to get a loan so ...
0
votes
2answers
75 views

How do I cash in a Canadian cheque from outside Canada?

I am living outside Canada, and I have cancelled my Canadian phone plan. My phone company has sent me a cheque to refund about C$30 (the prorated unused amount in my phone plan). The cheque is dated ...
1
vote
1answer
31 views

What do I need to know in order for a US citizen to open a custodian brokerage account in Canada?

I need to open custodian brokerage accounts for my 2 Canadian grandchildren, ages 16 and 13. As a US citizen, I am willing to tie them to a US savings account in USD. What is the best way to do that ...
0
votes
0answers
43 views

U.S. check in Canadian dollars?

I reside in the U.S. and need to send money, via check, to a Canadian company payable in Canadian dollars. (This is the only payment method allowed.) What's the easiest way to accomplish this? Can I ...
0
votes
1answer
61 views

How can Canadians short the UK small cap market without short selling or put options?

My grandparents in Canada transact with Questrade and fancy shorting the FTSE SmallCap Index. EWU (iShares MSCI United Kingdom ETF) and EWUS (iShares MSCI United Kingdom Small-Cap ETF) don't support ...
4
votes
2answers
49 views

What are some drawbacks to Interac's e-transfer auto-deposit option?

As a user, what are the drawbacks for Interac e-transfer auto-deposit and what I should consider before using it?
1
vote
1answer
40 views

When would holding U.S. stocks in a non-registered account be better than in a TFSA?

Assume your RRSP is full, and you must buy U.S. stock in TFSA or in an unregistered [aka non-registered] account. The default answer seems to be TFSA! If you have an RRSP, a TFSA and a non-...
1
vote
1answer
139 views

How can Canadians recover U.S. withholding taxes on U.S. stock dividends?

I'm Canadian, but I like U.S. ETFs because there's more variety than Canadian ETFs. What means "recoverable" below? 100% fully refundable to me? How do I recover U.S. withholding taxes? ...
15
votes
5answers
5k views

Why would my tenant want me, landlord, to buy his leasehold interest in my own property? [closed]

My lessee asked if I'm interested in buying his leasehold interest. He wants to sell his lease to the landlord, me. He's renting my detached house in Toronto until Jun 1 2024. He pays $9 000/month. I'...
2
votes
1answer
31 views

Received lump sum payments for OAS, GIS application (for last 3 years) with one T4 slip in 2019. How can we still qualify for “refundable tax credit”

My uncle & aunt in Canada applied for their OAS (Old age security) & GIS (Guaranteed Income Supplement) & Allowance payments in January 2017 and they were qualified to receive all benefits ...
0
votes
0answers
96 views

Trading micro e-minis futures from Canada with limited net worth (with NinjaTrader platform)

I am a Canadian. I wish to get into the Micro E-mini Equity Futures market. I wish to use the Ninja Trader platform as I find it powerful, and I can code strategies using my favourite programming ...
3
votes
3answers
26k views

I'm Canadian, but I've worked in the United States. Why did I get a $1,200 payment from the IRS?

I'm Canadian, but have been working in US 3 years 2015-2018 on TN visa. In 2018 I returned to Canada, filed IRS return for 2018, but didn't do it for 2019, because that year I didn't work in US. But ...
0
votes
1answer
47 views

Filing taxes for Canada after becoming non-resident

I left Canada for SE Asia in January 2020, and this will be first year that I'm filing to the CRA from outside of the country, so there are a few things that are unclear to me. I'll probably talk to ...
0
votes
0answers
25 views

When does the government need Record's of Employment for EI benefits submitted to them?

I lost my job due to COVID-19. I applied for Employment Insurance (EI). The instructions regarding the Record's of Employment (RoE) were a bit unclear. When I login to Service Canada most of my RoE ...
0
votes
0answers
113 views

If you get a disability pension can your bank close your account if you can't pay their credit card?

I've been at RBC for 40 years and I have received a federal pension for disability for the last 25 years. If because of this covid19 financial pressure and lack of affordability, I can no longer ...
1
vote
2answers
198 views

How to deal with my dad's newfound obsession with Western Union and sending money to strangers in the U.S.? [closed]

I'm 23 and live in Vancouver with my mom and dad. (My sister lives in Toronto center, but she's with her girlfriend; she's 29). Over the past few months (well, since March 2019) my dad's become ...
1
vote
1answer
125 views

I bought a website. How does it affect my taxes?

I have a small British Columbia business (sole prop) writing software. I bought a website last year which is earning a bit of money through my business name. Does the purchase of the website count as ...
0
votes
0answers
42 views

Long put options in TFSA: can I close the position by selling, or must I exercise?

Suppose I use my TFSA to buy 10 American put options on XYZ at a strike price of 20 when the market price of XYZ is 20. I am 100% sure this is allowed under the rules governing TFSAs and registered ...
1
vote
1answer
58 views

How to sell mutual fund shares

I'm currently located in Canada, trying to offload a few hundred mutual fund shares. But in the current market the price fluctuates about 5% per day. My bank requires that same day orders are placed ...
1
vote
1answer
47 views

Where would printer ink go in Statement of Business Activites for tax?

I'm an independent contractor. I bought printer ink for the printer I use exclusively for work. On the T2125 where would it go? I'm guessing either lines 8810 or 8811: "office expenses", or "supplies"....
2
votes
1answer
90 views

Does money awarded from winning a hackathon need to be declared as income, within Canadian tax law?

The hackathon (competition where individuals/teams compete by completing some code project within a short period of time) was open to all members of the public. The competition took place just before ...
0
votes
0answers
33 views

Student loan grace period

Due to the spread of coronavirus, there is the possibility that the university I attend will close (no courses offered) for the upcoming term (May to August). I am currently in part-time studies and ...
1
vote
0answers
18 views

Does the same CCAs get claimed each year as long as you're still using the purchase?

I work from home as a contractor. Last year I bought a printer and claimed it as a Capital Cost Allowance. Since I'm still using it this year, do I claim it again as a Capital Cost Allowance? Are ...
0
votes
1answer
75 views

How do insurers justify raising premiums after no-fault claims?

I don't know if it applies to other countries, but in Canada practically all auto and home insurers routinely raise your insurance premiums after you make a claim, even for not-at-fault and purely ...
0
votes
0answers
20 views

Claiming foreign short term losses in the US from the year before moving to the US

I'm a Canadian citizen living and working in the US since September 2019. In 2018 I incurred capital gain losses (of an investment that was under 1 year) of about 20k USD. I filed these losses in my ...
1
vote
2answers
53 views

Canada resident tax on overseas rental property

I am moving to Canada, BC this year and understanding taxation is rather difficult to understand. I have an apartment in Europe which I am meaning to rent out. The tax in my country on rental property ...
1
vote
1answer
120 views

Triplex - Joint Property with my brother - 50/50 Investment - I am moving out

I have an unusual case I was hoping someone could shed some light on. I bought a triplex with my brother a few years ago. Up to date we've both put in a substantial amount of money including mortgage ...
0
votes
1answer
240 views

I am starting a new job on Monday. Can they screw me over somehow with the information I need to provide? Does this look sketchy to anyone else? [duplicate]

Congratulations! You have accepted for a trial period on the Remote Executive Manager position. blahblahblah During the work you use bitcoins for working with customers. It is necessary for ...
0
votes
0answers
24 views

Which can I “Request to reduce tax deductions at source” for? 1. EI, 2. CPP, 3. Union deductions, 4. TTC, 5. DCPP?

I am completing T1213 Request to Reduce Tax Deductions at Source, but which of the following can be reduced too? EI? CPP deductions? Union deductions? TTC 2-month Pass? employer's defined ...
0
votes
0answers
43 views

Can I buy options on US-listed stocks with CAD, not USD?

I'm assuming that some Canadians will be trading options on US-listed ETFs or stocks, and prefer trading in CAD. My grandparents use Questrade. Must they convert CAD to USD before buying options on ...
0
votes
0answers
53 views

RRSP, TFSA — Which ought I buy Puts of US-traded ETFs?

My RRSP, TFSA, and non registered accounts at Questrade all have Contribution Room (1. is this correct term?). I now just hold just CAD, no USD. I know Norbert's Gambit. To minimize taxes, avoid ...
0
votes
1answer
175 views

How to prevent counter-signing a cheque or cashing it at money mart

I will pay bill by mailing old fashioned cheques in envelop. I heard that if the letter is lost and someone steals the cheque and forges endorsement to pay to himself rather the payee written on the ...
2
votes
0answers
29 views

Revenue Recognition, Foriegn Currency, and Exchange Rates

I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc. My ...
-2
votes
1answer
123 views

Which account should I use to buy this ETF (HMMJ), to minimize tax? [closed]

I am trying to reduce the tax impact of owning the ETF HMMJ, but this could also apply to other ETFs. Assume I have just 3 empty accounts: RRSP, TFSA, and non-registered account. I live Toronto. ...
2
votes
1answer
76 views

How to buy private company stock using a registered account (e.g. LIRA, RRSP)?

I would like to invest is a private company using money from my LIRA (locked in retirement account). I know this is allowed, similar to holding private mortgages under these accounts, but how do I ...
2
votes
0answers
45 views

Canada Pension Plan Transfer

I have lived for three years in Canada, and made three contributions to the CPP. I now live in Switzerland and do not plan to return to Canada ever. Is there any way to transfer these contributions ...
2
votes
1answer
49 views

Canada Tax work space in the home expenses with no income (T2200)

I'm trying to assess if I can claim on the work space in the home when I'm not getting income from my company. There's a line that makes it seem like I cannot, though I might be reading it wrong. ...
0
votes
0answers
53 views

Getting paid by a Canadian company to a U.S bank account while paying taxes in my home country?

I’m an Argentine working from Argentina for a Canadian company. I’d like to receive my wages into a US bank account which I already have. I really do not want to bring the money into Argentina due ...
2
votes
0answers
78 views

Transferring money from HSBC UK to TD Bank in Canada

Lets say I want to transfer money to Canada from UK. HSBC-UK asks me to to enter the following information Payee account number Payments Canada Routing number Bank Name Now the question : Should "...

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