Questions tagged [canada]

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

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4
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1answer
328 views

I bought crypto for a friend and now want to cash out for her

My friend and I live in Canada, Quebec. In 2018, she gave me $3000 to buy the same coins/tokens I am invested in. I bought these coins/tokens from Kucoin exchange. She is not tech saavy like I am, so ...
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0answers
102 views

How to best use prepaid credit cards that were given to me?

I was given several prepaid credit cards. I'm just wondering, since my regular credit cards have useful benefits (such as cash back and points) is there a way I can get these benefits when spending ...
16
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6answers
4k views

While transitioning to a new (online) bank is it OK to have my money split between two banks?

I used to keep all my money with one bank. I recently opened an account with another bank and have slowly been transitioning towards them. I have multiple jobs and sources of income. Now when someone ...
-1
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1answer
109 views

Rewards to $40. Is it best to get PayPal, prepaid Visa or Amazon card?

I can get $40 from Receipt Hog. They can give it as a prepaid Visa card, to my PayPal or Amazon gift card. Which is the best option of the 3? I was thinking PayPal and transferring it to my local bank ...
1
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2answers
192 views

Potential job offer where I would have to buy a car to use. How to calculate if it's worth it?

I am expecting a job offer for what is basically a delivery driver position. I would be using my own vehicle. There had been talk about getting reimbursed for mileage but now it's going to be a flat ...
0
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1answer
28 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, do all these ...
1
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1answer
88 views

How much must one pay tax in Canada if received income from Switzerland?

I am a Canadian Citizen, who lived and worked in Switzerland for a full year. During that time, my only source of income was the company I was working for there. Swiss government deducted a particular ...
2
votes
1answer
186 views

In pay stubs what are "vacation payout"?

At a few jobs I've had there's been a small amount on my pay stub called "Vacation Payout". What exactly is this? I tried reading the legislation but am confused. Is it basically saying each ...
2
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0answers
75 views

Pre-qualification screening for apartment rentals on apps like Zumper. How honest should I be?

I'm looking to move from one - expensive - rental apartment to another, similar priced. Now my circumstances are that I am semi-retired, starting a business and with more than enough money in the bank ...
0
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2answers
118 views

The minimum a Canadian corporation can pay to its owner

Can a Canadian Corporation pay its owner less than the minimum wage? Is there a minimum amount when running the payroll?
0
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0answers
47 views

Insurance Liability for a recently registered Ontario corporation

I just registered a corporation in Ontario, and I'm about to get a contract from USA as a Programmer. I applied for a general liability insurance online in many sites, but they keep rejecting it ...
0
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0answers
95 views

Compliance issue with casino winning check

I received a check from a on-line casino from Canada. I took it to my bank to cash and they sent it to collections. After about 2 1/2 weeks they sent it back saying compliance issue. What does that ...
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0answers
41 views

Differences between non-registered, TFSA, and RRSP accounts for short-term investments

I am new to stocks and I am using an application that's called Wealthsimple. The application shows different account types (non-registered, TFSA, and RRSP) but I don't understand really what are the ...
1
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1answer
79 views

Lost my job, is it better to apply for EI or CRB?

I was recently terminated without cause. Is it better to apply for EI, CRB or something else? The work I had been doing before COVID still hasn't returned yet. I had been working in retail for the ...
1
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2answers
174 views

Setting up a corporation for family finances

Jurisdiction: Canada Could I set up a private business corporation in Canada to handle my family finances (eg. pay rent, car repairs, even groceries). What are the ramifications? Why doesn't everyone ...
0
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4answers
123 views

Planning on having all bills due on the same day

I currently have 3 credit cards, one of which I virtually never use. I'm planning on calling the companies and asking to change the billing cycle so they end on the last day of each month. This would ...
3
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0answers
50 views

Canadian tax on capital gain multiple round of investment in the same company

My question is similar to this one (How to calculate capital gains on multiple trades of the same stock?), but lets say I have two objective with my investment. One short term, the other one long term....
6
votes
1answer
2k views

How to remove a co-signer from HELOC?

I have a Home Equity Line of Credit (HELOC) in Canada, Quebec. I have a co-signer on it. The co-signer is not on the deed of sale or the mortgage. I would like to release the co-signer, so he does not ...
2
votes
1answer
220 views

What is the difference between a checking account and savings account?

I understand the exact difference will vary from bank to bank. But in general, I understand that savings accounts have a higher interest than checking. So if it's that simple why not always use the ...
0
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0answers
38 views

How to setup a canadian CIBC bank account, from the US?

I am an international student (US citizen currently residing in the US). I will be going to university in Toronto Canada in a couple of weeks. I have arranged to pay rent for a single room apartment, ...
0
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1answer
116 views

Is it best to pay off credit cards as close to the due date as possible? Is it bad to pay mid cycle? [duplicate]

I will preface with I have a very bad sense about these sorts of things. When is it a good idea to pay off a credit card balance before the end of a cycle? For example a statement period is Apr 13 to ...
3
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1answer
144 views

Reduce income tax deduction after being unemployed

The previous month was the first month I have worked this year. I received gross pay of around $3400. However, approximately $500 was deducted for income tax. If I were to continue working for the ...
3
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0answers
49 views

Can I deduct expenses from rental income on my principal residence without making it not a principal residence?

TLDR: can I still claim 40% of all of these expenses (screenshot from simpletax) on my taxes when renting a portion of my Principal Residence and it still be considered principal residence? and ...
2
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1answer
192 views

Is it a concern if the pending transaction date is wrong on credit card? [duplicate]

I have 8 pending transactions on my credit card. Yesterday I went to a store and bought something with it. But the transaction shows up with today's date instead of yesterdays. Today I bought ...
7
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3answers
397 views

Debt options for single mom starting over

Hello fellow community members. I have a question regarding debt, and since it is a shameful subject with a lot of stigma I have been reluctant to ask for advice. Currently I am a single mama to a ...
0
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1answer
92 views

Is there an incentive for entities to take advantage of tax deductions that don't direclty benefit them?

I'm trying to validate or correct a perception I have. I believe that there is a financial benefit for entities (companies or people) to take advantage of tax deductions that don't directly benefit ...
1
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0answers
69 views

VSP taxable capital gain, even when I didn't sell

I have VSP (ETF) in a non registered Canadian account. I am a Canadian resident and I am taxed there. I was surprised to see that I have to pay a capital gain tax on it because I hold shares, even ...
3
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1answer
122 views

Changing "Tax Deduction at Source" to "Zero" - How to request your employer not to hold your taxes?

In Canada/Ontario, in both cases of permanent and contract employment, is it possible that I request my employer that they pay me my full before-tax salary and I pay the tax at the end of the year ...
2
votes
2answers
129 views

Disadvantages of putting all cash in a chequing account

When I opened an account at a bank, I was given two bank accounts: a savings account, and a chequing account. I was also given a debit card that is linked to the chequing account. The chequing account ...
3
votes
3answers
308 views

If you buy something with one credit card, and refund it to another, do you get to keep the points/cashback/etc from the purchase?

To my understanding most stores have policy that a refund must be done to the same card that was made to use the purchase. However this is not always the policy and I don't think there's a legal or ...
0
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0answers
47 views

Is there a "grey market" for Canadian preferred stocks?

In the USA, many preferred stocks are traded on the OTC stock market before they uplist to a stock exchange. Do Canadian preferred stocks go through a similar process whereby they trade on a "...
1
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1answer
173 views

Is it suspicious to send $10K via Interac e-Transfer by dividing it into 4 transfers of $2.5K each?

At my bank, there is a $3,000 daily limit and $10,000 weekly limit on Interac e-Transfers. Will the bank or regulatory authorities be suspicious if I decide to use Interac e-Transfer to send $10,000 (...
2
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1answer
109 views

Do Canadian funds lose money when investors cancel their purchase within 48 hours?

I found this in the fact sheet of BMO Junior Oil Index ETF (TSX: ZJO): What if I change my mind? Under securities law in some provinces and territories, you have the right to cancel your purchase ...
7
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1answer
143 views

Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?

I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates. ...
0
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0answers
55 views

How do I cheaply transfer money from Ireland to Canada for the purpose of student loan payments?

My Situation I'm Canadian and I took out student loans while studying in Canada. I graduated and started working right away. I have a student loan balance of approximately $29K. I moved abroad to ...
2
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0answers
53 views

What are the correct terms for a fixed payment with variable rate mortgage vs variable payment with variable rate mortgage?

What are the correct terms for a fixed payment with variable rate mortgage and variable payment with variable rate mortgage? I've read on some articles that a variable rate mortgage and adjustable ...
2
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1answer
274 views

In a fixed mortgage, is the term the same as the amortization period?

From what I understand, the term is the length of time the mortgage agreement and interest rate will be in effect and the amortization period is the length of time it’d take to fully pay off the loan. ...
0
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3answers
153 views

What is a land loan, is it different than a mortgage, and how?

From what I understand, a mortgage is a loan secured by real estate. Thus under this definition you should also be able to buy land (secured by the land). Is this true? If it is how come there are ...
3
votes
1answer
242 views

When should I give my Social Insurance Number to a Credit Card Company (or anyone else for that matter)?

When applying for an American Express card, it asks me for my social insurance number (SIN) but it is optional. Should I give it? The site states We encourage providing your SIN for more accurate ...
41
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1answer
7k views

Canadian citizen, TN worker, commute daily from Canada: am I a US person for tax purposes?

I only have citizenship of Canada. I work for a US company on TN Status. I commute daily from home in Canada to office in US and back. I do not reside in the US. I get a W2 and file taxes with the IRS ...
1
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1answer
79 views

How to find comprehensive agreement before getting credit card?

I'm looking to get another credit card. Generally speaking I find it difficult to cut through the marketing talk to find out what I'd really be getting myself into. I'm looking for one with high ...
6
votes
5answers
1k views

Assuming you already have the money, how to tell when/which day of the month to pay off credit card balance?

Maybe this is a simple question but I have a really bad sense about these type of things. When I got my first credit card the teller "did me a favour" and said if I always paid it off in ...
0
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0answers
34 views

Can the buyer's salesperson receive commission directly from a private seller?

Imagine a private seller wants to save money by not hiring an agent, but is willing to pay some amount to a potential buyer's agent to seal the deal. In the described situation can the buyer's ...
2
votes
1answer
113 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 ...
37
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6answers
9k 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, ...
0
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1answer
63 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
56 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
55 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
97 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
36 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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