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Questions tagged [canada]

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

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Looking for Canada GST memo D17.1 dated Jan 1995

In April 1999, Canada Revenue And Customs Agency revised its GST/HST Memorandum 17.1, obsoleting the previous version which was dated January 1995 I would like to obtain the obsolete, January 1995 ...
Jaredo Mills's user avatar
0 votes
0 answers
74 views

USA to CA transfer

I am located in Canada. My friend was sending me some money. She is located in South Carolina and sending via bank to bank transfer. Transfer was made two weeks ago and still has not been received on ...
coco's user avatar
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0 votes
1 answer
49 views

International Student in Canada who interned for 8mo in US - which country am I a tax resident of?

I have a bit of a strange tax residency situation: I am a Citizen of India, but spent 0 days in India in 2023. I am an international student in Canada, and spent 4 months of 2023 in Canada (studying ...
Plooftech's user avatar
-1 votes
1 answer
58 views

What double-entry bookkeeping and account structure lets me report taxable distributions from retirement savings plan (e.g. RRSP)?

I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The ...
Jim DeLaHunt's user avatar
2 votes
0 answers
78 views

Is it a "bare trust" if a title holder owns only a fraction of a property?

There's a lot of press right now about new rules for reporting of bare trusts in Canada. CRA info: https://www.canada.ca/en/revenue-agency/services/tax/trust-administrators/t3-return/new-trust-...
Kate Gregory's user avatar
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0 votes
2 answers
60 views

If I get the TAL documents for the rent increase, does it mean I can unlikely file a challenge to the rent increase of my apartment in Quebec?

If I get the TAL documents for the rent increase, does it mean I can unlikely file a challenge to the rent increase of my apartment in Quebec? There was work done, but most of the work on my apartment ...
Sayaman's user avatar
  • 211
2 votes
1 answer
429 views

Sold my car, but buyer used fake driver's license and fake TD bank draft

I sold my car in an ICBC office in Vancouver. The buyer came with a fake driver’s license and a fake bank draft. I deposited the bank draft via mobile app, and it was accepted. Then I signed the paper....
MED's user avatar
  • 21
2 votes
0 answers
68 views

Tax and selling a property in the U.K. before moving to Canada

I would appreciate some advise on this: If you sell a property in the UK to move to Canada, and then transfer the money from the sold property to Canada, will you have to pay tax in Canada on the ...
ichi's user avatar
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3 votes
0 answers
39 views

Reduce income tax payable in Canada for an individual taxpayer

For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
user122866's user avatar
0 votes
1 answer
42 views

Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?

I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
qwerty_99's user avatar
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1 vote
1 answer
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In Quebec, for the personal basic amount, does the federal tax credit and the provincial tax credit add up?

E.g. if my income is 17000$, which is below the provincial basic (18056$) but above the federal one (maximum 15705$), do I pay taxes? Is it federal_tax = min(0, federal_income_tax - federal_BPA * ...
qwerty_99's user avatar
  • 159
1 vote
1 answer
44 views

Instalment interest calculation in Canada for individuals

I made no instalments payments in 2023 as I thought my net tax owing in 2023 would be below $3000. I received instalment reminders from CRA and I ignored the emails. Now, I believe my net tax will be $...
user122866's user avatar
2 votes
0 answers
41 views

Can you withdraw capital gains from a stock sale and still deduct interest on the original cost basis?

Say you borrow 50k and buy 100k of shares. Then the stock rises to 100k You sell half and cancel out the loan, but also have 50k of capital gains. If you withdraw the 50k gain to maintain the original ...
Mike Hampel's user avatar
4 votes
1 answer
231 views

Can a prepaid Amex be legally allowed to expire in Canada?

While moving, I recently found an old prepaid Amex card that I had originally selected from my then-employer's "recognition" benefits program. The card expired in 2013, but my understanding ...
Grade 'Eh' Bacon's user avatar
1 vote
1 answer
152 views

PST Canada on software development to be used by BC company

A quick question to sole proprietors - if I provide software development services, do I need to charge Provincial Sales Tax (PST) on them (living in BC, companies that I work for are in BC as well).
m.aibin's user avatar
  • 113
1 vote
1 answer
131 views

Does the customer have obligations under Know Your Customer?

I have a credit card with a Canadian bank that I do no other business with at all - no accounts, no loans, no investments. They sent me a letter asking me to confirm that all the salient details are ...
Kate Gregory's user avatar
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1 vote
0 answers
35 views

First Home Savings Account (FHSA) in Canada

FHSA was introduced in Canada in 2023 for first time home buyers. From what I read I can open a FHSA, because I have not lived in the house since I bought it (always rented). I can contribute up to $8,...
user122866's user avatar
5 votes
1 answer
425 views

Canada/Ontario Principal residence exemption

I bought my house in 2013 and have been renting it to present time. I never lived in it. I am thinking of starting to live in the house in 2025 and 2026 and then sell it in 2027. What do I have to do ...
user122866's user avatar
0 votes
1 answer
136 views

How do I find a list of stockholders of a public company listed in Canada?

How do i find all stockholders by holding percentage of a publicly listed company in Canada. Including minority stakeholders.
kanduken's user avatar
0 votes
0 answers
40 views

Where can I find charitable donation tax credit rates for each provinces and territories in Canada?

The only official source I found was this one and it's from 2017... https://www.canada.ca/en/revenue-agency/services/charities-giving/giving-charity-information-donors/claiming-charitable-tax-credits/...
qwerty_99's user avatar
  • 159
1 vote
0 answers
58 views

Tender Offer from Canadian Company as a US investor

I am US investor that holds shares in a Canadian company inside of my ROTH IRA. This Canadian company has recently announced a tender offer at a higher price then the current market price so I am ...
Justin Morrison's user avatar
3 votes
3 answers
255 views

How do income taxes work with basic personal amount in Canada?

The tax brackets do not seem to include a 0% tax rate up to the basic personal amount (BPA), so how does this work with income taxes? E.g. BPA is 15k, federal tax bracket is 15% for 50 197$ or less. ...
qwerty_99's user avatar
  • 159
1 vote
1 answer
82 views

If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?

If I understand correctly, the total tax is basically the sum of federal taxes and provincial taxes, so for Quebec this should give a marginal tax rate of 58.75% (33% federal and 25.75% provincial). ...
qwerty_99's user avatar
  • 159
1 vote
0 answers
49 views

How to tell what the net amount in a payment from an employer should be?

I had parted ways from a former employer. I had worked full time and my pay rate was always the same. There were some complicating factors and the timing and amount of the last few payments were ...
StumpTheCheff2's user avatar
2 votes
1 answer
155 views

(canada corporate tax) Assets dont add up to liabilities and equity due to rounding errors. How to fix?

My accounting software (waveapps) and all my invoices/receipts/bank statements rounds up to the cent. But all of the underlying T2 schedules and forms from the Canadian Revenue Agency are rounded to ...
pf_init_js's user avatar
0 votes
1 answer
128 views

The meaning of "rate filing"

What does "rate filing" mean in the following paragraph? "The province is giving the AIRB new authority to tell insurers to return a portion of premiums to drivers if companies surpass ...
Maurice's user avatar
  • 109
1 vote
1 answer
373 views

Do you have to attend group meetings for EI in Canada if you found employment and does this have an impact on future EI claims?

Do you have to attend group meetings for EI in Canada if you found employment and does this have an impact on future EI claims? Received a letter from the provincial government to participate in a ...
Sayaman's user avatar
  • 211
0 votes
1 answer
34 views

Charging HST on a product where a portion goes directly as a donation to someone else [Canada]

I'm launching a business that helps other people/organizations to fundraise. In some ways it is similar to GoFundMe or Kickstarter in a sense that much of the intention of the business is to pass the ...
Anton's user avatar
  • 147
29 votes
5 answers
13k views

Unsolicited e-transfer: Can I send the money back or am I getting scammed?

Out of the blue, I got sent $50 I wasn't expecting over Interac e-Transfer. Now, the sender has emailed me saying it was a mistake. I want to do the honest thing and send them back their money, but it ...
mm201's user avatar
  • 393
1 vote
0 answers
13 views

Canada GST/HST credit eligibility depends on last year's or current year's income?

The GST/HST credit is a non-taxable amount paid four times a year to individuals and families with low and modest incomes to help offset the goods and services tax/harmonized sales tax (GST/HST) that ...
AlanSTACK's user avatar
  • 1,570
2 votes
1 answer
128 views

Determining eligibility for Social Security, without my own records

Thanks in part to this site, I have a pretty good idea of what calculations the Social Security Administration will make (quarters of coverage and all that) when determining whether I'm eligible for ...
Greg Martin's user avatar
1 vote
3 answers
186 views

How to value benefits and pension?

I recently started a job with several benefits including health and dental. It also has a pension. For various reasons I do not think I will be staying at this job very long. One reason is the base ...
BenderPiece's user avatar
1 vote
0 answers
31 views

How to apply Canada's superficial loss rule for multiple sales?

I know that a capital loss cant be claimed if you repurchase the asset within 30 days of the sell date. DATE ACTION SHARES TICKER CAP GAIN 1. Jan/01 BUY 1,000 MSFT - 2. Jan/...
AlanSTACK's user avatar
  • 1,570
8 votes
2 answers
2k views

Why does Canada's superficial loss rule also include a clause for "30 days before the sale"?

According to the Canadian Revenue Agency: A superficial loss is when you, or a person affiliated with you, buys, or has a right to buy, the same or identical property (called "substituted ...
AlanSTACK's user avatar
  • 1,570
3 votes
1 answer
364 views

Will you be charged any NSF fee for a declined online Debit MasterCard or Visa Debit transaction in Canada?

You open a chequing account with a Canadian bank: e.g. Simplii Financial or another bank. They ask if you want overdraft protection; you say "no thank you". They give you a Debit ...
unforgettableidSupportsMonica's user avatar
1 vote
1 answer
98 views

New US tax resident 2022 - from Canada. RRSP/bank-accounts/income questions

I moved from Canada to USA on May 30 2022 and work here as a full-time W2 employee. That makes me a US tax resident (alien) for 2022. Here's my detailed situation: I earned a salary until May 26 2022 ...
urover's user avatar
  • 111
0 votes
1 answer
31 views

Calculating Canadian Capital Gain or Loss After Loan and Investment

Consider the following hypothetical scenario involving trading with margin in Canada w/ made-up exchange rates: I take out a $100,000 USD loan on Jan/01 - ($150,000 CAD) I lose all of it immediately ...
AlanSTACK's user avatar
  • 1,570
1 vote
1 answer
287 views

When is interest incurred while trading on margin deductible in Canada?

To clarify my understanding of margin loans in Canada: the interest expense incurred while trading on margin is deductible, as long as the stock pays dividends, right? Also, if it is deductible, would ...
AlanSTACK's user avatar
  • 1,570
2 votes
0 answers
21 views

Calculating Foreign Exchange Capital Loss on Margin Loan Repayment

Let's assume I convert 10,000 CAD to 5,000 USD and hold it for one year. During that year, I also make some trades using money borrowed from the brokerage firm (i.e. trading on margin). Afterward, I ...
AlanSTACK's user avatar
  • 1,570
0 votes
1 answer
67 views

(Canada) How does a trust help with tax burden?

My company is offering me share options. I'm trying to understand what the tax implications are. My understanding is that as soon as I convert the options into shares, I must pay tax because the ...
Anton's user avatar
  • 147
1 vote
1 answer
74 views

What is a trust? (Canada)

I'm having a very difficult time researching what exactly a trust is. Is a for-profit company with some additional agreements? Is it a not for profit? If it's neither of the two, and is simply a ...
Anton's user avatar
  • 147
0 votes
0 answers
45 views

What legal dictionary does the CRA use for business and tax terminology?

I am currently looking for the technical definition used by Canada's Revenue Agency for these words: Payment Capital Debt Obligation To determine whether payments made towards my margin loan in my ...
AlanSTACK's user avatar
  • 1,570
0 votes
1 answer
39 views

where is all the financial data published: symbols, earnings yield, return on capital

How does one get their hands on publicly-traded company financials? is there an official repository for this? i’d be interesting in looking at the list of available stock symbols a company’s ...
pf_init_js's user avatar
0 votes
1 answer
151 views

Are everyday foreign currency exchange fees deductible with the CRA as a capital loss? [duplicate]

Let's say today's official market exchange rate from USD to CAD is 1.30. However, my bank or Western Union is only willing to offer me a rate of 1.20. Therefore, I end up converting $100K USD to just $...
AlanSTACK's user avatar
  • 1,570
1 vote
1 answer
222 views

Do you use the trade date or settlement date for CRA reporting capital gains, especially for exchange rates?

Suppose you engage in the following investment transactions while a Canadian resident: (Buy MSFT) Trade Date: Jan 1st. Settle Date: Jan 3rd. (Sell MSFT) Trade Date: Jan 10th. Settle Date: Jan 12th. ...
AlanSTACK's user avatar
  • 1,570
1 vote
1 answer
27 views

FSRA insurance on foreign currency GICs (Ontario/Canada)

It seems clear that FDIC insurance covers foreign currency GICs as of April 2020, but I can find nothing clear-cut on FSRA (provincial insurance for credit unions) for similar investments. The FSRA ...
Spehro Pefhany's user avatar
0 votes
2 answers
84 views

How to calculate capital gains cost basis with delayed forex conversions when trading in USD in Canada?

Scenario 1: Immediate FOREX conversion ➤ On June 1st, I purchased stock ABC with a cost basis of $100,000 USD. The exchange rate on the day of the trade was $130,000 CAD. ➤ On June 10th, I sold stock ...
AlanSTACK's user avatar
  • 1,570
0 votes
1 answer
90 views

Are the ATON and ACATS protocols compatible with each other for cross-border securities transfers?

ATON (Account Transfer Online Notification) - is an electronic transfer method that eliminates the physical exchange of paper documentation between brokerage institutions in Canada (signed documents ...
AlanSTACK's user avatar
  • 1,570
5 votes
1 answer
2k views

How is Canadian capital gains tax calculated when I trade exclusively in USD?

99% of my entire net worth is denominated in USD, and I only trade in USD stocks & bonds. Does Canadian capital gains tax only trigger when I attempt to convert those gains/losses into CAD? In ...
AlanSTACK's user avatar
  • 1,570
2 votes
1 answer
71 views

What happens if the deemed acquisition price is lower than the actual acquisition price when establishing Canadian residency?

According to the Canadian Revenue Agency: Deemed Acquisition on Becoming Resident: A taxpayer who becomes a resident of Canada at any particular time in a taxation year is deemed under subsection 48(...
AlanSTACK's user avatar
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