Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
1,483
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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 ...
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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.
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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/...
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39
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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 ...
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3
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105
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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. ...
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1
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68
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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). ...
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47
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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 ...
2
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(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 ...
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1
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72
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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 ...
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1
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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 ...
- 199
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30
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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 ...
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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 ...
- 393
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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 ...
- 1,420
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1
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91
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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 ...
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3
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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 ...
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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/...
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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 ...
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1
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194
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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 ...
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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 ...
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1
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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 ...
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1
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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 ...
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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 ...
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(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 ...
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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 ...
- 147
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43
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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 ...
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37
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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 ...
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1
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42
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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 $...
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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.
...
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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 ...
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2
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65
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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 ...
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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 ...
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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 ...
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35
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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(...
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1
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56
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Consequences of frequent share holder loan and repayment to and from my Ontario Corporation?
Let's say I have an Ontario Corporation in Canada. My corporate fiscal year is from July 1 to June 30. I also have a personal line of credit with my personal bank and I owe $50k to the bank. The ...
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1
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How is tax residency divided between the US and Canada on the day of arrival/departure?
Suppose an individual who is a resident of the United States has resided and worked within the country from January 1st until May 15th. On the morning of May 15th, they travel to Canada and, in the ...
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2
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0
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64
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Tax obligations for deemed non-residents in Canada
I live (and I'm resident) in a European country (Austria, that has a tax agreement with Canada) and spent 8 months in Canada last year (2022) due to a research stay (I worked on my Master Thesis in a ...
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43
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What affect does taking a short term contract or part time job have on EI?
I was recently terminated due to lack of work. I applied for EI. If I were to get a short term contract (like a couple months) or a part time job as an employee, how would this affect the EI?
I know ...
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70
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Selling a home while Canada Disability
My friend on disability and want to sell my house and buy a smaller one. They will profit from the sale but will put that money into a new house. Will this count as income and mess up my disability?
I ...
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1
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Capital gains when selling my boat and HST in Ontario Canada
Someone gifted me a boat and provided me with the original receipt that shows what they paid for it. I can see they paid $47000 + HST (=$53110).
If I sold the boat to a friend for $50000, do I need ...
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830
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Making sense out of CPP estimates
I received a reminder from Service Canada regarding my CPP plans. I need help making sense as to what they wrote. I'm trying to pick the best strategy to maximize total income. These are the details:
...
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Rental expenses in Canada, current vs capital
I am renting my house in Ontario Canada, and claiming the rental income/expenses on my tax return. I know I can claim current repair expenses, but next year 2024, I have to replace the roof and ...
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1
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When must an employer issue a T4A?
I've worked for some companies as a contractor where they have given me no tax slips or pay stubs of any kind. Is this legal? When must a company issue a T4A? I've heard some do it if you earned more ...
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2
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1
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Are employer contributions to RRSP part of one's own contributions in tax forms?
Context: working for a company in Quebec (Canada) that matches RRSP contributions.
When contributing to one's RRSP, the company contributes an additional amount on top (a percentage of the employee ...
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3
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0
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37
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Tax deductible expenses in Canada when moving for work
My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
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3
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4k
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Sending a check from US to Canada - whose problem is the exchange rate?
I need to pay someone in Canada for services rendered. We have agreed on an amount and to pay by check, and the contract specifies it will be paid in US Dollars. Is the transaction as simple (for me)...
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Easiest way to open a bank account in Canada as a US citizen
I need to open a checking account in Canada to transfer money between another Canadian bank account and I am wondering what is the easiest way to open a bank account in Canada as a US citizen without ...
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184
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Does anyone know where the rules for printing/writing checks are defined?
I know this is somewhat offtopic, but I'm really not sure where else to ask:
I've got an idea for (mildly) improving check security. Something similar has been done in the past, but that was decades ...
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355
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How does HSAV ETF convert interest income into capital gains income? (canada)
I came across this ETF Fund from Horizons called HSAV, which invests the money across Canadian bank high interest savings accounts. Rather than redistribute interests like a money market fund, the ...
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Canadian FHSA to RRSP after 15 years
I am a Canadian Resident Tax Payer.
I regularly max out on my RRSP contribution room.
I never owned a home, I have been renting because I move around a lot because of work (Canada & USA).
I am ...
0
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1
answer
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What is the IBAN number of an account in Canada?
I need to make a wire transfer from Europe to Canada through the banks.
Europe is using IBAN code system for wire transfer. It has a 26 digit code.
Canada is using SWIFT code system for wire transfer. ...
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