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

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64 views

If your spouse passes away do you lose any tax credits (GST and Trillium Credit) owed to them before they died?

My husband passed away this pass on 17-July-2018. Until he passed away we hadn't filed our income tax for the years 2015, 2016 and 2017. I am wondering if and when I do decide to file our taxes; ...
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0answers
22 views

Does RBC Direct Investing allow to buy BMO ETF funds?

I'm trying to pick an online trading platform and on a first glance for choosing between major Canadian banks (RBC, BMO, TD, etc.), the RBC seems more appealing. However, I am interested in specific ...
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0answers
34 views

Tax deduction for work-space-in-the-home expenses

For reference, I am in Ontario, Canada, I am an hourly non-exempt employee (T4 is issued every year, entitled to overtime pay if working more than 8h a day, 1.5X pay + statutory holiday pay [such as ...
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0answers
41 views

Flash Boys: Dark pools in the US & Canada

In a footnote on page 54 of the UK edition of "Flash Boys" by Michael Lewis, he says: The rules of the Canadian stock market are different from the rules of the U.S. stock market. One rule in ...
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1answer
31 views

How can I effortlessly see if an ETF listed in Canada contains equities that require withholding tax to be paid?

My Canadian grandpa fancies avoiding withholding taxes. I quote Moneysense: Another advantage of U.S.-listed ETFs is that they may be more tax-efficient in RRSPs. A full explanation is complicated, ...
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0answers
100 views

How does this Interac e-transfer scam work? [duplicate]

I posted a Craigslist ad for selling iPhone 7. Next day I got a text asking of Is this item still available... [NAME OF MY AD EXACTLY AS IT'S SPELLED] . So I already was suspicious it's a bot. ...
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1answer
137 views

Selling my used tires to a Canadian friend?

I am selling my used tires to a Canadian Friend. Do I declare this intent when crossing the bridge and do I pay HST tax at the Bridge?
3
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3answers
77 views

How is a non-resident Sole Trader in Australia taxed on freelance work?

I am considering doing remote freelance work for an Australian business as a Sole Trader with an Australia Business Number (ABN). I am a non-resident in Australia. My question is: do I pay taxes on ...
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0answers
63 views

I am Canadian and own a cottage in the US. I want to gift it to my 2 Canadian children. What are the tax implications

I own a cottage in Point Roberts Wash. I am a resident of Canada and want to gift it to my son who is also Canadian, What taxes apply to this transaction?
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0answers
13 views

Capital gains for Canada non-resident aliens in USA over 183 days (Canada USA Tax Treaty)

I am a Canadian non-resident alien in the USA. I have stayed over 183 days in one year (a J-1 scholar, exempt from substantial presence test). I have capital gains from the sale of US-listed stocks &...
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7answers
474 views

Buying a brand new luxury car

I read this and this questions - although not all of the answers. My question is fairly similar to the first linked question although I have different circumstances. Context I am a 29-year old ...
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1answer
272 views

Extra money - pay mortage or invest?

Our situation: Both 28 years old Both working full time with stable jobs No debts (no student loans, cars are paid, etc.) except a 80$/month 0% interest 2 years loan for home furnitures. Family ...
2
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0answers
105 views

How safe is depositing ≥ $100K in Tangerine's Savings Account? [closed]

"The maximum protection for eligible deposits at Tangerine is $100,000 per name registration (principal and interest combined"). I intend to buy a condominium for my parents in the next year, and ...
2
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1answer
873 views

Taxes when you lose money in investments?

I've been wondering about the following scenario. Let's say you invest $10k in stock market. At the end of year 1, your investment has grown to $11k. The government taxes a percentage of that new ...
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2answers
131 views

How important is future big purchases (house) when setting up guaranteed investment accounts?

I moved out of my parents's house a couple weeks ago. I moved into an apartment in a big city and I am not sure yet if I will like it here or not. I have no idea when I'll switch to a house and if ...
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0answers
56 views

What are the tax implications of a joint account before legal union?

I'm getting married next year and we're buying a house soon (closure is in two weeks.) We're thinking of opening a joint checking account to make it simpler to pay for mortgage, property taxes, ...
0
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1answer
97 views

Credit Card Interest Rates

From what I can see, the going fixed interest rate in the US and Canada with Visa, and MasterCard is about 20%. I almost never see a card with a lower interest rate than this. If I do see one it is a ...
0
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1answer
84 views

How does a pre-approved credit card offer, affect the probability of actual approval?

Facts My cousin in high school has ≤ $500 in her HSBC Canada accounts, and has never had any income or job. She has had only 1 Secured Credit Card with a $300 limit. She spends ≤ $90/month, and ...
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0answers
36 views

EI eligibility if employee quits current work, but is let go before contract is signed at new work

An employee has left on good terms for a new job. Under EI rules, this qualifies as "quitting" so she's not eligible for benefits. The new employers have not yet signed a contract. It's for a nanny ...
4
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1answer
706 views

Is it possible to claim EI while contracting

My friend has been terminated from a full-time job recently by his employer due to Work Force Reduction. He is eligible to apply for claiming Employment Insurance from next month. Meanwhile he got a ...
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0answers
17 views

Withholding Agents in Canada

Hello everyone I had a quick question about Canadian banks. I have my investment accounts with my bank (big 5 bank). Legally when I buy the stocks they hold them for me, until I decide to sell them. ...
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1answer
205 views

How to grow wealth? [closed]

I just recently reached a financial goal of $20,000 in my savings and I'm looking for tips, advice, suggestions on how to make this money work for me and start growing , I'm open to everything and ...
2
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1answer
75 views

DRIP Vs. Cash Dividend in a taxable account - Which one is beneficial from the tax perspective?

I believe dividends are considered as an income and if you reinvest using DRIP it won't be income but capital gain later when you sell the stock? What are some advantages and disadvantages of doing ...
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1answer
83 views

Why would a shrewd lender lend for a condominium whose lease is shorter than the length of the land lease?

101 Streetsmart Condo Buying Tips for Canadians (2006). Douglas Gray, B.A., LL.B.. p. 44. Leasehold Mortgage A leasehold mortgage is a mortgage on a house or condominium where the land is ...
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2answers
57 views

Why would a mortgagor need a postponement clause for a 2nd mortgage?

101 Streetsmart Condo Buying Tips for Canadians (2006). Douglas Gray, B.A., LL.B.. p. 40 Bottom. The author replicated the quote benaeth in his other book (unrighteously?). Secondary Financing ...
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1answer
22 views

Understanding Put Warrants on SET (Thai) exchange

I have having trouble understanding exactly how these derivative products work. For example this one. I understand that the European exercise style means that they can only be exercised on the ...
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1answer
92 views

Tax free savings account

I know that this type of account does not exist in the US. For those who know, is there absolutely no tax deducted from my earnings when I invest in stocks? For example, if I turn 10000 to 1 million, ...
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0answers
23 views

Corporate tax & GST/HST tax - Canada

I've started self incorporated small business in Canada, registered with Ontario province in 2017. As per corporate tax structure, both corporate tax return and GST/HST return is filed by end of ...
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1answer
80 views

Will an international student owe capital gain taxes upon selling the property if they didn't live there for 4 years?

I am trying to figure out the Capital Gain taxes on a property in Toronto. I am very new to this, so sorry if I say something weird. I live in a condo, which I own, and I am thinking of renting it. ...
2
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1answer
55 views

Disposing of hardware item from current assets, is the reduction in assets posted to equity or special loss account?

I'm disposing of an old laptop that is broken and completely unusable. Let's say it was purchased for $1000 before taxes, already been accounted for in Current Assets since the date of purchase, and ...
0
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0answers
32 views

Are life annuity properties worth the risk for non-EU residents?

I am almost done paying off the mortgage of my principal residence, and I still have some good working years ahead of us. I wonder what I should do with the equity that I have accumulated over the ...
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0answers
22 views

What documents do I need to sell a real estate property in Canada?

What documents do I need to sell my real estate property in Canada & Which particular document is the proof of my ownership? I believe it is some kind of title, transfer and survey document?
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1answer
121 views

Can loan for mortgage be declined after receiving both approval letter & commitment letter

What is the difference between mortgage approval letter (not pre-approval) & commitment letter? commitment letter according to this source: A loan commitment letter is an indication that the ...
4
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1answer
76 views

When and how to create a will document Vs. inheritance rules

I few questions related to will: Q1: Is there any particular kind of assets for which you must have a will document or inheritance rules are sufficient? In particular: Real Estate Automobile ...
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0answers
34 views

Calculating capital gains tax on the sale of a house

How does the CRA calculate capital gains tax when a house is sold in Canada and if the sale makes a loss are the proceeds of the sale held back until the next tax year? Thanks
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0answers
28 views

Tax sheltered investment vehicles for retirement in Canada

Is there any investment vehicles to tax shelter income for retirement on top of RRSP & Pension? I know about LIRA. When you switch job you usually get your pension funds transferred into LIRA. ...
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0answers
26 views

Relationship between RRSP and Pension plan in Canada

What is relationship between RRSP and Pension? I know that contribution to Pension Plan reduces your contribution limit to RRSP but is it only certain kind of Pension Plan or all? Does it matter if it ...
3
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2answers
42 views

Approach to modifying invoices in previous fiscal period?

I have a small business in Ontario Canada and I file my taxes each year. Let's say I discover an erroneous invoice from the last fiscal year for which I've already submitted my tax returns to the ...
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0answers
51 views

Taxable income when bad debt discovered in a different fiscal period

I have a small business and I'm trying to understand how bad debts affect taxable income. I am using accrual method of accounting. Let's say in the year 2008, I sent an invoice 101 to a client for $...
2
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0answers
43 views

Do I have to pay into Canada Pension Plan (CPP) as part time contractor?

I have a fulltime job with a company but in my spare time I do some contractor work for a few clients I gathered overtime. I understand that I have to pay income tax at the end of the year over my ...
2
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1answer
99 views

When I'll receive social security

I am Canadian and have worked in USA from Jun 2000 - Dec 2006. I have paid all the taxes, Can I get back my social security which I paid during my stay in USA?
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1answer
93 views

Social Security/Medicare tax withheld on TN visa

For reference, I worked for 4 months at an internship in Massachusetts in the summer of 2016. I'm a Canadian citizen/resident, and don't pass the substantial presence test for 2016. Is there anywhere ...
0
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1answer
22 views

Tax Questions for Internship on TN Visa. Should I fill out Form 8843?

I worked for 4 months at an internship in Massachusetts in the summer of 2016. I'm a Canadian citizen and resident and have a few questions below. For background, I don't pass the substantial ...
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0answers
19 views

W8 question - regarding contract work in the US

I'm Canadian and used to work in the US randomly on visa. Now I reside full time in Canada and am doing some contract work in the US. They have asked me to complete a W9 but I do not have a visa ...
3
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0answers
39 views

Deposit shares in TFSA before capital gain that exceeds contribution limit

I find myself in an interesting position right now. I bought into a private placement and my escrow will be ending in a couple weeks. The kicker is that, if I were to deposit the shares into my TFSA (...
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2answers
76 views

Car insurance for the summer in Canada

We're thinking about buying a car in Nova Scotia, Canada while we are here for the summer. We are residents of Ontario. We don't really want to keep the car past our time here. The question is how do ...
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1answer
119 views

Can you Pay off an Auto Loan Without the Account Number?

My dad got me a Honda for my 18th birthday. I wish to pay off the remaining balance as a nice gesture and also so I can get a new car. I would like for it to be a surprise. I believe the loan ...
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1answer
286 views

Moved to Canada for Grad School, Getting Heavily Taxed in U.S

I'm about to file my U.S. tax return for 2017. In August of 2017, I moved to Canada from the U.S. for graduate school (I am a U.S. citizen). I was on a vacation during April 15th, 2018 and quickly ...
5
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6answers
370 views

Why are you required to file your taxes if you employer deducts them for you?

When you work for someone they automatically deduct tax from your pay and give it to the government. Filing your tax returns allows you to get money back if they taxed you too much. So why is not ...
0
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2answers
162 views

Can I get a full-time job in Germany but ask the German company to sign contract with my own corporate in Canada instead of myself?

I found a full-time job and I am moving to Germany. I've established a corporate in Canada and did some consultant job through it. Is it possible for the Germany company to sign the contract with my ...