Questions tagged [canada]

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

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57 views

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

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 ...
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1answer
108 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 ...
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28 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 ...
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1answer
51 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 ...
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31 views

For tax where would I include the cost of getting the physical card for a license?

I work as an independent contractor and need a license for something I do. I already know how to include the cost of the license. However this year I ordered a physical card that I can show to people ...
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1answer
32 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"....
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1answer
57 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 ...
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31 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 ...
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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 ...
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1answer
58 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 ...
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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 ...
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2answers
45 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 ...
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1answer
104 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 ...
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1answer
197 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 ...
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22 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 ...
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42 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 ...
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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 ...
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1answer
130 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 ...
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28 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 ...
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1answer
113 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. ...
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1answer
58 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 ...
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0answers
43 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 ...
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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. ...
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52 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 ...
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0answers
48 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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1answer
244 views

How to give money to a business?

I would like to give some money to support a business that is family-owned (by my parents). I am not personally involved with the business nor am I an employee, but I want to give them some money for ...
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0answers
114 views

Spouse earns $50 K yearly, you $0. How much tax on joint HISA?

We both maxed out RRSP, TFSA. Each has 3.3% HISA at Laurentian Bank. We don't want deposit over $100 K, CDIC's coverage. No other CDIC institution pays 3.3%. We open a joint HISA — 2 below — and only ...
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0answers
61 views

How are US Health Saving Account (HSA) taxed in Canada for a Canadian citizen, not a US citizen?

The HSA in question is founded while legally working in the US and being a US tax resident. However, I'm thinking of coming back to Canada. Are they just considered as a normal account? Therefore, ...
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2answers
267 views

Compensating underpaid colleague out of my own pocket - we're both contractors

TL;DR: Alice & Bob work as contractors for a Canadian company, in Canada. Alice is underpaid, Bob is/was overpaid. How can Bob (legally) compensate Alice for her work? I am working as a lead ...
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1answer
91 views

Income-Tax and Side-Hustle Providing Internet Related Services

I'm looking at starting a side hustle that provides solely software related services. Like web-hosting, app development, etc. In the near future, I'm not looking for any sizable profit (or any for ...
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4answers
397 views

Paying Credit Card After Cash Back Credit

With a credit card, are you obliged to pay the statement balance or the current balance? For the period ending Jan 12th I have a statement balance of $200 (payment due Jan 30th), on Jan 16th I ...
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4answers
14k views

How do I lend money to a friend for a car and put the car as collateral?

A friend of mine wants to buy a car, but does not have the money for it. Instead of him going to a bank and borrowing the money to buy the car, I was thinking of maybe taking some cash from my bank ...
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2answers
1k views

Does Meghan Markle need to pay taxes for her stay at a billionaires house?

According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman. Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
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3answers
380 views

Is it tax-inefficient to receive and pay rent?

Suppose I own a home and live in it. Then I realize I want to move to another part of town that is closer to work. But this is temporary because I don't know what my job will be in 5 years. So I rent ...
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1answer
74 views

How is mortgage in Canada calculated?

I'm taking a finance course at a Canadian university. The teacher said this time-of-money is how the banks calculate their loans and mortgages. Out of the blue, I want to try how close the formula in ...
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3answers
10k views

Will I get in trouble for sharing my bank account information with a sugar daddy? [duplicate]

A sugar daddy messaged me on Instagram. I was having a hard time so I responded, and he said he would send me money and didn’t expect anything in return. He then he asked for my bank account info ...
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2answers
71 views

Why does CAD-hedged S&P 500 ETF suddenly not track to actual index

At the time of posting this question, the BlackRock ETF XSP is down approximately 1.3% during the period Dec 24 9:30 am - Dec 31 10:30 am, while the actual index is down approximately 0.3% during the ...
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1answer
54 views

Trailing Stop Market Order getting Cancelled

I have a trailing stop market order on a ETF (Account in - TD, Canada. EFT: VFV.TO ). This has worked for me previously but today (Dec 30, 2019), I see that a couple of them have been cancelled. It ...
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4answers
208 views

Can you purchase medical/dental insurance after you know you will use it?

Currently I do not have dental insurance with my job. I just found out I need some major work :( Can I still get dental insurance and have it save me money? I know it's possible to get dental ...
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2answers
87 views

For similar index, how do I decide to invest in Canadian or US traded ETF?

What factors must I consider? I know the exchange rate, exchange rate conversion cost, and Level 1 withholding tax. How do I factor them? What are the formulas? I know that I can't predict the future ...
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0answers
39 views

How can I know undoubtedly how much USD I can deposit in RRSP and TFSA?

I have USD that I want deposit in RRSP and TFSA without converting to CAD. But I don't want outpace my RRSP Deduction Limit and TFSA Contribution Room. How do I know doubt-lessly which exchange rate? ...
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1answer
64 views

What does it mean to reduce tax on Lump Sum payments, rather than Salary?

See screenshot from the CRA T1213. In requesting to reduce the tax withholding from an employment payment, you can select either 'Lump sum' or 'Salary'. What does "Lump sum" mean? How is it different ...
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1answer
58 views

When ought your taxable income < min{Ontario, Federal Basic Personal Allowance}?

Assume I have no tax deductions except RRSP, and I have $90K in my RRSP that I never deducted. Let "BPA" mean "Basic Personal Amount". Optimal taxable income ≥ min{2020 Ontario BPA ($10,783), Federal ...
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0answers
73 views

How can I fill Line 1 of T1213, when I can't know my annual salary and Union deductions in Dec yet?

My dad is paid hourly but sometimes he works over-time. His employer issues his T4 in Feb 2020. He has $50K in RRSP he never deducted. Let BPA mean Basic Personal Amount. Line 1 of T1213 = Optimal ...
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2answers
204 views

In Canada, should I report merchant for discounting price if you pay cash and not Credit Card?

While I was paying bill at Chinese restaurant in Toronto, manager told me he discounts 15% my bill if I pay cash, not Mastercard. I told him I didn't see this printed on menu, and he said this is ...
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2answers
134 views

How to Accept Safe Payment on Car Sale (Canada)

This question is similar to this one from 9 years ago, but I don't think it's a duplicate. I want to receive payment for a car that I don't personally own (money to be subsequently sent to my friend ...
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11answers
11k views

Is it principled to tip less if a pricey restaurant doesn't accept Visa or Mastercard? [closed]

Last month, I spent $230 CAD at a restaurant. Yesterday I spent $150 CAD at another restaurant. Both high-priced restaurants in Toronto accept just cash or debit, no credit. I'm using final prices, ...
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0answers
69 views

Ontario, Canada rules for tax rates for services

In Canada, various provincial and federal taxes are applied to goods and services. In the event that a tax rate changes, there can often be confusion as to which tax rate to use for services rendered. ...
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1answer
46 views

What other variables affect optimal contributions to RRSP now?

I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
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2answers
187 views

Savings Question, how to invest

I have about $20,000 just sitting in a TFSA, I do plan to spend it (on a vehicle) in about 12-16 months, so I don't want to lock it away, is there anything better then the TFSA? I am Canadian.

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