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

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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
121 views

How to grow wealth?

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 ...
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1answer
70 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
81 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
53 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
88 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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22 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
78 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. ...
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1answer
52 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 ...
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29 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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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
117 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 ...
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1answer
74 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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29 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
27 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 ...
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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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50 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 $...
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41 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 ...
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1answer
96 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
36 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 ...
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1answer
21 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
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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 ...
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35 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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1answer
64 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
117 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
271 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 ...
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6answers
363 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 ...
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2answers
153 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 ...
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1answer
46 views

Canada - Is a business or website a depreciable property

I'm considering buying a small online business. Is it a depreciable asset, and what class of asset?
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1answer
233 views

Should I diversify? If so, into what?

I am 29 years old. I worked very hard at a well-paying (but not exciting) job and spent my vacation time buying and renovating properties. Currently, I have 4 condos with an approximate equity of 445,...
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60 views

As a US Citizen can I open a Canadian bank account without my social security number?

As I stated in the title: will I need to provide my Social Security Number if I choose to open a bank in Canada as a US Citizen?
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1answer
172 views

Just graduated, what to do with cash gift

I recently graduated from a university in Alberta with just about $19000 of student loan debt, between my provincial and federal loans. However, as a graduation present, I was given $20000 to either ...
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1answer
1k views

Use equity to purchase second home in Canada

I tried searching, but did not see one specific to Canada. I have a home I'm living in worth approx. $180,000. I owe approximately $126,000 on the mortgage, which I have been paying extra towards ...
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1answer
159 views

Power of Attorney on Bank Account - Anything to Watch out For?

In planning for their later years in life, my parents want to have me become power of attorney, and to have control of their banking accounts, etc. They are still of sound mind, etc, and I wouldn't ...
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2answers
94 views

Can't find my deceased mother's taxes BC Canada

My mother is recently deceased and I have officially finished tearing through her things. I found a filing cabinet that SHOULD have had her taxes in, and a fire safe that also should have had them in,...
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1answer
19 views

Where can I find articles of incorporation for Canadian financial institutions?

Search for a Federal Corporation does not have financial companies. A list of financial companies is given here.
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1answer
26 views

Form 8843 - Statement for Exempt Individuals - Do I need to complete a closer connection form?

I am a Canadian citizen that has studied and worked in the US over the past 5 years. I am unsure how to complete Part III Questions 11 and 12 on the Form 8843. I was on an F1 from Aug 2010 - May ...
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1answer
104 views

Endorsed cheque [closed]

I am trying to understand the underlying contract of an endorsed cheque a bit better, and would love to know how the liabilities are determined in the following situation: Alice writes a cheque to ...
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3answers
123 views

Canada's new mortgage laws

I need help understanding Canada's new mortgage laws? I have tried looking at the information online, and it keeps saying it will need a bigger downpayment, but to my understanding it just increases ...
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11answers
37k views

Rent cheque was stolen from landlord - am I obligated to pay again?

I live in Quebec, and my rent cheque was stolen from my landlord as they travelled to the bank to deposit it. They've asked me to stop payment on the cheque, and provide them with a new one. The ...
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0answers
17 views

Should scholarship be included in TD1 form?

I have a scholarship for my master's studies. AFAIK, scholarships are tax free. I'm also working part time. So, while filling out the TD1NS form of my employer, I filled ...
2
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1answer
34 views

Down Payment Requirement for a non-Permanent Resident of Canada

I am waiting for my PR under spousal sponsorship to come thru. My Canadian husband wants us to buy a condo in Port Alice and has pre qualified by adding my Social Security income in with his. Question ...
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1answer
82 views

How do transaction and transfer fees affect the ACB of cryptocurrency assets?

Currently cryptocurrencies are taxed as capital assets in Canada, which uses the ACB when calculating capital gains and losses. I understand how to calculate ACB adjustments when buying and selling ...
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1answer
105 views

How can I establish myself to be an “accredited investor” relative to an IPO?

A US company with which I have an affiliation (I'm not an employee; I don't think the specifics of our relationship are relevant here) is preparing an IPO and there is a directed share program for a ...
4
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1answer
139 views

Salary vs. dividend when a company is closing down?

Let's say I have a small business that has been in operation for 10 years and it no longer makes any money. I've told all my customers that we will no longer take on any new business. So for the ...
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3answers
151 views

Paying salary to a shareholder when the business has no revenue

I'm trying to learn about financial statements and taxes in Canada. And I'm curious if I understood something correctly when a business has zero revenue, but still pays the sole share holder a salary....
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79 views

Is there a minimum stock price for tsx listings?

For example, NYSE stocks must maintain $1 a share. I have searched and can only find data on tsx-v.
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0answers
64 views

Setting up a personal loan, how do I report to CRA?

I am about to make a simple loan to a family member. I have a contract written up, and a payment schedule that we will both sign as well, along with a witness. While the interest rate I am charging ...