Questions tagged [canada]

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

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1answer
32 views

When on EI what affect does limiting the hours available to work have?

I recently started a job. I was under the impression that this job was not long term. This is important to me because there are certain things (like not having a break room or employee bathroom, ...
2
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1answer
175 views

If you quit a new job because you're concerned for your health, can you go back on Employment Insurance?

I was on EI. I recently started a new job as an employee. There were 2 phone calls and then I started working the next day. There's a few things that make me concerned for my health (even as simple as ...
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1answer
67 views

Can you substract business expenses that increases good will? [closed]

Can you subtract business expenses that increases good will? Can you gain a tax advantage if you spend money to make a non-profit product that may increase good will for your company? Let's say you're ...
7
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1answer
3k views

Can I pay my partner’s income tax (Canada)

I net approx. twice what my spouse does. At income tax time can I pay her income tax for her so she has more money to invest in her retirement savings account (RRSP)? I know that if I were to give her ...
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1answer
55 views

Canadian taxes: Is it possible to declare dividends for a small business corporation with no other income other than investments (passive income)?

I have a small business that is now dormant since I switched to full time employment This is a small inc created before the professional corporations were defined by the Canada Revenue Agency (not ...
3
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2answers
172 views

What's the difference between a soft and hard credit check?

I understand that hard credit checks negatively impact a person's credit score. Why would it work this way, because it's seen as a negative thing to be applying for credit cards too often? Even then ...
3
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1answer
51 views

Is the RRSP Contribution period 12 months or 14 months?

Assuming a clean slate (i.e. no carry-forward contribution room) I always thought the one could make their RRSP contribution any time within the calendar year + 60 days after the end of the year. If ...
1
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0answers
34 views

Interpreting questions on EI report when doing temporary work

There are several questions on the bi-weekly employment insurance report that are difficult to know how to answer. I often work temporary jobs, a few weeks or months at a time. Did you start a full ...
0
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1answer
61 views

Can you get a tax advantage for hiring a freelancer?

Can you get a tax advantage for hiring a freelancer without setting up a LLC? The issue is the following. Let's say I crowdfund 100k for a project, I have to declare this amount in my tax earnings, ...
0
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1answer
36 views

How do I report interest income whose non-resident tax was not withheld?

I'm a former resident of Canada who kept their Canadian bank account upon leaving Canada several years ago. It seems that my bank either did not receive or did not act upon my change of address ...
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0answers
68 views

Cross-country e-gift cards

I've been looking for ways to get my friend who lives in the USA an electronic gift card for the holidays (non-close loop so the card can be used at any store that accepts Visa or MasterCard). I live ...
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0answers
100 views

Is it possible my school applied for a student loan funding for me?

I graduated from university a few years ago. I still have a huge student loan to pay. It's so big I started wondering how it happened. I've been diagnosed with a disability (minor dyslexia) and as ...
4
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1answer
394 views

I bought crypto for a friend and now want to cash out for her

My friend and I live in Canada, Quebec. In 2018, she gave me $3000 to buy the same coins/tokens I am invested in. I bought these coins/tokens from Kucoin exchange. She is not tech saavy like I am, so ...
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6answers
5k views

While transitioning to a new (online) bank is it OK to have my money split between two banks?

I used to keep all my money with one bank. I recently opened an account with another bank and have slowly been transitioning towards them. I have multiple jobs and sources of income. Now when someone ...
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1answer
115 views

Rewards to $40. Is it best to get PayPal, prepaid Visa or Amazon card?

I can get $40 from Receipt Hog. They can give it as a prepaid Visa card, to my PayPal or Amazon gift card. Which is the best option of the 3? I was thinking PayPal and transferring it to my local bank ...
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2answers
199 views

Potential job offer where I would have to buy a car to use. How to calculate if it's worth it?

I am expecting a job offer for what is basically a delivery driver position. I would be using my own vehicle. There had been talk about getting reimbursed for mileage but now it's going to be a flat ...
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1answer
30 views

Are companies listed on the TSX Venture Exchange required to publish financial statements regularly?

The TSX Venture Exchange lists many small-cap and micro-cap companies. Are all these companies required by law to regularly make their financial statements available to the public? If so, do all these ...
1
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1answer
92 views

How much must one pay tax in Canada if received income from Switzerland?

I am a Canadian Citizen, who lived and worked in Switzerland for a full year. During that time, my only source of income was the company I was working for there. Swiss government deducted a particular ...
2
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1answer
192 views

In pay stubs what are "vacation payout"?

At a few jobs I've had there's been a small amount on my pay stub called "Vacation Payout". What exactly is this? I tried reading the legislation but am confused. Is it basically saying each ...
4
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0answers
142 views

Pre-qualification screening for apartment rentals on apps like Zumper. How honest should I be?

I'm looking to move from one - expensive - rental apartment to another, similar priced. Now my circumstances are that I am semi-retired, starting a business and with more than enough money in the bank ...
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2answers
121 views

The minimum a Canadian corporation can pay to its owner

Can a Canadian Corporation pay its owner less than the minimum wage? Is there a minimum amount when running the payroll?
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0answers
47 views

Insurance Liability for a recently registered Ontario corporation

I just registered a corporation in Ontario, and I'm about to get a contract from USA as a Programmer. I applied for a general liability insurance online in many sites, but they keep rejecting it ...
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0answers
97 views

Compliance issue with casino winning check

I received a check from a on-line casino from Canada. I took it to my bank to cash and they sent it to collections. After about 2 1/2 weeks they sent it back saying compliance issue. What does that ...
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0answers
43 views

Differences between non-registered, TFSA, and RRSP accounts for short-term investments

I am new to stocks and I am using an application that's called Wealthsimple. The application shows different account types (non-registered, TFSA, and RRSP) but I don't understand really what are the ...
1
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1answer
87 views

Lost my job, is it better to apply for EI or CRB?

I was recently terminated without cause. Is it better to apply for EI, CRB or something else? The work I had been doing before COVID still hasn't returned yet. I had been working in retail for the ...
1
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2answers
176 views

Setting up a corporation for family finances

Jurisdiction: Canada Could I set up a private business corporation in Canada to handle my family finances (eg. pay rent, car repairs, even groceries). What are the ramifications? Why doesn't everyone ...
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4answers
128 views

Planning on having all bills due on the same day

I currently have 3 credit cards, one of which I virtually never use. I'm planning on calling the companies and asking to change the billing cycle so they end on the last day of each month. This would ...
3
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0answers
51 views

Canadian tax on capital gain multiple round of investment in the same company

My question is similar to this one (How to calculate capital gains on multiple trades of the same stock?), but lets say I have two objective with my investment. One short term, the other one long term....
6
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1answer
2k views

How to remove a co-signer from HELOC?

I have a Home Equity Line of Credit (HELOC) in Canada, Quebec. I have a co-signer on it. The co-signer is not on the deed of sale or the mortgage. I would like to release the co-signer, so he does not ...
4
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1answer
232 views

What is the difference between a checking account and savings account?

I understand the exact difference will vary from bank to bank. But in general, I understand that savings accounts have a higher interest than checking. So if it's that simple why not always use the ...
0
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0answers
39 views

How to setup a canadian CIBC bank account, from the US?

I am an international student (US citizen currently residing in the US). I will be going to university in Toronto Canada in a couple of weeks. I have arranged to pay rent for a single room apartment, ...
0
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1answer
121 views

Is it best to pay off credit cards as close to the due date as possible? Is it bad to pay mid cycle? [duplicate]

I will preface with I have a very bad sense about these sorts of things. When is it a good idea to pay off a credit card balance before the end of a cycle? For example a statement period is Apr 13 to ...
3
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1answer
145 views

Reduce income tax deduction after being unemployed

The previous month was the first month I have worked this year. I received gross pay of around $3400. However, approximately $500 was deducted for income tax. If I were to continue working for the ...
3
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0answers
49 views

Can I deduct expenses from rental income on my principal residence without making it not a principal residence?

TLDR: can I still claim 40% of all of these expenses (screenshot from simpletax) on my taxes when renting a portion of my Principal Residence and it still be considered principal residence? and ...
2
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1answer
263 views

Is it a concern if the pending transaction date is wrong on credit card? [duplicate]

I have 8 pending transactions on my credit card. Yesterday I went to a store and bought something with it. But the transaction shows up with today's date instead of yesterdays. Today I bought ...
7
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3answers
402 views

Debt options for single mom starting over

Hello fellow community members. I have a question regarding debt, and since it is a shameful subject with a lot of stigma I have been reluctant to ask for advice. Currently I am a single mama to a ...
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1answer
102 views

Is there an incentive for entities to take advantage of tax deductions that don't direclty benefit them?

I'm trying to validate or correct a perception I have. I believe that there is a financial benefit for entities (companies or people) to take advantage of tax deductions that don't directly benefit ...
1
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0answers
73 views

VSP taxable capital gain, even when I didn't sell

I have VSP (ETF) in a non registered Canadian account. I am a Canadian resident and I am taxed there. I was surprised to see that I have to pay a capital gain tax on it because I hold shares, even ...
3
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1answer
128 views

Changing "Tax Deduction at Source" to "Zero" - How to request your employer not to hold your taxes?

In Canada/Ontario, in both cases of permanent and contract employment, is it possible that I request my employer that they pay me my full before-tax salary and I pay the tax at the end of the year ...
2
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2answers
132 views

Disadvantages of putting all cash in a chequing account

When I opened an account at a bank, I was given two bank accounts: a savings account, and a chequing account. I was also given a debit card that is linked to the chequing account. The chequing account ...
3
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3answers
697 views

If you buy something with one credit card, and refund it to another, do you get to keep the points/cashback/etc from the purchase?

To my understanding most stores have policy that a refund must be done to the same card that was made to use the purchase. However this is not always the policy and I don't think there's a legal or ...
0
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0answers
48 views

Is there a "grey market" for Canadian preferred stocks?

In the USA, many preferred stocks are traded on the OTC stock market before they uplist to a stock exchange. Do Canadian preferred stocks go through a similar process whereby they trade on a "...
1
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1answer
181 views

Is it suspicious to send $10K via Interac e-Transfer by dividing it into 4 transfers of $2.5K each?

At my bank, there is a $3,000 daily limit and $10,000 weekly limit on Interac e-Transfers. Will the bank or regulatory authorities be suspicious if I decide to use Interac e-Transfer to send $10,000 (...
2
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1answer
116 views

Do Canadian funds lose money when investors cancel their purchase within 48 hours?

I found this in the fact sheet of BMO Junior Oil Index ETF (TSX: ZJO): What if I change my mind? Under securities law in some provinces and territories, you have the right to cancel your purchase ...
8
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1answer
146 views

Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?

I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates. ...
0
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0answers
57 views

How do I cheaply transfer money from Ireland to Canada for the purpose of student loan payments?

My Situation I'm Canadian and I took out student loans while studying in Canada. I graduated and started working right away. I have a student loan balance of approximately $29K. I moved abroad to ...
2
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0answers
53 views

What are the correct terms for a fixed payment with variable rate mortgage vs variable payment with variable rate mortgage?

What are the correct terms for a fixed payment with variable rate mortgage and variable payment with variable rate mortgage? I've read on some articles that a variable rate mortgage and adjustable ...
2
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1answer
278 views

In a fixed mortgage, is the term the same as the amortization period?

From what I understand, the term is the length of time the mortgage agreement and interest rate will be in effect and the amortization period is the length of time it’d take to fully pay off the loan. ...
0
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3answers
153 views

What is a land loan, is it different than a mortgage, and how?

From what I understand, a mortgage is a loan secured by real estate. Thus under this definition you should also be able to buy land (secured by the land). Is this true? If it is how come there are ...
3
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1answer
280 views

When should I give my Social Insurance Number to a Credit Card Company (or anyone else for that matter)?

When applying for an American Express card, it asks me for my social insurance number (SIN) but it is optional. Should I give it? The site states We encourage providing your SIN for more accurate ...

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