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Questions tagged [canada]

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

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0answers
35 views

Accounting for Cheque Exchanges? [on hold]

Our church has done cheque exchanges for years, accounting for these 2 transactions on the Balance Sheet, ie. no effect or entries on the Income Statement. Can you confirm correct accounting, as our ...
3
votes
1answer
141 views

If I carry a lot of debt and few assets, how should I make out a will?

How should I word my will if my debts outweigh my assets? I don't want to leave any family members stuck with a huge bill when I finally pass away, so what should my will say? Clarification: This is ...
5
votes
3answers
188 views

What is the best option for repaying student loan?

This is an embarrassing thing for me. Growing up my family believed money is a bad thing that shouldn’t be talked about. I have found this philosophy hasn’t served me well and abandoning it. I ...
0
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0answers
11 views

Non Resident selling Canadian property tax implications

I understand the Federal Tax implications, but does the Non resident also pay provincial tax in which the property was sold or only federal tax and surcharge.
2
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0answers
146 views
+50

Stop filing federal annual return (Canada)

I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
0
votes
1answer
73 views

What is the point of buying real estate when a GIC yields more?

Despite the fact that interest rates have risen over the past year and the housing market flatlining in Toronto and other Canadian cities, for whatever reason, people are still selling houses at ...
-1
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0answers
22 views

Corporate structure for dual U.S. / Canadian citizen?

Current scenario: $150,000 CAD/yr taxable sole-proprietor income (Canadian sourced) dual U.S. / Canadian citizen Canadian resident Wishful scenario: Canadian corporation qualifying for small-...
1
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0answers
27 views

Are management teams in Canada required to report their ownership in a public company?

Are management teams of companies listed on Canadian stock exchanges required to report their shares in the company? Are they also required to report if they purchase shares on the market?
0
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1answer
59 views

Is there a US banking product with free or very cheap ATM access in Canada? [closed]

My family member plans to live in Canada but his income still comes from his investment in the U.S. Is there a bank product that let him withdraw money with cheap or free ATM fee in Canada, or/and let ...
1
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1answer
45 views

Are Ontario credit unions charged, if customers complain (like UK banks are)?

Does Ontario (eg Financial Services Commission of Ontario) have something like the UK's Financial Ombudsman Service's case fee? Note: "This is paid regardless of who’s [sic] fault or the outcome of ...
19
votes
4answers
5k views

If I have given my bank details to someone by email what should I do now? [duplicate]

I have given someone my bank account details including my home address and phone number by email, supposedly so that money can be transferred into my account. I am now quite sure this is a scam. ...
0
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0answers
31 views

Is the amount of a pull (from the receiving institution) limited?

User 'DanLynch' defines 'push' and 'pull': If you do a "push", the money will be removed from the sending account immediately, and will usually arrive in the receiving account in 1 to 3 business ...
0
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1answer
66 views

Why does DICO insure until $250K, but CDIC until $100K?

This question doesn't duplicate this other that doesn't compare CDIC with DICO. As of Dec 6 2018: DICO [Deposit Insurance Corporation of Ontario] insures deposits up to $250,000. We CDIC ...
2
votes
1answer
75 views

Looking to calculate expected profit from sale of house

I'm trying to calculate the money I will see as profit from the sale of my house. I'm tallying the various expenses associated with selling and would like input on any costs I'm missing. I'm in ...
2
votes
1answer
98 views

Are gifts taxable income in Canada if not from family?

If I receive a large sum of money (going towards helping fund athletics) from a person who is not family, does this count as personal income? I know there have been cases where people have been ...
2
votes
2answers
97 views

Health Care Benefits Gift?

A friend of mine has opened a company that allows a person to use their health care benefits for things like Orthotics and Compression Stockings but they also give you a free "gift" (something like a ...
2
votes
1answer
89 views

How can portion of cellphone bill be estimated for work?

First off I'm very new to this so some of my questions may be silly. I worked for several companies that issued me a T4A which means I need to fill out a T2125 with business expenses. To my ...
6
votes
1answer
207 views

Why is investment income generated in a corporation taxed at a higher rate than when it is generated for an individual?

I often have a hard time understanding my accountant so I ask others to interpret what he said. I welcome insight from experience gained in any country with similar tax laws (doesn't have to exactly ...
-1
votes
1answer
81 views

Credit Utilization and Score. Early re-payment

I feel like this may result in the same unanswered question but I'm gonna ask it anyway just in case we can get a definitive answer. Does paying off your credit card (before a statement is generated) ...
2
votes
0answers
42 views

Canadian citizen step parent signing over US owned property to us citizen adult children

My mother who is a US Citizen recently passed, and my step father who is a Canadian citizen with permanent US resident who is living in Canada now with no plans of returning to the US. He doesn't want ...
3
votes
0answers
27 views

Does employer matching contributions in a TFSA count towards the annual limit?

Does my employer matching my contribution to a TFSA count towards my annual TFSA contribution limit?
1
vote
1answer
46 views

quick method of accounting in QuickBooks online

I use QuickBooks online for accounting. For collecting sales taxes I choose Quick method. But I don't know how I can use it in QuickBooks online. I found the following question on Quickbooks forum: ...
5
votes
1answer
255 views

How stable is my retirement plan?

I am in Ontario, Canada as stated in previous posts. I am 23 and have $20 000 in investments after working at my first job for 10 months. My job pays me $42 000/year before taxes ($33 000/year after ...
2
votes
1answer
83 views

Can I live outside Canada and get paid into my Canadian bank account for freelance work?

I live outside Canada and have declared non-resident status to the CRA. I haven't declared income or paid taxes for the last 4 years, or even stepped foot in Canada for the same duration. I do have an ...
1
vote
1answer
192 views

Transfer $0.5M from US to Canada [duplicate]

I have accounts in both U.S. (several banks) and Canada (BMO). I have $500,000 in my U.S. account. If I am now leaving U.S. permanently and moving to Canada, what is the best way to transfer all of ...
37
votes
5answers
6k views

Why is progressive taxation achieved with brackets? [closed]

The marginal utility of money decreases as income increases. Intuitively, if I take $100 from both Jeff Bezos and a minimum wage worker, they will both be worse off, but the impact on the minimum wage ...
1
vote
0answers
25 views

How does a typical bond ETF provide tax information to the investor in Canada?

Before deciding whether to use registered or unregistered (taxable in Canada) account, I'd like to understand the complexity of tax reporting as a result of holding bond ETF, for example BMO ZFL (long ...
6
votes
0answers
75 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; ...
0
votes
1answer
54 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 ...
1
vote
0answers
41 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 ...
1
vote
1answer
47 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, ...
3
votes
0answers
119 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. ...
1
vote
1answer
168 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
votes
3answers
191 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 ...
2
votes
0answers
67 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?
1
vote
7answers
515 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 ...
1
vote
1answer
318 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
votes
0answers
131 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
votes
1answer
877 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 ...
1
vote
2answers
141 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 ...
0
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0answers
62 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
votes
1answer
105 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
votes
1answer
116 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 ...
0
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0answers
37 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
votes
1answer
708 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 ...
0
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0answers
19 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. ...
1
vote
1answer
221 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
votes
1answer
117 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 ...
1
vote
1answer
84 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 ...
0
votes
2answers
73 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 ...