Questions tagged [canada]

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

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0answers
39 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
62 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 ...
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3answers
376 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
87 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 ...
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0answers
54 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
115 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 ...
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2answers
102 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
260 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 ...
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0answers
44 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
139 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
99 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 ...
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71 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. ...
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52 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 ...
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0answers
50 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
173 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
140 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
154 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 ...
41
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1answer
7k views

Canadian citizen, TN worker, commute daily from Canada: am I a US person for tax purposes?

I only have citizenship of Canada. I work for a US company on TN Status. I commute daily from home in Canada to office in US and back. I do not reside in the US. I get a W2 and file taxes with the IRS ...
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1answer
73 views

How to find comprehensive agreement before getting credit card?

I'm looking to get another credit card. Generally speaking I find it difficult to cut through the marketing talk to find out what I'd really be getting myself into. I'm looking for one with high ...
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5answers
1k views

Assuming you already have the money, how to tell when/which day of the month to pay off credit card balance?

Maybe this is a simple question but I have a really bad sense about these type of things. When I got my first credit card the teller "did me a favour" and said if I always paid it off in ...
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0answers
33 views

Can the buyer's salesperson receive commission directly from a private seller?

Imagine a private seller wants to save money by not hiring an agent, but is willing to pay some amount to a potential buyer's agent to seal the deal. In the described situation can the buyer's ...
2
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1answer
111 views

US Resident: Unreported Bank Account In Canada

I'm Canadian living in the US for the last 6 years. Recently, I obtained a US passport. I've had a bank account in Canada during last 6 years I've been living in the US. On the account there's a 5 ...
38
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6answers
9k views

Ex-husband is trying to find out my banking info

My ex-husband keeps trying to find out my banking information. We have been divorced for 3 years but still involved in the family court system. Over the past years, he's opened closed accounts, ...
0
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1answer
40 views

Employment Insurance (EI): Total Insurable Earnings vs Weeks of Entitlement

If one's Regular Weeks Entitlement for the EI is 50 weeks, but the Total Insurable Earnings amount is about $15,000 then does this mean that the EI payments would stop once the $15,000 has been paid ...
2
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0answers
55 views

Canadian citizen living in Canada wants to gift a US property to a Canadian living in the US. What do I all need to know?

My uncle wants to gift a piece of property in the USA that apparently is worth about $8,000 to my sister and I. We are both Canadian citizens living in the US as permanent residents. Just curious ...
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1answer
39 views

Canada/ON: Can one of the co-owner (Joint Tenancy) of a rental property claim all the income/expenses/taxes, without it affecting ownership basis

All I can find is the following, but it is for USA. https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/no-is-the-brief-answer-generally-each-of-you-would-rep/01/159513/...
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2answers
70 views

What will happen to the amount of money I contributed exceeding my RRSP limit and will I pay a penalty?

My RRSP deduction limit for 2020 was 16,000$. In the year 2020, I contributed 28,000$. TurboTax displays it as "Amount of contributions exceeding your limit (automatically carried forward for you)...
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2answers
32 views

How is GST/HST treated when you file corporate tax?

FOR CANADA: Let's assume I make $100,000 in sales with a 13% HST tax = $113,000 in a year. Also let's assume zero expenses for the year. I pay $13,000 in HST. Are my corporate income taxes on $100,000?...
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1answer
48 views

How to find platform to invest in Canadian ETFs from overseas?

I am intending to invest in Canadian ETFs. I reside overseas. Although I have Canadian SIN, I do not have a permanent address in Canada at the moment. I searched online for platforms which can allow ...
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1answer
53 views

When exactly can someone collect Employment Insurance benefits (EI) in Canada?

When is a Canadian eligible for EI and likely to get it? To my understanding it depends on: how much money they are making if they have paid into EI from previous work how their last job ended The ...
2
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1answer
134 views

How to calculate capital gains on multiple trades of the same stock?

I'm curious what is my capital gain for tax purposes if I trade a security and never sell my entire position? Here's an example of what I mean: In January, I buy 10 shares of Stock A at $1 per share. ...
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0answers
148 views

Is it even worth working a minimum wage job right now given the government's pandemic response?

The work I was doing prior to COVID got shut down. I have since started a retail job that is close to minimum wage ($14.70/hr). I normally work 30-40 hours per week. Also I have some very part time ...
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1answer
47 views

Advantages of incorporating in Canada for reselling

I'm looking into reselling (flipping) retail merchandise on Amazon with FBA. I'm in Canada, I expect profit margins to be tighter. One thing I'd like to know is if incorporating could save me from the ...
2
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1answer
63 views

Does the simplified flat rate for meals already reflect the 50% deduction?

In Canadian taxes for the self employed, they offer a simplified method for meal deductions with a flat rate per meal and/or a max per day. Do the amounts mentioned already factor in the 50% you're ...
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0answers
67 views

Does Canada have regulations regarding “shorting against the box”?

If you hold a long position in a stock and believe it will go down but don't want to realize any gains, you can a open short position in that same stock to hedge against any drops in the price. This ...
1
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1answer
35 views

Link Australian and Canadian bank accounts

I used to live in Australia and still have my bank account active there Now I am in Canada and have Canadian bank account I want to add my Canadian bank to my paypal. Paypal allows to add US bank with ...
2
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2answers
105 views

What is the best time to exercise stock options?

I work for a small company and was granted some stock options with a strike price of about $2.50. Now that the company has gone public, the stock prices hover between $15 and $20. I'd like to get ...
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0answers
23 views

non resident of Canada , taxes due on sale of shares in Canada

I am a resident of a EU country with a double tax treaty with Canada. I pay dividends at source on shares I own in a Canadian bank. What happens when I sell the shares, am I taxed on any gains in ...
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1answer
119 views

Canadian Taxes: Can I claim the full flat rate (currently $23) for a meal even if the meal costs less?

Here's the link to the CRA website but it doesn't seem to specify this. It seems to say $23 but I am not clear on this and it would seem odd to me to claim $23 for a $10 meal. Thanks in advance. https:...
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1answer
57 views

How to compute unit average cost after capital gain distributions?

My question is about how and why the average cost of a stock is re-computed after the capital gain distributions of the corresponding fund. I'll give the actual example that confuses me to ground the ...
3
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3answers
159 views

Can I get life insurance for myself that automatically converts to an inflation-adjusted life annuity for my wife if I die?

I'm 27 and my wife is 23. She stays at home and I'm the breadwinner. If I die, I would like her to get fixed, inflation-adjusted payments until she dies. According to the National Endowment for ...
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0answers
76 views

Can I transfer stocks from a margin account to a TFSA to avoid capital gains tax?

I am new to trading and ended up opening a margin account rather than a TFSA a few months ago. I know I can sell my stock and then buy it again in the TFSA, but the stock price has gone up and I am ...
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1answer
74 views

RRSP contributions in first 60 days of calendar year

RRSP contributions made in the first 60 days of the current calendar 2021, can be claimed in the prior year 2020, or later tax returns. Regarding RRSP contribution limits. If the contribution is made ...
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1answer
75 views

Canada - Can I make an in-kind transfer to avoid paying capital gains?

I am planning on paying my girlfriend back 18K, which she plans on putting in her RRSP. Rather than sell funds that are in my non-registered investment account (which would cause me to pay capital ...
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1answer
216 views

Can a stolen Government cheque be cashed by someone else?

I received a trillium check in the mail, I didn't sign it yet. The cheque was stolen and I want to know if she signs the cheque and deposits it into her ATM can she withdrawal the money right away?
3
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1answer
91 views

How do I update my address with Transunion and Equifax and what are they?

I recently applied for a credit card with a bank I had never done business with before. One day I got a confusing call from them. From what I understood Equifax and Transunion have an old address on ...
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0answers
31 views

Incorporating a Canadian business with a US founder

I'm a Canadian citizen who is a American permanent resident residing in the USA. My cofounder is a Canadian citizen residing in Canada. We are incorporating a business that will be operating in Canada ...
4
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1answer
136 views

Segregated Fund - should I get it?

My advisor is trying to sell me Segregated Fund / investment loan, in summary, it is something like this: Canada Life (through National Bank) will lend me 100K to invest The annual interest is 2.7% - ...
5
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0answers
93 views

What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?

I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned. Because of insane laws, I am ...
40
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14answers
11k views

Why would someone get a credit card with an annual fee?

I currently just have a Visa credit card. A place I shop at doesn't accept them. I'm looking at getting a second credit card such as Mastercard. I am surprised by how many highly recommended cards ...

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