Questions tagged [canada]
For questions that relate to the financial laws, practices, and products of Canada.
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Canadian total-return swap ETFs — 2 things I'm wondering how these work
There are Canadian ETFs from Horizon which operate as “total return swaps,” including HXS (tracks S&P 500) and HXT (tracks the total return of the S&P/TSX 60).
From a 2011 CanadianCouchPotato ...
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Is the Interac e-Transfer email-to-bank-account mapping unique?
A mechanism (Interac) in the Canadian banking system permits people to send amounts less than $3,000 over email.
This also works for transferring funds between two accounts held by the same person at ...
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What tax documents should I provide when I get money through YouTube, Twitch and BuyMeACoffee?
What tax documents should I provide when I get money through YouTube, Twitch and BuyMeACoffee? Started doing some online business in February 2023, and I am wondering what tax documents I need to send ...
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What kinds of investments are available in Canada to offset inflation impact?
I would sincerely appreciate your advice on the following topic: what kinds of investments are available in Canada to offset (at least, partially!) the impact of inflation?
I am not a financial expert,...
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What is the date of acquisition for the purpose of declaring capital gains on sale of property (publicly traded stock) ? (Canada)
I have capital gains and losses to report on my Canadian tax return to the CRA (I'm an individual, not a corporation). My tax-filing software (Ufile) is trying to help me generate form 5000-S3 (...
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Cross border gifting (US and Canada)
I wanted to know what's the tax implication if I am a US citizen gifting money to someone in Canada who is neither a Canadian nor a US citizen. Does the gift tax applies?
Share your resources please.
...
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If the highest federal marginal tax rate is 33% and the highest Ontario provincial marginal tax rate is 13.16%, why can marginal rate by 53.36%?
The highest marginal federal tax rate in Canada is 33% and the highest marginal provincial tax rate in Ontario is 13.16% (source: Government of Canada tax rates webpage)
Adding these together, the ...
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What to know when buying a used car from Canada?
I'm in the market for a used pickup and I found one with the options I like, but it's in Canada (I'm in the USA). I'm mostly concerned about crossing the border on the way back - it's just a bill of ...
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Canadian firm refuses to give me my T4 and R1 tax slips after promising to give it to me
Canadian firm refuses to give me my T4 and R1 tax slips after promising to give it to me. I worked for them for 3 years and left them a few months ago. What can I do in this situation? It seems like ...
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Is a 11% increase in rent reasonable in Canada for 2023?
There was a major renovation in my apartment complex, I did accept my rent increase, but I am wondering if I should have. My reasoning was that the rent increase in the previous years were reasonable ...
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What's the individual net worth by age in Canada?
I see that the government use the net worth of the median household, but they don't check the individual net worth instead. I was wondering if there was any source for this. The only thing I found is ...
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What time period determines the long-term capital gains tax for foreign individuals in Canada?
Let's say I am either a resident of the US or Mexico. If I have a stock I have held for more than 12 months while abroad, and then sell it within the first week of my arrival in Canada, would it be ...
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Canada & Capital Gains Tax: Common Stocks
Is there a Capital Gains Tax in Canada when you gain profit by selling Common Stocks traded at the Canadian exchanges: TSX, TSXV, CSE, or NEO? Providing I am not a Canadian citizen or tax resident! I ...
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Is it possible to file a bankruptcy or a consumer proposal in Canada while living outside of Canada?
Is it possible for a Canadian citizen living abroad to file a bankruptcy or to make a consumer proposal? I've read in eligibility requirements that one has to reside in Canada.
But then, what are the ...
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What is the worst that can happen if one does not file for bankruptcy but cannot pay their debt either (in Canada)?
In a situation when one does not file for bankruptcy, yet does not pay their debts, collectors start calling and mailing, then the creditors may file a lawsuit. But if one doesn't have any property or ...
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Payments to CRA don't count toward your balance with CRA until you file your taxes?
I had a lot going on in the past year, so instead of filing my 2021 taxes on time, I paid what I thought was likely to be in excess of what I would owe. I did this before the filing deadline.
I just ...
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Rental income: What distinguishes co-ownership from partnership?
I own a condo unit with siblings, which we rent out. The unit was purchased for eventual habitation by parents, when they are older and need to be close. We are still paying mortgage on it.
Canada ...
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Car buyer wants to pay by actual cash - what are the motivations and risks?
My partner was is listing her car for sale (about $9-10K CAD). She got contacted by someone who wanted to pay with cash bills.
He was somewhat reassuring about the obvious risks of walking around ...
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Debtor owes me, trying to figure out how to freeze RBC account [closed]
Through the summer, I picked up a client on a contract basis for whom I completed about 3 months of work. I had every reason to believe they would come good in terms of paying me, as the owners of the ...
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When is a transaction not "normal" and considered a cash advance?
I had recently opened a Wise account which required an initial deposit to be active. It had an option to make the initial deposit by credit card. One of my credit cards froze the website and the bank ...
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Can psychological services be deducted on Canadian income taxes?
When filing my yearly income taxes, is there a place where psychological services such as weekly therapy with a psychologist can be deducted?
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Indebted to managed investing service by entry error
Hello recently according to a promotional offer, I decided to put some money into a Wealthsimple managed investing account. However when specifying how much, I accidentally entered too many zeros.
...
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What to do with cash gifts received from a wedding?
My sister got married recently, and has received cash as a gift for the wedding. She would like to deposit the cash into a chequing account shared with her husband.
Are there any tax obligations from ...
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Do foreigners pay taxes on dividends from Canadian listed ETFs?
A non-citizen, non-resident of Canada bought some shares of the Vanguard FTSE Developed All Cap ex U.S. Index ETF, which is listed on the Toronto Stock Exchange (ticker: VDU). When the ETF pays out ...
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I just got $80K in a foreign account. What should I do? [closed]
In my Canadian bank account I recently received CAD 80K in gifts and bequests from relatives, and am looking for options on what to do with it. My situation is as follows:
Dual Canadian–EU citizen.
...
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Are my trades business income or capital gain?
I am a Canadian and I spend a lot of money on cryptocurrencies and I want to know if my gains/losses are considered business income/loss or capital gain/loss. My primary source of income is from the ...
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Do I need to declare capital gain when buying BTC to trade for another coin?
In 2017, I wanted to by XRP. There was no way to buy XRP with fiat, only with BTC.
So I first bought 1 BTC for $20,000
I immediately sent that 1 BTC to an exchange so I can trade it for XRP. The ...
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How do I calculate capital gain when I bought at different prices?
I bought 2 BTC in 2019 for $4,000 each
I bought another 2 BTC in 2020 for $10,000 each
In total, I bought 4 BTC for $28,000
I sold 1 BTC in 2021 for $40,000
How do I calculate the capital gain for the ...
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Credit Card Charges for Foreign Purchases
I used my Mastercard when purchasing on vacation in Canada. When I received my credit card bill, I did see the Foreign Fee attached, which was fine.
However, in my most recent activity, I found the ...
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Do temporary residents have to pay capital gains tax on unrealized gains when they leave Canada?
Suppose I am a temporary resident in Canada for work or study. I owned some stocks before going to Canada, and bought some more during my stay in Canada. I do not sell any shares during my stay in ...
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What Incentives are stopping banks from raising their prime rate?
In Canada, banks set their prime rate which affects the lending rates for many of their products including variable-rate loans. Many sources say that the Bank of Canada's (BoC) interest rate ...
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Why does the TD Bank principal portion of a mortgage payment go up and down in sawtooth? (why is interest payment on annuity in arrears non-monotonic)
I'm trying to understand the amortization schedules of TD mortgages, as produced by the TD Calculator.
The monthly payment amounts (on this fixed rate mortgage) are predictable and constant, but the ...
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TSE:CHB and US withheld tax
"iShares U.S. High Yield Fixed Income Index ETF (CAD-Hedged)" (TSE:CHB) is listed on the TSX and tracks an index of US high-yield bonds. It holds these bonds directly (i.e. not through a US-...
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Can we keep track of Adjusted Cost Base (ACB) for each individual stock unit instead of treating as single asset ? (Canada tax on capital gains)
Brokerages internally seem to keep track of the cost of each share in a portfolio (one example is fidelity). When selling, other platforms, like QTrade, seem to only let you pick a number of shares to ...
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Is it smart to keep my TFSA when moving on a J1 visa to the US?
I am an Austrian citizen, who just finished his PhD in Canada (on a study permit) and will now move to the US on a J1 Visa as a researcher.
I have some investments in my Canadian TFSA and was ...
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Are those with Open Work Permits considered Non-Residents of Canada for the TD1 form?
I arrived in Canada on July 11, 2022, and I have an open work permit that is valid until December 31, 2022. My company has requested that I complete TD1 and TD1ON forms because my employment will ...
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Transfer / Withdrawal of all funds in an RPP
An individual has a Registered Pension Plan, and has recently retired.
The plan management company is restricting access to the funds to a specific amount per month, which is insufficient for the ...
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What account to draw from for a first-time home buyer? (Canada)
Assuming I need 35K for a downpayment and I have 50K in an RRSP 50k in a TFSA and 20k in a non-registered account— which account is it best to draw from? My assumption is that cleaning out the non-...
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Central Bank Interest Rate Hikes in Canada impact on Fixed/Variable Rates
Note: This is my first property purchase so forgive the n00b question
I plan to sign at the notary for the purchase of a condo in the upcoming months. The condo was under construction for the past ...
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Taxes on certain retirement income in Canada for a US citizen / resident of Canada
I receive US military retirement, and Veterans Administration Disability and Social Security. What is taxed in Canada? Is anything exempt such as the Veterans Disability?
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Do High Interest Savings Account (HISA) have an associated risk?
I have been chatting with a friend who asserts that all investments have an associated risk. In reference to this I suggested a High Interest Savings Account, claiming it has no risk. My friend ...
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Taxes for U.S. citizen doing remote freelance work for Canadian
I am a U.S. citizen with residency in Florida and am setting up a freelance contract as a sole proprietor with a Canadian government agency. The work will be done remotely from my home in Florida. In ...
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Can/should you pay the down payment for your house on a line of credit?
I’m a first time home buyer in Canada. I need to pull together ~40K to cover the down payment on a house. I have investments which would cover this cost (mostly in total US market index funds). ...
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Why are returns on term deposits so much higher in Canada (than in other countries)?
If one searches for GICs (Canadian equivalent of a term deposit) on the Canadian financial service comparison site ratehub.ca for 3 year deposits with 10 000 CAD as investment capital, one will come ...
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Must the Credit Card Issuer refund Card Holder, for deposits paid to a Merchant that later bankrupt?
Presuppose that a Card Holder charged or debited her credit card, to pay deposit money to a Merchant company for a good. But then Merchant bankrupts, before Card Holder ever obtains the good. ...
user116038
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Should I exercise my stock options (NSO's) before or after moving from Canada to U.S.?
I'm planning on changing my residency in a coming year from Canada to U.S. (Canadian citizen). I have NSO's of a private US corporation and have the option to exercise my vested options. I'm going to ...
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How do I structure accounts to represent capital and depreciation for multiple jurisdictions, keeping equity accurate?
I am required to file taxes for my small (sole proprietorship) business and personal finances in two jurisdictions (Canada and the USA, as it happens). I have capital equipment for my business. Both ...
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Is a depreciation claim on a rental property basically always worth it in Canada, given stable income?
As I understand it, in Canada (unlike the US) there is some freedom in how much depreciation expense you can claim for a rental property every year, from 0 all the way up to 4% of the yet-...
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Should ex-spouse be paying tax on her portion of my private pension?
My ex wife has been receiving a portion of my private company pension for about 5 years now. I have just realized recently I have been taxed on the full amount of both our monthly pension amounts. ...
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How can I provide proof of ownership of a bank account?
I set up a gambling account ended up making a large amount of money. I have verified my ID and proof of address and I want to withdraw, but I need a proof of ownership of the bank account that funded ...
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