Questions tagged [canada]

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

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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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6 votes
5 answers
1k views

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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  • 243
0 votes
1 answer
24 views

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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  • 101
1 vote
2 answers
146 views

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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  • 2,542
-3 votes
0 answers
77 views

Paying an invoice for someone through his offshore account as he has an unsecured line at his remote location [duplicate]

Someone who I have been romantically linked to for the past month but have not met in person other than Skype and email etc. wants me to pay a million dollar plus invoice out of his offshore account ...
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  • 11
1 vote
1 answer
95 views

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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1 vote
1 answer
118 views

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. ...
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1 vote
0 answers
26 views

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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0 votes
1 answer
38 views

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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2 votes
1 answer
61 views

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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  • 143
0 votes
1 answer
147 views

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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-1 votes
1 answer
160 views

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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0 votes
0 answers
47 views

Canadian Spouse wants to send money to American wife - Tax problems?

Looking for some help please. I am a Canadian citizen who is married to an American citizen. I want to send my wife approx 50,000 USD urgently. I have no status in USA, and she has no status in Canada....
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3 votes
1 answer
144 views

When starting to invest, is it better to use a bank or online broker?

I am looking into investing in an ETF. I'm very new at this. Is it better to open a self directed RSP with a bank or an investment management service like WealthSimple or Questrade? I heard that if ...
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  • 221
-1 votes
1 answer
185 views

What are safer alternatives to deposits that consumers can lose — if, after consumers pay deposit, a company goes bankrupt?

Many companies (call them D for Defendant) require monetary deposits from consumers (C for Claimants), before D undertakes time and effort to order the product. C is an unsecured creditor, and ...
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  • 21
3 votes
1 answer
29 views

Can the portion of medical expense covered by private insurance be simply deducted from the amount claimed for Tax Deduction in Canada?

For example, if one had to pay $1000 to the medical service provider for a procedure, and upon making a claim - only $300 got covered by private health insurance, does one preserve both receipts for ...
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  • 263
0 votes
0 answers
23 views

When and how to fill out form for supplying own work tools

I recently started a new job as an employee. The agreement was that I would provide my own tools. I was recently asked to fill out a Declaration of Condition of Employment Form (not the one related to ...
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0 votes
1 answer
55 views

Meaning of ticker symbol suffixes for Toronto Stock Exchange listings

When looking at the ticker symbols of stocks listed on the Toronto Stock Exchange (TSX and TSXV), I noticed that there are many kinds of suffixes. For example, ".A", ".DB", "....
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  • 14.8k
1 vote
1 answer
106 views

How does TD Easy Trade make money with commission-free trading (Canada)?

How does TD Easy Trade make money with commission-free trading? Is it solely through USD currency exchange fees like Wealthsimple? Is TD using the platform as a loss leader for their Direct Investing ...
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2 votes
0 answers
97 views

When does a foreign transaction fee apply to a credit card (especially from shopping online)?

I assume if you go to another country and use a credit card, then the foreign transaction fee will always apply. What if I use a credit card to make a purchase from an online store? Does it depend on ...
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  • 221
4 votes
1 answer
292 views

Are these proxy vote questions pointless?

On many proxy vote forms, as a shareholder, you can vote "for" or "withhold" on some board of director members and appointment of an auditor. You can vote "for" or "...
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  • 141
2 votes
0 answers
32 views

I get a pension from having been a Federal Employee; I also work part-time for my family's business. Do I need to pay into EI?

So, I worked for the Federal government most of my life, I retired 2 years ago and I get my pension. In addition, I work about 30 hrs/week in the office of my family's business, do I have to pay EI? ...
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  • 21
0 votes
1 answer
53 views

Corporate Finance Vs Corporate Finance? (w/ context differences)

I've heard corporate finance in 2 very different contexts, one referring to IBD, S&T, PE, VC and hedge funds, the other referring to a more financial accounting oriented role (at the same level w/ ...
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  • 59
1 vote
1 answer
61 views

How do I properly lend personal money to my own company in Quebec?

I want to finance my company with my personal money (to buy some stuff). What is the best way to do that in an accounting point of view?
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  • 121
6 votes
3 answers
2k views

2 mortgages, payoff one completely or pay some off bigger principal?

so I have two mortgages on two separate rental properties. A. 100k remaining, 1 year left on term, 1.85% variable, 428 monthly. B. 300k remaining, 4 year left on term, 2.54% fixed, 313. weekly. I have ...
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  • 291
0 votes
1 answer
60 views

What is a temporary layoff and how is it different than a regular one?

What exactly is a temporary layoff and how is it different than a normal one? How does it affect EI? If the company asks me to return to work, either in the same position or a different one, am I ...
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0 votes
1 answer
61 views

If my business organized a competition and gave winners money as prize, can I deduct this?

I'm a sole proprietor and gave out around 1000$ in prizes for my business' event, either through paypal or e-transfer. How can I deduct this as a business expense? There's not really a receipt.
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0 votes
1 answer
62 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, ...
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2 votes
1 answer
187 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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0 votes
1 answer
70 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 ...
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  • 117
7 votes
1 answer
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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  • 2,542
-1 votes
1 answer
59 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 ...
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  • 117
3 votes
3 answers
203 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 ...
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3 votes
1 answer
66 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 ...
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  • 312
1 vote
0 answers
38 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 ...
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0 votes
1 answer
62 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, ...
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  • 117
0 votes
1 answer
59 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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1 vote
0 answers
73 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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4 votes
1 answer
412 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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16 votes
6 answers
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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  • 221
-1 votes
1 answer
117 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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1 vote
2 answers
206 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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0 votes
1 answer
39 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 ...
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  • 14.8k
1 vote
1 answer
96 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 ...
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  • 141
2 votes
1 answer
213 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 ...
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4 votes
0 answers
174 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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0 votes
2 answers
126 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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  • 9
0 votes
0 answers
48 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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  • 9
0 votes
0 answers
100 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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1 vote
0 answers
46 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 ...
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